I can think of one nonrandom factor--I do not know it to be true, but it makes as much sense as anything.
My guess is that Cortex has spoken with many dozens of companies in their search for a partner/acquirer/financier. If the opening premise is of interest, the other company can agree to sign a confidentiality agreement (CDA), which allows them access to nonpublic information. I have no idea what proportion of conversations go to that second phase--30%? (for others, the matchup does not work with their strategic marching orders in terms of indication, stage of development, or some other factor). I'm just guessing. Now, of the 30% working under CDA, no one involved with those conversations can legally purchase Cortex stock, because of the nonpublic information. Let's assume for the moment that they adhere to that. The other 70% would have no legal barrier, though their own company might prohibit stock ownership that could present a conflict of interest issue.
As I noted in a previous post, of the companies I contacted, almost all ( at least one had not, they were very under the radar) indicated that they'd already had contact with Cortex. My written presentations of partnering concepts rely upon public information, so in theory, with the same caveats, someone receiving that information might choose to buy Cortex stock once the corporate decision has been made to not take the discussion further. In other words--a company could decide that they aren't interested, but an individual who has looked at the materials could decide that it sounds like a good opportunity for a small investment.
This is pure conjecture--but there is a small audience of informed individuals out there who have recently looked at Cortex in context, and could have come to the conclusion that they're worth more than 10 cents a share.
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