Cortex Reports Second Quarter Operating Results

  
    
  
  
    
      Cortex Pharmaceuticals, Inc. (AMEX: COR, http://www.cortexpharm.com) 
      reported a net loss of $3,947,000, or $0.08 per share for the quarter 
      ended June 30, 2008 compared with a net loss of $2,850,000, or $0.07 per 
      share for the corresponding prior year period. Non-cash stock-based 
      compensation charges for the quarters ended June 30, 2008 and 2007 
      totaled approximately $339,000 and $416,000, respectively.
    
    
      For the six months ended June 30, 2008, Cortex reported a net loss of 
      $8,318,000, or $0.17 per share compared to a net loss of $6,734,000, or 
      $0.17 per share for the corresponding prior year period. Non cash 
      stock-based compensation charges for the six months ended June 30, 2008 
      and 2007 were approximately $746,000 and $1,069,000, respectively.
    
    
      Operating results for the three and six months ended June 30, 2008 
      reflect increased clinical development expenses, including costs related 
      to the company’s two Phase IIa human clinical 
      trials of AMPAKINE® CX717 as a potential acute 
      treatment for respiratory depression.
    
    
      As recently reported, top-line results from the first clinical study 
      demonstrated that a single oral dose of 2100mg of CX717 has positive 
      effects on respiratory depression induced by alfentanil, a 
      pain-relieving opiate. The primary performance measures for the study 
      were derived from a re-breathing procedure that measured the breathing 
      response of the subject to increased CO2 levels 
      in the presence of the opiate. The primary measure, the minute 
      expiratory volume (VE) at 55mgHg CO2 
      (VE55), was reversed by 2100mg of CX717 in 
      comparison to placebo (p