Cortex is in a strange situation. RD is not a flash in the pan... and sleep apnea could very well turn RD into a super mega blockbuster indication. They are advancing their pipeline with CX1739 and the pro-drug. Next year, in 09, they should be in phase IIa for ADHD, phase II studies in RD, advancing the pipeline. As a long term watcher of all things Cortex, the company has never been in a better position vis-a-vis their pipeline.
The price is dropping. 55 cents after showing clear efficacy in POC for RD. What they lack is cash. At this juncture, I would just assume they do a PIPE for 6-8 million. Just get it over with with the dilution and warrants and Rodman and the place setter. Just get it over with, so the pipeline can advance through phase IIa for ADHD for CX1739.
Bottom line: no matter what future scenario for Cortex... ADHD partnership, RD partnership, comprehensive partnership, merger, even buyout... no matter what scenario by January unfolds, it would only be enhance by having another 6 months of cash on hand to avoid getting screwed by lagging partners, safe in the knowledge that Cortex' coffers are running low.
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