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PHARMACEUTICALS
Untitled Page Published: March 19, 2009 11:06 AM



Irvine's Cortex Pharmaceuticals ...

“This restructuring is an absolute necessity in the light of the current financial climate,” says Mark Varney, Ph.D., president and CEO of Cortex.

“I would like to express my gratitude for the contributions and commitment of our outstanding employees who were impacted by the workforce reduction. However, we need to ensure that Cortex can continue to advance its promising pipeline compounds," he continues.

Varney continues on to say, “In the near term, these programs have the potential to address three very large markets of ADHD, sleep apnea and respiratory depression ... Obviously, over the longer term we plan to continue to develop additional applications in Alzheimer’s disease, Parkinson’s disease, and other neurodegenerative disorders.”

The company is restructuring in order to keep moving forward.

“Given the current state of the capital markets, we will continue to evaluate all options for raising cash,” he says. “This includes licensing, partnering, and other strategic options. Cortex is currently working diligently to secure several out-licensing and partnering opportunities, which if and when completed, will provide a significant infusion of capital.”

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