Cortex Pharmaceuticals (CORX.OB) Shares Surge on Q4, FY2010 Results, Recent Business Highlights

QualityStocks would like to highlight Cortex (OTCBB: CORX). Located in Irvine, California, Cortex is a neuroscience company focused on novel drug therapies for treating psychiatric disorders, neurological diseases and sleep apnea. 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.

In the company’s news Friday,

Cortex Pharmaceuticals shares surged more than 21% to close at $0.15 after the company announced its fourth-quarter and year-end results for 2010.

The company reported a net loss applicable to common stock of $(984,000), or $(0.01) per share for the quarter ended December 31, 2010, compared with a net loss of $(1.59 million), or $(0.02) per share for the corresponding prior year period. For the fiscal year ended December 31, 2010, Cortex reported net income applicable to common stock of $(1.62 million), or $(0.02) per share, compared to a net loss of $(10.78 million), or $(0.19) per share, for the corresponding prior year period.

For the year ended December 31, 2010, operating results reflect revenues from the Company’s earlier transaction with Biovail Laboratories International SRL in March 2010 when Cortex sold its rights to CX717 and certain other AMPAKINE® compounds to Biovail as a potential treatment for respiratory depression and vaso-occlusive crises associated with sickle cell disease, an orphan drug indication. Cortex received $10 million from Biovail during 2010.

For the year ended December 31, 2009, the net loss applicable to common stock includes non-cash charges of approximately $(2.34 million), or $(0.04) per share, related to the beneficial conversion feature of preferred stock issued by the company in April 2009 and July 2009.

The company also noted recent business highlights, including top-line results from an exploratory clinical study with AMPAKINE CX1739 in subjects with sleep apnea.

Cortex also announced it received word from Servier, France’s largest privately held pharmaceutical company, of its intent to move forward into phase I clinical studies with the jointly-discovered High Impact AMPAKINE S47445 (CX1632).

The company also noted that it regained worldwide rights to develop and commercialize AMPAKINE compounds for the treatment of schizophrenia and depression; obtained exclusive worldwide rights from the University of California for the combination of AMPAKINE and mGluR5 compounds for the treatment of various conditions; and received a grant from The Michael J. Fox Foundation for Parkinson’s Research to test selected compounds from the AMPAKINE platform for their ability to restore brain function in animal models of Parkinson’s disease.

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