Cortex and the University of California, Irvine Extend Exclusive Licensing Agreement

IRVINE, CA (June 7, 2007) Cortex Pharmaceuticals, Inc. (AMEX:COR) has negotiated a five-year extension on a key milestone in its exclusive AMPAKINE® License Agreement with the University of California, Irvine (UCI).  Under this Amendment, Cortex has extended the date for the filing of a New Drug Application in the US, or its equivalent in a foreign country, until October 10, 2012.

“Cortex and UCI have enjoyed an excellent working relationship with Professors Gary Lynch, Ph.D., the distinguished UCI neuroscience professor and inventor of the AMPAKINE® technology, and David Schetter, the Assistant Vice Chancellor of the Office of Technology Alliances at the University,” said Roger G. Stoll, Ph.D., Cortex’s Chairman, President and Chief Executive Officer.  “We are grateful for their support and Cortex is fully committed to diligently move the AMPAKINE technology to commercialization.  This novel technology holds both the promise of safety and efficacy in decreasing symptoms associated with Attention Deficit Hyperactivity Disorder (ADHD) and the potential for disease modifying impact on neurodegenerative diseases such as, Alzheimer’s, Parkinson’s and Huntington’s diseases over the next several years,” stated Dr. Stoll. Under its agreements with UCI, Cortex has the exclusive worldwide rights to AMPAKINE compounds for all neurological and psychiatric applications for which the University has patent rights.  Dr. Stoll added, “The extension recognizes the efforts and investments Cortex has made to date and the commitment of our employees toward developing therapies that will more successfully treat diseases, which to date, have huge unmet therapeutic needs.”

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 (Organon Biosciences) 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.   On March 12, 2007, Akzo Nobel, Organon’s parent company, announced the proposed sale of Organon to Schering-Plough, which is expected to be completed by the end of 2007.  For additional information regarding Cortex, please visit Cortex Pharmaceuticals’ Website at www.cortexpharm.com.

About the University of California, Irvine: The University of California, Irvine is a top-ranked university dedicated to research, scholarship and community service. Founded in 1965, UCI is among the fastest-growing University of California campuses, with more than 25,000 undergraduate and graduate students and about 1,800 faculty members. The second-largest employer in dynamic Orange County, UCI contributes an annual economic impact of $3.7 billion. For more UCI news, visit www.today.uci.edu.

Note — This press release contains forward-looking statements anticipating results of future research and development activities 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.