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>>> Cortex Receives Funding from The Michael J. Fox Foundation to discover drug candidates for Parkinson’s disease


http://www.cortexpharm.com/news/news10.html




IRVINE, CA (July 6, 2010) — Cortex Pharmaceuticals, Inc. (OTCBB (CORX)) announced that it has been awarded a grant by The Michael J. Fox Foundation for Parkinson’s Research (MJFF) to test selected compounds from its AMPAKINE® platform for their ability to restore brain function in animal models of Parkinson’s disease.

The award will be used to test Cortex’s selected proprietary High Impact AMPAKINE drug candidates in the mouse MPTP model of Parkinson’s disease (PD), a well-validated model that exhibits many of the hallmarks of human Parkinson’s disease and has been used extensively for drug development in PD. If successful, the work could lead to a neuroprotective treatment for PD with the potential to slow or stop the course of the disease -- something no currently available therapy has been proven to do. Current treatments for PD alleviate the symptoms but do not attack the underlying disease, or alter its course. Positive results will support moving selected compounds towards human clinical trials.

The grant was awarded under MJFF’s Therapeutics Development Initiative aimed at supporting industry preclinical development of Parkinson’s disease therapies that have the potential for fundamentally altering disease course and improving treatment of symptoms above and beyond current standards of care. “The award from The Michael J. Fox Foundation for Parkinson’s Research will allow Cortex to further develop its AMPAKINE program toward the ultimate goal of finding a breakthrough treatment for Parkinson’s disease. We are excited to work side by side with the Foundation to speed discovery of therapies that will benefit the five million people living with PD worldwide,” said Mark Varney, Ph.D., President and Chief Executive Officer of Cortex.

Previous research by Cortex and its collaborators, including Professors Gary Lynch and Christine Gall from the University of California, Irvine, have demonstrated that High Impact AMPAKINE molecules stimulate the production and release of certain growth factors in the brain, including brain-derived neurotrophic factor (BNDF). BDNF is essential for maintaining cell health in the normal brain, and plays an important role in restoring function following damage to the brain. Through elevating BDNF in damaged brain regions, the High Impact AMPAKINE compounds may restore function to previously damaged areas, and ameliorate PD symptoms. Additional details, including the investigators, title and abstract of the funded project may be found on the Michael J Fox Foundation website at: http://www.michaeljfox.org/research_MJFFfundingPortfolio_
searchableAwardedGrants_3.cfm?ID=668

About Parkinson’s Disease
Parkinson’s disease is a chronic and progressive neurological disorder that is characterized by a number of symptoms including tremors, limb stiffness, slowness of movements, and difficulties with posture and balance. It is estimated that over 1.5 million people in the United States suffer from the disease. Parkinson’s disease is more prevalent in people over 60 years of age, and the incidence of the disease is expected to increase as the average age of the population increases.

About The Michael J. Fox Foundation
Founded in 2000, The Michael J. Fox Foundation for Parkinson’s Research is dedicated to ensuring the development of a cure for Parkinson’s disease within the coming decade through an aggressively funded research agenda. The foundation has funded almost $187 million in research to date.
For more information visit http://www.michaeljfox.org/research.

Cortex Pharmaceuticals, Inc.
Cortex, located in Irvine, California, 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. 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 the Company’s website at http://www.cortexpharm.com.

Forward-Looking Statement
Note — this press release contains forward-looking statements concerning the Company’s operating activities. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. 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 drug candidates may at any time be found to be unsafe or ineffective for their intended use, including the treatment of Parkinson’s disease; or that the Company may have insufficient resources to undertake proposed clinical studies and that preclinical or clinical studies may at any point be suspended or take substantially longer than anticipated to complete. 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.


Contacts:

Company Contact:
Mark A. Varney, Ph.D.
President ad CEO
Cortex Pharmaceuticals, Inc.
949.727.3157

Investor Contact:
Erika Moran/Dian Griesel, Ph.D.
Media Contact:
Janet Vasquez
The Investor Relations Group
212.825.3210


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