Cortex Pharmaceuticals' AMPAKINE Compounds Featured on ''World News Tonight with Peter Jennings'' on the ABC Television Network and Biotech Today Radio Program.

Business Editors/Health/Medical Writers

IRVINE, Calif.--(BUSINESS WIRE)--Aug. 22, 2003

Cortex Pharmaceutical Inc.'s (AMEX: COR) AMPAKINE(R) compounds and CEO Dr. Roger Stoll were featured on the Thursday, August 21, 2003 edition of "World News Tonight with Peter Jennings." The news segment focused on the growing issue of memory loss and detailed the urgency for a viable treatment. Cortex's AMPAKINE compounds were highlighted as a promising treatment to improve memory loss associated with Mild Cognitive Impairment (MCI), an early stage dementia. Patient enrollment was recently completed in the Cross National Collaborative MCI Study conducted jointly by Cortex and Les Laboratoires Servier.

Dr. Stoll discussed the need for treatment with ABC correspondent Robert Jameson on-camera. "There is obviously an economic incentive for the industry and for Cortex as well, but there has to be a win for patients," he said.

A copy of the segment for private viewing can be obtained through The Investor Relations Group. Please email requests to [e-mail] or by calling [phone].

Biotech Today Radio Program

Dr. Stoll appeared as a featured guest on Biotech Today, a New Media Internet radio carried by World Talk Radio (www.worldtalkradio.com). The program aired live on Wednesday, August 20 from 4:00 p.m. to 5:00 p.m. (Eastern Daylight time). The archived broadcast can be accessed at the following Internet link: http://www.biotechtoday.net.

About AMPAKINE Compounds

The Company's proprietary family of AMPAKINE compounds affects and enhances the activity of AMPA-type glutamate receptors, complexes of proteins that are involved in communication between cells in the human brain (neurons). Glutamatergic transmission between neurons is by far the brain's most abundant communication system. When a neuron releases glutamate and it binds to the AMPA receptor, AMPAKINE compounds increase or magnify the effect of glutamate, thereby amplifying normal brain signals.

The AMPAKINE compounds, which can be taken orally, rapidly enter the brain and increase the ability of neurons to communicate with each other. Data from pilot clinical trials have shown that the AMPAKINE CX516, a lead compound, is effective in improving memory in elderly volunteers and patients with schizophrenia.

About Cortex Pharmaceuticals

Cortex 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 for the treatment of schizophrenia 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, 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.