His reply:
John, What I said at the Roth meeting is what I can discuss publicly, things I did not say may have had a reason behind that decision which goes beyond simply not disclosing things to shareholders. Obviously, I must stay within the bounds of public disclosure and what I did say is (a) we have two studies in RD with CX717 filed in Germany (b) we can expect results in June/July from those two studies (which is a very short time in the world of pharmaceuticals), (c) we are developing an iv formulation of CX717 (d) CX1739 toxicology studies in two species are starting now and the results are expected in June, (e) we have five new composition of matter(COM) patents which extend patent life for our technology into the 2028 timeframe(including CX1739), and I said this was one of the most critical and positive events for the company since I joined Cortex. The future of the company rides very much on getting the extended patent life, since most of the existing library had a patent life of 2017-2018 and still require some substantial development time prior to getting approval for marketing (e) we are working on getting a high impact AMPAKINE® drug ready for toxicology trials later this year, and this is a big breakthrough for the company. Shareholders may have been disappointed with these items not being quicker, etc. but in our world of new chemical entity discovery the risks are very high and yet we have found a way to get a lead compound into Phase II and by year-end could have several compounds in clinical development with exceptionally long timeframes remaining for market life. If you want to do a license with larger pharmaceutical companies, they need to see a platform which can produce lots of potential drug molecules and excellent market life potential. So John by the end of this year we will have brought Cortex from a company with no money and a lead compound (CX516) which had a 45 minute half-life in man (could virtually never be a marketable drug), to a company which has a lead compound in Phase II development and several others ready for clinical development with a demonstrated proof of concept in humans for ADHD and hopefully for RD. Hopefully the stock price will react accordingly. Roger
