PHARMACEUTICALS
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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.”
PAGE ONE
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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.”
PAGE ONE
Related headlines
Studies show Irvine’s Cortex therapy slows memory loss
Irvine’s Spectrum Pharmaceuticals acquires RIT Oncology
San Clemente's STEMTech to Obama: What about adult stem cells?
Test results in: Clarient of Aliso Viejo's revenues soar
"OC METRO Minute," March 13: UCI's geriatrics program receives funding from Donald W. Reynolds Foundation
"OC METRO Minute," March 11: Epinex's diabetes monitoring device
