Cortex Pharmaceuticals Appoints Harry Mansbach, M.D., as Chief Medical Officer and Vice President, Clinical Development.

IRVINE, Calif. -- Cortex Pharmaceuticals, Inc. (AMEX: COR) announced that it has appointed Harry "Hank" Mansbach, M.D. to the position of Chief Medical Officer and Vice President, Clinical Development. Prior to joining Cortex, Dr. Mansbach served as Senior Director of Clinical Development, Neurosciences, at GlaxoSmithKline (GSK) in Research Triangle Park, NC. His initial focus will be to lead the clinical development of Cortex's series of innovative AMPAKINE(R) compounds including the lead molecule, CX717.

"One of the key aspects of our business plan was to increase our capabilities in the clinical development phases of our R&D efforts. Dr. Mansbach brings critically needed hands-on clinical leadership experience in US and global drug development," said Roger G. Stoll, Ph.D., Chairman, President and CEO of Cortex. "Having already added Dr. Gary Tollefson to our Board of Directors earlier this year, we now have the expertise and capability to help guide our efforts toward successful clinical development and registration of AMPAKINE compounds for Orphan Drug indications and the optimization of development plans for those drugs that will become licensing candidates."

"Based on the accelerated development of CX717, which is currently completing Phase I clinical trials, the time is right to make the investment in hiring Dr. Mansbach before starting the first Phase II study this fall," added Dr. Stoll. "Cortex is in the process of developing protocols for the clinical evaluation of CX717 in sleep deprivation, Attention-Deficit/Hyperactivity Disorder, and Alzheimer's disease, which are very important indications to the future of our company. In addition, Dr. Mansbach's neuroscience development experience will be a real asset in assuring the Company's "Orphan Drug" programs such as for Narcolepsy, and cognitive deficits associated with Fragile X syndrome, electroconvulsive therapy and other potential indications stay within the Company's business plan timeline."

Dr. Mansbach received his Bachelor's degree from Yale University and his M.D. degree from Duke University School of Medicine. Dr. Mansbach accomplished his neurology residency at the University of Michigan Health System and completed subspecialty fellowship training in cerebrovascular diseases at the Henry Ford Hospital in Detroit, Michigan. He is board certified in neurology. Dr. Mansbach was a member of the Department of Neurology senior staff in the Henry Ford Health System before joining Glaxo Wellcome (GW) as a Senior Clinical Research Physician. At GW, Dr. Mansbach gained valuable insight into the medical and commercial aspects of the drug life-cycle by working on marketed compounds such as Imitrex(R) and Lamictal(R). In GSK, the successor company to GW, his team was responsible for clinical development input and implementation for a wide variety of compounds from ranging from pre-clinical testing through phase III and covering a broad range of neuroscience disease areas.

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 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.