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PHARMACEUTICALS
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Irvine’s Cortex Pharmaceuticals restructures, downsizes

Profits for the company, which develops neurological drug therapies, have flatlined.

By Susan BelknappPublished: March 19, 2009 10:55 AM

Cortex Pharmaceuticals Inc. announced a significant restructuring of its organization which involved reducing its workforce by approximately 50 percent in order to preserve capital.

Other corporate restructuring measures include capital preserving initiatives, including reducing salaries for the executive officers.

The continuing uncertainty in the capital markets and the global economy spurred Cortex to take steps to curb its monthly expenditures in order to align current resources with its strongest near-term opportunities.

Cortex will continue to focus on the development of its clinical programs, involving its products, CX717 and CX1739, which appear to hold the greatest opportunity for creation of shareholder value. At the same time, Cortex has been forced to significantly reduce basic research efforts in early, non-clinical stage programs.

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