RespireRx Pharmaceuticals Inc (RSPI)

[gfp927z]

The alternate plan -

1) As in the previous plan, a highly dilutive shelf financing for $10-12 mil is done - unfortunately there's no way around this. But instead of pouring this vital money down the non-Ampakine in-licensing drain, use the money for the following -

2) Move CX-701 through Phase 1 and Phase 2a in ADHD as quickly as possible. Once through the phase 2a, do the same type of big outlicensing deal that we had wanted to do with CX-717. This should be a very favorable deal.

3) Concurrent with #2 above, advance the lead high impact into tox and the clinic. Then do the global Neurodegenerative deal, which would be a deal of sufficiently large size to justify losing the company's crown jewels.

This is the course I would favor, instead of a firesale of Cortex's most prized properties (global Neurodegenerative rights, and the high impact platform), with the proceeds to be frittered away on some strange orphan castoffs. We could instead concentrate on our core competency (Ampakines), and maximize the value of the remaining Ampakine properties. Once we accomplish #2 and #3 above, Cortex would then have plenty of money to go after some orphan programs, both Ampakine and non-Ampakine. Doing it the other way around, which is likely what's going to happen, seems ass-backward to me.