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I still wonder about the X factor, Samyang. They seem to be taking a more active role. I hope so. We needed fresh blood and we got it.
About time!
The management team of the combined Company consists of Mark Varney Ph.D., President and CEO; Maria Messinger, Vice President and CFO; and Steve Johnson, Ph.D., Chief Development Officer. Roger Stoll, Ph.D., Executive Chairman, and Jim Coleman, Senior Vice President of Business Development, have resigned from the Company.
The Board of Directors of the combined Company consists of eight members, including Charles J. Casamento as Chairman of the Board; John F. Benedik; David W. Carley, Ph.D., (founder and former director of Pier, and Professor of Biobehavioral Health Science, Medicine, Pharmacology, and Bioengineering at the University of Illinois at Chicago); Moogak Hwang, Ph.D. (Head of New Business Development at Samyang Optics Co., Ltd., Cortex’s largest stockholder); Kathryn Hyer (former director of Pier, Director of Illinois Ventures, LLC and a Partner of the Illinois Emerging Technologies Fund, L.P.); M. Ross Johnson, Ph.D. (President and CEO of Parion Sciences, Inc.); Peter W. Letendre, Pharm.D. (CEO, former President and director of Pier); and Mark A. Varney, Ph.D. (CEO and President of Cortex).
Roger Stoll, Peter Drake, Robert Allnutt and Carl Cotman have resigned from the Cortex Board of Directors.
There is some real good news in this press release!
I think things might just start to happen! Got rid of some really dead weight! Can't wait to see how Samyang fits into the picture.
The management team of the combined Company consists of Mark Varney Ph.D., President and CEO; Maria Messinger, Vice President and CFO; and Steve Johnson, Ph.D., Chief Development Officer. Roger Stoll, Ph.D., Executive Chairman, and Jim Coleman, Senior Vice President of Business Development, have resigned from the Company.
The Board of Directors of the combined Company consists of eight members, including Charles J. Casamento as Chairman of the Board; John F. Benedik; David W. Carley, Ph.D., (founder and former director of Pier, and Professor of Biobehavioral Health Science, Medicine, Pharmacology, and Bioengineering at the University of Illinois at Chicago); Moogak Hwang, Ph.D. (Head of New Business Development at Samyang Optics Co., Ltd., Cortex’s largest stockholder); Kathryn Hyer (former director of Pier, Director of Illinois Ventures, LLC and a Partner of the Illinois Emerging Technologies Fund, L.P.); M. Ross Johnson, Ph.D. (President and CEO of Parion Sciences, Inc.); Peter W. Letendre, Pharm.D. (CEO, former President and director of Pier); and Mark A. Varney, Ph.D. (CEO and President of Cortex).
Roger Stoll, Peter Drake, Robert Allnutt and Carl Cotman have resigned from the Cortex Board of Directors.
There is some real good news in this press release!
I think things might just start to happen!
This move was a matter of survival, however, the direction is clear, RD and SA, but the role of SamYang is still undefined.
Interesting! Director of new business development...What's going on?
With this appointment I see the Korean interest taking a bigger share and eventually control. Where will this leave the remaining shareholders?
Form 8-K for CORTEX PHARMACEUTICALS INC/DE/
9-Aug-2012
Change in Directors or Principal Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.
Effective August 3, 2012, Moogak Hwang, Ph.D. was elected as a member of the Board of Directors of Cortex Pharmaceuticals, Inc. (the "Company"). Dr. Hwang currently serves as the General Manager of the Department of New Business Development for Samyang Optics Co., Ltd. of Korea ("Samyang"), which beneficially owns approximately 24% of the Company's common stock. Dr. Hwang's appointment follows the June 2012 private placement (the "Private Placement") with Samyang, which included the Company's issuance to Samyang of a secured promissory note in the principal amount of (Won)465,000,000 (South Korean Won), representing approximately $400,000 USD, and warrants to purchase up to 4,000,000 shares of the Company's common stock, as more fully described in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on June 27, 2012 and incorporated by reference herein.
Pursuant to the Private Placement, Samyang became entitled to designate a representative to serve as a member of the Board of Directors of the Company. Dr. Hwang is Samyang's designee and representative on the Board of Directors.
Dr. Hwang has served as the General Manager of the Department of New Business Development at Samyang since 2009. Prior to that time, during 2008 and 2009 he was a researcher at the National Cancer Center of Korea. Dr. Hwang obtained his Ph.D. in Biology from Yonsei University of Korea in 2008 and his M.S. in Biology from the same university in 2001. He obtained a B.S. in Microbiology from Ulsan University of Korea during 1998.
In addition to the Private Placement, the Company previously completed and reported a private placement of $1.5 million in principal amount of a convertible promissory note and related warrants with Samyang in January 2010 and a private placement of $0.5 million in unregistered shares of common stock and related warrants with Samyang Value Partners Co., Ltd., a wholly owned subsidiary of Samyang, in October 2011.
Concurrently with the October 2011 private placement, Samyang and the Company entered into a license agreement for rights to the AMPAKINE CX1739 for the treatment of neurodegenerative diseases in South Korea. The license agreement also provides Samyang with rights of negotiation to expand its territory into other Southeast Asian countries, excluding Japan, Taiwan and China, and to include rights to the high impact AMPAKINE CX1846 as a potential treatment for neurodegenerative diseases. Concurrently with the Private Placement, the license agreement with Samyang was amended to include rights to the AMPAKINE CX1739 in South Korea for the treatment of sleep apnea and respiratory depression and to modify certain payment terms and other obligations.
Other than as described above, there are no existing or currently proposed transactions to which the Company is a party in which Samyang or Dr. HWang has a direct or indirect interest.
I know the story, but the Stoll response lead us to believe it was due to improper lab work, not the compound.
There must be something dangerous about ampakines that cortex could not get past. Were we told the truth?
They are probably getting ready to close the door. We were all duped into believing they really had something. If you haven't noticed, we don't get any feedback from any of the loyal followers.
They have all gone. My question is do they have anything to sell.
Why haven't we heard anything from Servier, MJ Fox was a bust.
Is varney working for us or someone else? Does anyone out there know what the hell is going on!
What is this most recent withdrawal petition about? Anyone?
July 27th filing
What the hell! 170 shares to bump it .005, to .07. It represents $11.87 worth of stock. Cost $25 to do the trade? Joke!
Stoll more money to fuel video poker, booze, and broads!
Looks like they have an exit strategy for Feb. of 2013.
Why are they keeping him around? Doesn't anyone there feel the least bit guilty? What has he done for the shareholders?
FYI
AP Pharma raises 53 million
Resubmitting in September.
Like Dalmer he'll be released into the general population. He'll get his in the end.
What the f-ck was he thinking! Is anything going on with Cortex? Any more news on Varney's second job? Buyout, merger, going out of business sale? Or maybe a new partner?
No? Sarcasm is pain relief from the serious and angry people of the world.
But seriously, this was a very sick individual, and a sad day for all, no matter where they fall on the academic scale.
The jabs will come from all sides, but in the end the blame cannot be assigned to anyone.
This young man was sick. You can't blame drugs, guns, teachers, doctors, parents,or anyone else. He pulled the trigger.
Cortex has untested compounds that we may never see come to market.
Sad too, but pales in comparison to the human tragedy in Aurora, CO.
In the end all we have is hope for better days to come.
horrible thing. Another casualty of excessive academia.
Bath salts maybe
Look at the bright side, The rest of the board didn't come with him.
If something does transpire from this it can only help advance ampakines.
Looks like the short interests are trying to cover before this thing explodes upward! Low volume, dramatic dips, all just scare tactics to shake out the weak hands.
Like a poker game.
Please forward this to Dr. Varney.
You are in denial! The dots are being connected! Varney and company are running out of rope. Hanging on a thread, skating on thin ice, down for the count, finished!
All you have to do is google Les Street. The connection comes up http://za.linkedin.com/pub/les-street/5/671/a38
With Varney as the Pres. and Les Street as a consultant, my guess is a merger, with hopefully a more colorful management team.
Merger? or heading for the exits?
Les Street was listed as a consultant too.
methadone overdose on the upswing
The streets are full of test subjects!
Great job!! Vent, it feels good.
No argument from me, you're right on!
I too am a six figure loser, and would love pictures of the mud slide if you can spare one.
Look! Good management can grow in any environment. I own a company that has grow in excess of 40% every year since 2005. I carefully choose directions where to put forth effort, and always think about the unintended consequences of my actions. Varney and crew have been throwing darts at brick walls hoping one will stick. They are just plain stupid. Someone will gobble them up, and send the whole team on their way. Ampakines will find a good home soon.
It's called venting! All of these bridges seem to lead to deep water! But this time might be different!@#? No Booze! Alot less money..
Actually the three stooges, staring, Stoll as Dr. Moe, Varney as Larry, and Colemann as Curly the bean counter. Remember how Curly chomps his teeth like a calculator and the tape comes out of his mouth. Perfect!
By the way I sense desperation in Neuro's response.
AP Pharma adds more power to their team!
Varney needs to do a fire sale to Baker and Tang. We'd all be Rich.
It would be so satisfying to see all the heads roll!
They are having the same problem I am having.
Nobody wants this POS!
The silence speaks loudly! And the fat lady needs throat lozenges.
Looking back at the chart you'll see with every pop there is a big drop. Always temporary though. It could be a group of pro's who know how to shake shares loose. This is going to go up from here.
Or maybe someone set stop limits in their grasp so they took it back to get those shares. Just speculation.
I am convinced the risk is worth while. Tang will not let this go to the fda until all of the t's are crossed, and the i's are dotted.
I hope he takes some of his winnings and buys Cortex, fires the entire board, rehires Street, and turns this around. He could do it.
The management of APPA changed after that initial submission. Each and every problem outlined by the FDA has been addressed and with the additional ammo they gathered concerning the superiority of the product this should fly. The dead weight got pushed out, and new guns were brought in. The timelines outlined have been right on so far. This means they will resubmit this month. To get shot down this time the fda would have to come up with additional issues.
Is that possible?
Haysaw. What do you think? Is it better to be a smart ass or a pompous ass.
GFP, the real beauty of appa is the delivery system can be used with countless existing and approved products. Imagine the possibilities. This is nano technology. Slowly releasing pain relief for weeks with one dose.
I think Cor is going to hit Neuro's target soon!
Only the decimal places are off. ;)
Appa is going to pay for my cor sin's.
They will re-file soon!
GFP Have you taken a look at APPA lately!