Cortex enters into agreement with the National Institute of Drug Abuse

The funding is a Phase 1 award granted under the Small Business Innovation Research Funding Award Program. The purpose of this project is to determine the most useful injectable route of administration for CX1942, the Company’s proprietary, soluble ampakine, a potential rescue medication for drug-induced respiratory depression and lethality.

Under the terms of the funded program, preclinical studies will be performed in collaboration with Dr. David Fuller, of the University of Florida, and Dr. John Greer, of the University of Alberta.

Cortex will measure the potency, latency to onset and duration of action of CX1942 administered to rats, either prior to, simultaneously with, or subsequent to administration of either an opiate (morphine or fentanyl), a benzodiazepine (diazepam or alprazolam) in combination with an opiate (morphine or fentanyl), or a benzodiazepine (diazepam or alprazolam) in combination with ethanol.

Three doses will be administered and studied intravenously, subcutaneously and intramuscularly. The data obtained from these studies will be used in order to finalize preclinical studies in preparation for initiating Phase 1 clinical studies.

In addition, the Company announces the appointment of John Greer, Ph.D. as Chairman of the Company’s Scientific Advisory Board, which is currently in formation. Dr. Greer is the Director of the Neuroscience and Mental Health Institute at the University of Alberta. Dr. Greer received his Ph.D. at the University of Alberta and completed post-doctoral fellowships at the University of California, Los Angeles.

He is an Alberta Innovates Health Sciences Senior Scientist and holds grants in two primary areas of research pertaining to neuromuscular control of breathing. The first funded initiative, regarding the neurochemical control of breathing, led to the development of ampakine therapy for overcoming respiratory depression caused by analgesics, anesthetics and certain disease states.

The second funded initiative has provided the impetus for his laboratory to become prominent for its studies of the pathogenesis and etiology of the developmental anomaly, congenital diaphragmatic hernia. Dr. Greer is the inventor of the use patents licensed by Cortex for the use of ampakines that the Company is developing for the treatment of drug-induced respiratory depression and central and mixed-sleep apnea.

Arnold S. Lippa, Ph.D., Cortex Executive Chairman and Chief Executive Officer, stated, "We are pleased that the National Institute of Drug Abuse has favorably considered our application for funding and look forward to continuing our efforts to develop our proprietary soluble ampakine molecule, CX1942."

"We are also looking forward to continuing our work and collaborative efforts with Dr. John Greer, a key opinion leader in the field, as well as a creative and innovative thinker. His leadership and assistance in helping us to assemble a world-class scientific advisory board will be invaluable to Cortex in the future."