News
Cortex to Provide Shareholder Update and Host Conference Call on October 31, 2007
Cortex’s AMPAKINE® Technology Featured in November, 2007 National Geographic Magazine Focused on Memory
Irvine, CA (October 26, 2007) — Cortex Pharmaceuticals, Inc. (AMEX: COR) will host a conference call on Wednesday, October 31, 2007 at 12:00 Noon EDT (9:00 AM PDT) to discuss the recently announced decision by the Division of Psychiatric Products (DPP) of the Food and Drug Administration to not permit the initiation of the proposed Phase IIb clinical study of CX717 in adult ADHD (attention deficit hyperactivity disorder), and its impact on the Company’s development programs.
After receiving the telephonic notification from the FDA, the Company immediately made its announcement on October 11, 2007. Although Cortex has not yet received the formal written response from the Agency, it has been re-evaluating its development strategy. The Company now believes it can no longer wait for the written response from the Agency and that it should proceed to discuss its future development plans with its shareholders. During the conference call, the Company intends to discuss its plans and options to (a) further the development of CX717 in several acute life-threatening indications and (b) develop several of the promising backup AMPAKINE® compounds that are emerging from discovery research.
The company had approximately $20 million in cash at the end of September, 2007. The company feels that these funds are sufficient to fund its activities into 2009.
Cortex is committed to advance the lead achieved with its AMPAKINE technology and its beneficial impact on cognitive function. The Company was pleased to learn that it is featured in the November issue of National Geographic Magazine which highlights the potential for Cortex’s AMPAKINE technology to treat memory loss, Alzheimer’s disease, and dementia. The cover story in National Geographic entitled “Memory: Why We Remember, Why We Forget” discusses memory, Alzheimer’s disease, and three drug companies which are working to create new drugs that enhance the brain’s natural capacity to remember.
Participants in the Conference Call are asked to call the following numbers 5-10 minutes prior to the starting time:
- From the U.S. and Canada: 1-866-334-3876
- International: 1-416-849-4292
A replay will be available for two weeks after the call by dialing 1-866-245-6755 (US and Canada) or 1-416-915-1035 (International) and entering access code 941955 when prompted.
For more information, call: Erika Moran or Tom Caden at The Investor Relations Group, Inc. Phone: 212-825-3210.
Cortex Pharmaceuticals, Inc.
Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for neurological and psychiatric disorders. Cortex 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 an alliance with N.V. Organon for the treatment of schizophrenia and depression. In December 2006 Cortex terminated the research collaboration with Servier enabling Cortex to pursue the use of Ampakine compounds in the treatment of neurodegenerative diseases on a global basis. Servier retained the right to select up to three compounds developed during the collaboration for further development for the treatment of neurodegenerative diseases. Cortex may receive additional milestones and royalties if either Organon or Servier is successful in developing and commercializing Ampakine compounds. For additional information regarding Cortex, please visit Cortex Pharmaceuticals’ Website at www.cortexpharm.com.
Forward-Looking Statement
Note - This press release contains forward-looking statements concerning the Company's research and development activities. The success of such activities depends on a number of factors, including the risks that the Company's proposed compounds may at any time be found to be unsafe or ineffective for the indications under clinical test and that clinical studies may at any point be suspended or take substantially longer than anticipated to complete. The forward-looking statements are necessarily subject to risks and uncertainties, 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, As discussed in the Company's Securities and Exchange Commission filings, the Company's proposed products will require additional research, lengthy and costly clinical testing and regulatory approval. Ampakine compounds are investigational drugs and have not been approved for the treatment of any disease. 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 |