Food4, The dilution, percentage-wise, would be the same regardless of whether the financing is done before or after a reverse split, assuming the same amount of money is raised.
For example, a pre-split financing raising $5 mil at .25 cents would be for 20 mil shares (dilution of 30% of the 67 mil shares outstanding), while a post-split financing raising $5 mil at $2.50 would be for 2 mil shares (dilution of 30% of the 6.7 mil shares outstanding). (for simplicity this example ignores any warrant shares that would also be issued).
The only advantage to doing the financing post-split would be if the total shares authorized stays the same at 105 mil, then you could do a bigger financing, though at the cost of greater pecentage dilution (since the fully diluted share count would still drop from 67 mil to 6.7 mil). The same thing could be accomplished without a reverse split by just having Cortex raise the authorized share limit above the current 105 mil.
The problem with reverse splits is that the pps will often drop precipitously after the split. That would make dilution from a post-split financing even worse than it would be pre-split.
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