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Aiming4

11/21/05 4:14 AM

#410 RE: gfp927z #408

Thanks Gfp. The other leg of Daviddal's theory had to do with Dr. Stoll not mentioning Organon (or Servier) in the recent letter to Stockholders, and what that might suggest.

Daviddal's theory didn't strike me as a high probability one, but he seemed to be giving it a fair amount of weight when he presented it.

Abksmin's variation on Daviddal's theory would definitely be time consuming. Cortex probably is evaluating and gameplanning for a complex array of deal scenarios right now - a mega-deal such as Abksmin suggests likely is one of the scenarios under consideration. I think Cortex is more likely to go with a simpler deal than trying to unify Organon, Servier, and Cortex's rights all under the same umbrella for one BP. However, if a highly motivated BP is willing to pay enough to make such a deal happen....

Your point about the ADHD trial data being available first is an interesting one, since good data may well elicit an legit offer from a BP interested specifically in ADHD. I'm pretty sure Dr. Stoll is looking for the best overall deal for Cortex that will advance the most indications possible at a steady pace with a dependable and motivated partner, so I think he would tell an ADHD-only interested company that they will really have to come up with a blockbuster offer, or wait to see whether Cortex accepts another BP's offer after the Shift Work and/or AD results become available.

It really would be interesting to be in the middle of Cortex's BP negotiations.

You're quite likely right about the good chance that the pps will be manipulated downward prior to the results - I admire your discipline in waiting to see how the next few weeks play out. I just felt that the low $2's level was a good combination of value and safety in terms of picking up the rest of the COR I wanted to have going into January. In exchange for my piece of mind at not missing a surprise positive development over the next few weeks, I probably paid a small premium for my shares over what the pps may be prior to the end of this year. My hope is that the low price that organized buyers may be angling for is the price COR is already at today, meaning I fortuitously managed to buy my shares in the same price range.

The next few weeks will tell... Aiming4.