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news.Cortex Pharmaceuticals, a neuroscience company, has reduced its personnel by approximately 50% as part of its restructuring activities. The workforce reduction is in addition to other capital preserving initiatives, including the reduction of salaries for the company's executive officers.
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Cortex will focus its efforts on the development of its clinical programs involving CX717 and CX1739, which it believes will have the greatest opportunity for creation of shareholder value. At the same time it has significantly reduced basic research efforts in early, non-clinical stage programs.
Mark Varney, president and CEO of Cortex, said: “This restructuring is an absolute necessity in the light of the current financial climate. Given the current state of the capital markets, we will continue to evaluate all options for raising cash, including licensing, partnering, and other strategic options.
“Cortex is currently working diligently to secure several out-licensing and partnering opportunities, which if and when completed, will provide a significant infusion of capital.”