Cortex Appoints Peter F. Drake, Ph.D. to Board of Directors.Business Editors/Health/Medical Writers IRVINE, Calif.--(BUSINESS WIRE)--Oct. 31, 2003 Cortex Pharmaceuticals, Inc. (AMEX AMEX See: American Stock Exchange : COR), a neuroscience company focused on novel drug therapies for neurological and psychiatric disorders, has appointed Peter F. Drake, Ph.D. to its Board of Directors. The appointment increases the number of directors on the company's board from five to six. Dr. Drake brings several years of experience and expertise in neuroscience and the financial healthcare arena. Dr. Drake's career highlights include working as a Biotech Analyst/Director at Kidder, Peabody & Co. and also co-founder of Vector Securities International, an investment banking firm that specialized in raising capital for emerging healthcare companies. While at Vector Securities International, Dr. Drake was involved in raising $6.2 Billion in 130 public offerings and $1.6 Billion in 52 private placement transactions. In 1993, Dr. Drake also co-founded two healthcare investment funds - Vector Fund Management, a $230 Million venture capital fund specializing in healthcare technology investments for emerging private companies and Deerfield Management, the first healthcare hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" to be created and invest in publicly traded healthcare companies. Currently, Dr. Drake is the Managing General Partner of Mayflower Mayflower, ship Mayflower, ship that in 1620 brought the Pilgrims from England to New England. She set out from Southampton in company with the Speedwell, Partners, a healthcare investment fund. He also serves on the Board of Directors of Trustmark Insurance Co., a healthcare insurance provider, The Alliance For Aging Research The Alliance for Aging Research is an advocacy group in the United States which promotes research into aging and seeks to advance science and enhance lives in various ways. , and is a member of the Board of Trustees board of trustees Politics The posse of thugs who oversee an institution's administration. See Board of directors. of Blair Academy. Dr. Drake has focused on raising capital for and investing in healthcare and biotechnology companies for 20 years. He received his Ph.D. in Biochemistry and Neurobiology Neurobiology Study of the development and function of the nervous system, with emphasis on how nerve cells generate and control behavior. The major goal of neurobiology is to explain at the molecular level how nerve cells differentiate and develop their from Bryn Mawr College Bryn Mawr College, at Bryn Mawr, Pa; undergraduate for women, graduate coeducational; opened 1885 by the Society of Friends, with a bequest from Joseph W. Taylor of Burlington, N.J. Modeled on a group curriculum plan at Johns Hopkins Univ. in 1980 and also received an MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration from the Wharton School of Business at the University of Pennsylvania (body, education) University of Pennsylvania - The home of ENIAC and Machiavelli. http://upenn.edu/. Address: Philadelphia, PA, USA. . "Peter's extensive background in neuroscience and investing in small-cap healthcare companies, is uniquely suited for Cortex," said Roger Stoll, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cortex. "As we enter the next stage of development of our company, his understanding of both our technology and the overall capital markets will be invaluable in defining the best approaches for creating shareholder value. I feel we are fortunate that we will have the counsel of such a capable financial leader on our board of directors." About Cortex Pharmaceuticals: Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for neurological and psychiatric disorders. The Company is pioneering a class of proprietary pharmaceuticals called AMPAKINE compounds, which act to increase the strength of signals at connections between brain cells. The loss of these connections is thought to be responsible for memory and behavior problems in Alzheimer's disease. Many psychiatric diseases, including schizophrenia, occur as a result of imbalances in the brain's neurotransmitter system. These imbalances may be improved by using the AMPAKINE technology. Cortex has alliances with N.V. Organon or·ga·non or or·ga·num n. pl. or·ga·nons or or·ga·nums or or·ga·na 1. An organ. 2. A set of principles for use in scientific investigation. organon pl. organa [Gr.] organ. for the treatment of schizophrenia The concept of a cure as such in the treatment of schizophrenia remains controversial, as there is no consensus on the definition of "treatment" in the case of schizophrenia, although some criteria for the remission of symptoms have recently been suggested. and depression and with Les Laboratoires Servier for the development of AMPAKINE compounds to treat the neurodegenerative effects associated with aging and disease, including Mild Cognitive Impairment mild cognitive impairment (MCI), n memory loss generally associated with aging; does not affect normal independent functioning of an individual. , Alzheimer's disease and Anxiety Disorders (http://www.cortexpharm.com) Forward Looking Statement: Note - This press release contains forward-looking statements concerning the Company's research and development activities, clinical trials and business development plans. Actual results may differ materially, depending on a number of risk factors, including the risks that the Company may be unable to obtain additional capital needed to continue its operations; that the agreements with Organon and Servier will not result in any commercial products or that any additional milestone payments will be earned by the Company; that the Company may be unable to arrive at additional corporate partnerships with other pharmaceutical companies on acceptable terms and therefore be required to independently fund clinical development of AMPAKINE compounds through the sale of additional equity securities or otherwise; that the Company's proposed products may at any time be found to be unsafe or ineffective for any or all of their proposed indications; that competitors may challenge or design around the Company's patents or develop competing technologies; and that clinical studies may at any point be suspended or take substantially longer than anticipated to complete. As discussed in the Company's Securities and Exchange Commission filings, the Company's proposed products will require additional research, lengthy and costly clinical testing and regulatory approval. AMPAKINE compounds are investigational drugs and have not yet been shown to have efficacy in the treatment of any disease. |
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