Cortex’s CEO to Present at Rodman & Renshaw’s Eleventh Annual Healthcare Conference on September 10, 2009

Cortex Pharmaceuticals, Inc. (NYSE Amex: COR) President and CEO, Mark A. Varney, Ph.D., will present at Rodman & Renshaw’s Eleventh Annual Healthcare Conference taking place September 9 - 11, 2009, at the New York Palace Hotel. Dr. Varney will give the Company presentation on Thursday, September 10 at 3:40 PM (EDT) in the Garrison Room. Additional information regarding the conference can be found at http://rodm.com/conferences?id=30.

Dr. Varney will provide an update on Cortex’s partnering activities, the Company’s financials, and the latest clinical developments, including the progress of enrollment in Cortex’s clinical trial of CX1739 in patients with moderate to severe sleep apnea. Chronic sleep apnea can lead to serious long-term consequences such as cardiovascular disease, stroke and diabetes. In a prominent article published last month by researchers at Johns Hopkins University, individuals with severe sleep apnea were 46 percent more likely to die from any cause, regardless of age, sex, race, weight or smoking. There is currently no drug treatment for sleep apnea.

The Company has two compounds in clinical development: CX1739, which is targeted for sleep apnea and ADHD, and intravenous CX717 for treatment of drug-induced respiratory depression. Recent publications have shown that respiratory depression can be a very serious side effect when anesthetic agents, benzodiazepines, and opioid analgesics are given to patients, particularly when administered in combination. The most public example of such problems was highlighted in the press with the recent death of Michael Jackson, which was reportedly associated with the administration of the anesthetic agent, propofol (Diprivan®). Recent studies performed by Dr. John Greer at the University of Alberta, Canada with Cortex’s AMPAKINE® molecules in animal studies demonstrated that CX717 can prevent propofol-induced respiratory depression. The unique feature of i.v.CX717 and potentially CX1942, another compound under development by Cortex, is that they can prevent or reverse such effects and potentially save patients’ lives without impairing the analgesic or sedative effects.

To access a live audio webcast or the subsequent archived recording, log on to http://www.wsw.com/webcast/rrshq15/cor. Please connect to the website several minutes prior to the start of the live webcast to ensure adequate time for any software download that may be necessary. An archive of the replay will be available for ninety days at http://www.cortexpharm.com.

Cortex Pharmaceuticals, Inc.

Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for treating psychiatric disorders, neurological diseases and brain mediated breathing 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. For additional information regarding Cortex, please visit Cortex Pharmaceuticals’ website at http://www.cortexpharm.com.

Forward-Looking Statement

Note — This press release contains forward-looking statements concerning the Company’s research activities. These statements are based on the Company’s current beliefs and expectations. The success of such activities depends on a number of factors, including the risks that the Company’s proposed products may at any time be found to be unsafe or ineffective for any or all of their proposed indications. As discussed in the Company’s Securities and Exchange Commission filings, the Company’s proposed products will require additional research, lengthy and costly preclinical and clinical testing and regulatory approval. AMPAKINE compounds are investigational drugs and have not been approved for the treatment of any disease. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.