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Maybe Varney considered these terms better than what he could get 6 months from now, in case he needs more time to secure a partner?
Article posted on Yahoo from BioMed Reports:
http://biomedreports.com/2011101981343/single-pharmaceutical-based-strategy-aims-to-solve-neurological-and-psychiatric-disorders.html
Article posted on Yahoo from BioMed Reports:
http://biomedreports.com/2011101981343/single-pharmaceutical-based-strategy-aims-to-solve-neurological-and-psychiatric-disorders.html
principal not principle
I agree Meixatech, of course I'm an optimist at heart, but I have "heard" that tone in Varney's responses as well (assuming they were posted accurately). Also, the fact that he suggests they will have a conference call in the next couple of weeks got me thinking, why not right away? I suspect the reason is, with the results now official, that this was a necessary step for some final touches on something they have been working on for awhile, a deal, financing, something. Totally a gut feel!
"Since many on this board need well over a dollar to approach breaking even, they might not share our excitement, particularly in light of the oft-stated complaint that management perpetually fails to deliver, never owns up to mistakes, and in essence exists only to perpetuate their salaries since no other pharma would consider them viable job candidates unless they were willing to accept employment euthanizing lab rats at the end point of an animal trial conducted by a biotech company capable of funding, monitoring, and completing an FDA approved acute tox trial."
LOL -- I had to take 3 breaths to finish this sentence, but it was worth the read!
COR 8-K Announcement
http://biz.yahoo.com/e/091124/cor8-k.html
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On September 29, 2009, the Company's board of directors approved and adopted a Certificate of Amendment (the "Amendment") to the Company's Restated Certificate of Incorporation, as amended to date, to increase the authorized number of shares of the Company's common stock from 105,000,000 shares to 205,000,000 shares with a resulting increase in the authorized number of shares of the Company's capital stock from 110,000,000 shares to 210,000,000 shares, subject to stockholder approval. On November 23, 2009, at a special meeting, the Company's stockholders approved the Amendment and the increase in authorized shares of the Company's common stock and capital stock. The Amendment became effective on November 23, 2009 upon filing with the Delaware Secretary of State.
The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto as Exhibit 3.7 and incorporated herein by this reference.
--------------------------------------------------------------------------------
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description
3.7 Certificate of Amendment of Restated Certificate of
Incorporation of Cortex Pharmaceuticals, Inc., as filed with
the Delaware Secretary of State on November 23, 2009.
I don't have any specific facts to back this up, but I seem to recall a lot of announcements (good ones) from COR seemed to come out Tuesdays before the open. Maybe we will get some news in the morning, or the next Tuesday, or the Tuesday after that, or -- well you get the idea!
Cortex Earnings out...
http://finance.yahoo.com/news/Cortex-Reports-Third-Quarter-bw-2289465980.html?x=0&.v=1
"Cortex continues its on-going discussions related to licensing, partnering and M&A opportunities. “These discussions continue to move in the right direction,” commented Mark A. Varney, Cortex President and CEO. “However, there can be no assurance that a transaction will be finalized from these discussions.” -- You see, no need to worry
congratulations, well done!!!
It's been my experience that CEOs have email addresses to conform to the company standards. I suspect they have all or some combo of these set up, firstname.lastname@domain.com, firstname_lastname@domain.com firstinitial.lastname@domain.com, and firstinitiallastname@domain.com for him. I also suspect that those are all filtered/monitored by his staff (secretary) and that he has another email address (more private) to be used by those he wishes to give that to.
I wouldn't call this much of a breach, as I would try these all to directly access him (and so would a lot of other people). Now if there was another email, more private, I would then take issue.
Regarding ADHD and CX-717 -- does the experience and success we had with that AMPAKINE pre/post FDA rejection due to artifact - hold any value for the marketing of CX-1739 for ADHD? My novice take on this is/was somewhat positive. As I remember, CX-717 was ultimately rejected due to the artifact, but didn't COR ultimately show that the anamoly was due to the processing of the samples and not CX-717? Although many argued one way or the other with regards to the FDA decision -- wouldn't CX-1739 (although untested) carry many of the benefits CX-717 already proved to have? Can this story be sold by COR and considered by Big Pharmas, or does the rejection have the opposite implication?
"insanity is doing the same thing over and over and expecting different results" -- I guess this applies to most of us here!
GFP -- I'm afraid I can't agree with you here... The recent PIPE along with every move has been to buy time for this company not only to survive but potentially thrive. For those that think the BOD should fire Mr. Varney, well I'm sure he wouldn't mind -- read the employment agreements first though, COR cannot AFFORD to fire him. IMO, MV is between a rock and a hard place, if you think he's just in it for a paycheck, then I guess you have lost all respect for him. On the other hand, what type of respect would he garner from you if he suddenly resigned? Not good I'm sure. How would his resignation impact any potential agreements / partnerships /M&A's in progress. It has been my experience that people with his type of credentials don't need to be in it for the paycheck! In fact, I give him credit for taking on the CEO to see it through this far. Having said that, I must admit though, I can be a bit naive at times, as I still believe the 9-11 was an act of terrorism, I still believe that Obama was born in the US, and that we did indeed land on the moon!
Cortex Receives NYSE Amex Staff Determination
Press Release
Source: Cortex Pharmaceuticals, Inc.
On Friday August 21, 2009, 8:30 am EDT
Buzz up! 0 Print
Companies:Cortex Pharmaceuticals Inc.
IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (NYSE Amex (COR)) reported that it has received a delisting notification from the NYSE Amex LLC indicating that it has not accepted the Company’s plan to regain compliance with the Exchange’s continued listing standards, as submitted by the Company in June. Specifically, the notice indicated that the Company is not in compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE Amex Company Guide regarding stockholders’ equity and losses from continuing operations and/or net losses; and Section 1003(a)(iv) of the Company Guide in that its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.
Related Quotes
Symbol Price Change
COR 0.23 0.00
{"s" : "cor","k" : "c10,l10,p20,t10","o" : "","j" : ""} The Company plans to appeal this determination and request a hearing before a listing qualifications panel. Such a hearing is anticipated to be scheduled within 45 days of the hearing request. During the appeals process, the Company expects that its common stock will remain listed on the Exchange.
There can be no assurance that the listing qualifications panel will grant the Company’s request for continued listing of its common stock. In the event that the Company’s common stock is delisted from the Exchange, the Company believes that its common stock will be eligible to trade or be quoted on alternative markets, such as the Over the Counter Bulletin Board or the Pink OTC Markets, Inc. (commonly referred to as the “pink sheets”).
Currently patient enrollment is underway in Cortex’s clinical trial of CX1739 in patients with moderate to severe sleep apnea. This pilot study in patients was undertaken based on research by Dr. John Greer at the University of Alberta. Chronic sleep apnea can lead to serious long-term consequences such as cardiovascular disease, stroke and diabetes. Also, recent studies with Cortex’s High Impact AMPAKINE molecules in animal studies demonstrated that CX1837 produced marked increases in the rate and extent of recovery of motor function following brain damage induced by a stroke in mice. In another study, CX929 exhibited a mood stabilizing effect in mice, suggesting the potential for treating bipolar disorder. The Company currently 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.
Cortex is also actively engaged in on-going discussions related to strategic alternatives, including licensing, partnering and M&A opportunities. At some time in the future, Cortex may also seek to raise additional capital through the sale of debt or equity. There can be no assurance that any of these aforementioned discussions will result in a transaction.
I'm not sure how long it takes to actually perform a Reverse Split, but it would accomplish a couple of things for COR:
1) Would bring the pps into accordance with AMEX pps requirements
2) allow more common shares to be available for additional financing (if available) -- avoiding the need to go for more authorized shares in a stockholder's meeting.
Certainly not out of the realm of possibilities -- however I'm not sure the latest 2 financings would have been executed by the investors with the thought of COR going out to obtain more financing. no I think a deal will be done!
I thought COR used a firm that specialized in working with the FDA? Didn't they work with COR on the CX-717 artifact issue? If so, I'm not sure how you can fault management (except perhaps for the firm they chose). However the fact that they hired outside specialists to assist them with the CX-717 submission to the FDA would appear to be the proper course to aid and overcome any shortcomings they might have in house.
This isn't the first delisting for COR, remember they were delisted from the NASDAQ some years back. So I'm not sure how valuable that delisting/going concern data would be, because IMO this still just comes down to the SA results and partnering over the next quarter (and any longshots) - good results and we continue on in some fashion, otherwise a woman in dressed in viking horns is warming up backstage!
Actually I think it's a wise move for any company, especially going into a long holiday weekend... However I don't think it makes much of a difference with COR. It still just boils down to how the next few months pan out -- if we don't get a partnership or upfront money, then COR will cease to exist anyway.
Cortex Receives Notice of Non-Compliance from NYSE Amex for Continued Listing Requirements
http://finance.yahoo.com/news/Cortex-Receives-Notice-of-bw-15332210.html?.v=1
OT: "That's like taking comfort in peeing in the pot when you're getting cooked by cannibals." -- LOL that's too funny...
Regarding Dr. Stoll, does anyone know who he replaced (if anyone) as Executive Chairman? Was there a salary in place for that position? Does Dr. Stoll's salary continue into 2009 at the same ~370k?
Iggs -- if you are taking exception with the compensation the COR officers make, then perhaps you should take it up with the compensation committee. However from the same 10k you quote, there is a paragaph in there there that explains what the committe uses to establish a fair compensation for those positions. Also, if you are unsatisfied with the results of mgmt, please note that compensation guidelines are in place based on the success of their tasks as seen by the BOD, and you have every right to bring up those points in your shareholder rights . I think you have every right to complain if you are disatisfied with our current situation, however I would like to know from you what you think an alternative mgmt team might have done, but basically its a moot point now? However, if you just want to continue to complain about this management and how we got here, I would ask you this -- what are the alternatives at this point and moving forward? If you want to fire them, then I suggest you read the section (again in the 10k) that talks about the executives, their contracts, and termination without cause --right now we couldn't afford to fire them, so the 1.5 million IMO is better served pushing the agenda at hand. I think it's a longshot for success, but I remain optimistic, also believing the IP alone a worth more than the current market cap..
OT: My Bad... it was just a slow day for me....
Sorry ASU, you are right, besides the general question, I meant to add that I was still holding onto my COR position....
Thanks tregaron....
Thanks -- You are obviously a trader, however in your opinion, from an investment standpoint with a 2 to 3 year time horizon, does it make sense to hold current positions and buy on dips?
tregaron, what are you expecting the S&P to do, and what will be your entry point?
Aiming - FWIW, I can't imagine how hard it is to moderate this site with so many different personalities. I have enjoyed reading this board very much and even enjoyed many of the "characters" as well -- they know who they are. However I don't think personal attacks have any place here and are counter-prodcutive. I can understand why people get upset about these attacks, and when you do take action, you get complaints from the initiater. That must be very, very tedious. Do you get paid for this? If not, my only advice to you is perhaps be a bit more assertive in the rules and adherence, give the necessary warnings, and remove posters when necessary. Thanks for your hard work on this board!
Asuhowe,
Certainly you have the right to post how Neuro hasn't helped you one bit, and perhaps you speak for others on the board I don't know (but I doubt it), however please do not portend to speak for me. I have always appreciated the comments, assessments, and hypothesis of Neuro, GFP, Davidal and many others on this board, but I certainly do not hold any of them "responsible" for my investment in COR and subsequent losses. They don't know me, they don't know where I live, and they can't make me buy stocks -- those are my decisions.
In fact, I think that the nature of their posts gave me more insight into COR than any other investment I hold. If you want to blame someone, perhaps look to the posters that reduced the contra COR argument to "management sucks" -- "why" -- "because you are an idiot". Furthermore since the COR investment has been pretty much reduced to a final binary event, and I'm holding through it, I don't think what anyone says here will have much impact on anything for the next few months.
rereading my message, I meant that I'm the novice!
Hey tregaron,
Being a novice on charting maybe you can answer a question for me -- how do you determine "resistance below 3.50" on this chart? Where do you look?
Thanks
I was just searching the web for some Cortex related news and came across a linkedin entry. For those that don't know, linkedin is a professional networking site. Well Cortex has some employees listed on it, including Varney and Coleman. But while I was searching I noticed the following: "Cortex employees are most connected to: AstraZeneca" Of course, this could be due to any number of factors, past employment contacts, or it could be the only contact listed (but doubtful) or it could it be a number of new contacts. I don't know, however does anyone on this board know/think if AstraZeneca would be a good fit for Ampakines? Are there any past relationships there with Stoll, Varney, Coleman, and/or Street?
Iggs -- I got a bid for 15k shares at .26, so if you want to unload a small portion of yours and get out before it goes to zero, here's a chance...
Thanks Haysaw!
Does anyone have the name of that marketing/merchandising company that was interested getting into the drug business? I'm beginning to think that is COR's best bet!
" Jesus Christ, Son of God to visit Orange County, Ca. offices of Cortex Pharmaseutical and plans to lobby FDA for use of Ampakines in Adult ADHD"
LOL -- The NY Times headline would read -- "Jesus suffers from dementia"
I didn't mean to suggest that COR was for sale, but what struck me was the line defining DD as "The last stage in the business-buying process" -- BTW other definitions have it talking about the complete investigative/discovery process as well - which is how I would have defined it.....