The endless delay, forgetting every other delay with Cortex, in getting out the apnea results is instructive. I've heard theories the delay may have been strategic in that Cortex wanted to finish getting the RD rights back and releasing data showing a clear signal in apnea was best put in place after the RD rights are returned. This may makes sense, but it isn't true here. We still do not have RD rights back and Cortex released the results in any event.
Varney claimed to more than one poster via email communications, when we saw the results, we would understanding the delay. Really? I don't. Perhaps an added conference call would have explained this better; perhaps the lack of a conference call explains things in the best possible perspective... there is no good reason.
One can say the following: yea but the compounds are worth a lot, and, doc, who cares anyway, it's was just a four months delay. Stop focusing on the negative. But I would argue this is part of our problem. I believe the RD results were also delayed(albeit less so), and we were all kind of stunned by strongly positive, but delayed, results.
Each time there is a delay(and there is significant delayevery single time for any single issue with Cortex), the stock price drops a bit more, the money drains down the drain a bit more , the urgent need for bridge financing is typically raised to postpone running out of the money before the next delayed event. I think. Strike that. I know the share price would have responded in a more positive manner four months ago with these results. There would be an implicit knowledge, then, hey we have 7-8 months cash left. Now, there is an implicit knowledge there is much less cash left, even running on fumes, bringing up the need for cash which must be raised to continue ongoing operations or sell the company.
A press release could have been issued four months detailing these top line results, and Cortex could then study them in more detail(as is ALWAYS THE CASE WHERE COMPANIES RELEASE DATA AND ISSUE A CAVEAT THEY WILL ANALYZE IT IN MORE DEPTH).
But there is no conference call. Instead various posters with various forms of contact with the company now have a new line: 30 days until a conference call can be set up as they need to accomplish something... raise money, relicense RD rights, or both. I have been told there is strong interest in apnea, that lots of companies are impressed, that a deal 'could' be fashioned. I believe we all heard simliar things when the RD results came out, and I believe there was a substantial delay prior to inking the Biovail deal. A delay so significant, that Cortex was running on fumes, the apnea study slowed(or stopped depending on which version you hear about)while we waited for the Biovail transaction.
Why on earth is any of this relevant? Why would it possibly matter if something happens in the next 30 days(dog days, human days, or some sort of biblical time)? It again matters as we are racing the clock as our funds are running out. Down the drain. Great pressure is now on to rapidly ink a deal, or set of deals, or sell the company, or perhaps raise a bridge financing to buy more time. But all of this crap could have been avoided be a timely release apnea data set. The stock price would have more positive impacted as the crucial money factor would have been much better. Instead, we have all been warned, we've got this great company, these great new compounds, but are running out of cash. What they fail to mention is their pitiful adherence to timelines, the endless delays, always leads us near the point of zero cash on hand. Thus helping, but obviously not responsible alone, for the share price remaining in the pennies.
News 
Market Data 
Discover 
AI
