Recent Developments

• In March and April, 2008, Cortex initiated two Phase II proof-of-concept studies to investigate if the AMPAKINE CX717 prevents respiratory depression induced by alfentanil in healthy volunteers. Top line data is expected in the end of June to beginning of July timeframe.
  
  
• In May, 2007, The Company negotiated an exclusive worldwide license with the University of Alberta, BC that claims the use of AMPAKINE compounds for the prevention or reversal of respiratory depression induced by opiates and barbiturates without inhibition of the analgesic or sedative effects. 
  
  
• In July, 2007, the FDA’s Neurological Drug Products Division restored the full dosing range for CX717 in the ongoing Phase II PET Scan Study in mild-to-moderate Alzheimer’s disease.
  
  
• In the last 12 months, five new composition-of-matter patent applications have been submitted covering AMPAKINE compounds, extending patent protection to the platform technology out to 2028.
  
  
• The company was informed by the Psychiatric Products Division on October 11, 2007 that it would not approve proceeding with a larger Phase IIb study in Attention Deficit Hyperactivity Disorder with CX717.
  
  
• Cortex raised approx. $20 million in 2007 through registered direct offerings.
  
  
• In October, 2007, Cortex announced the appointment of Pierre V. Tran, M.D., MMM, Chief Medical Officer and Vice President of Clinical Development.