News

Cortex Annual Shareholder Meeting Notification

IRVINE, Calif., May 4, 2007 — Cortex Pharmaceuticals, Inc. (AMEX: COR), a neuroscience company focused on developing novel AMPAKINE® drug therapies for neurological and psychiatric disorders, will web cast presentations from its annual shareholder meeting scheduled for Wednesday, May 9, 2007, at 10:30 a.m., Pacific Daylight Time, at the Fairmont Newport Beach Hotel, 4500 MacArthur Boulevard, in Newport Beach, California.  In the informal part of the meeting, Cortex will update shareholders on the latest information related to the development of high impact AMPAKINE drugs in transgenic animal models for treatment of Orphan diseases such as Huntington’s Disease, Fragile X, and Rett’s syndrome, and progress with the low impact program and specifically update shareholders regarding the latest submission to the FDA for CX717.

Investors may access the live web cast through the Cortex website at http://www.cortexpharm.com/beginning at 10:30 A.M. (Pacific Daylight Time) on May 9, 2007. The web cast will be available for replay through May 24, 2007 at http://www.vcall.com/IC/CEPage.asp?ID=116591.

About Cortex
Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for neurological and psychiatric disorders.  The Company is pioneering a class of proprietary pharmaceuticals called Ampakine® compounds, which act to increase the strength of signals at connections between brain cells.  The loss of these connections is thought to be responsible for memory and behavior problems in Alzheimer’s disease.  Many psychiatric diseases, including schizophrenia, occur as a result of imbalances in the brain’s neurotransmitter system.  These imbalances may be improved by using the Ampakine technology.  Cortex has alliances with N.V. Organon for the treatment of schizophrenia and depression and with Les Laboratoires Servier for the development of Ampakine compounds to treat the neurodegenerative effects associated with aging and disease, including Mild Cognitive Impairment, Alzheimer’s disease and anxiety disorders.  For additional information regarding Cortex, please visit Cortex Pharmaceuticals’ Website at www.cortexpharm.com.

Note -- This press release contains forward-looking statements with respect to future regulatory actions by the FDA, Interpretations of Pre-clinical toxicology results and anticipated results of future clinical trials and the possible clinical uses of Ampakine compounds, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Cortex, all as more fully described in the risk factors and other matters set forth in Cortex's Annual Report on Form 10-K for the year ended December 31, 2006, and Cortex's other filings with the Securities and Exchange Commission. Cortex disclaims any intent or obligation to update any forward-looking statements.

Contacts:

Roger G. Stoll, Ph.D.
Chairman, President and CEO
Cortex Pharmaceuticals, Inc.
(949) 727-3157

Erika Moran/Dian Griesel, Ph.D.
The Investor Relations Group
(212) 825-3210