Cortex Reports Second Quarter Results

Cortex has reported a net loss of $2.7m, or $0.06 per share for the quarter ended June 30, 2009, compared to a net loss of $3.9m, or $0.08 per share for the corresponding prior year period.

For the six months ended June 30, 2009, the company reported a net loss of $5.9m, or $0.12 per share compared to a net loss of $8.3m, or $0.17 per share for the corresponding prior year period.

Cortex is focused on novel drug therapies for treating psychiatric disorders, neurological diseases and brain-mediated breathing disorders.

During 2008, Cortex announced results from two pilot studies completed with an oral formulation of Ampakine CX717, which demonstrated that CX717 prevented the onset of respiratory depression in humans without interfering with the pain-relieving properties of the opiate.

Cortex continues its on-going discussions related to other strategic alternatives, including licensing, partnering and M&A opportunities. There can be no assurance that a transaction will be finalized from these discussions.