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CORTEX 1992 REPORTS FOURTH QUARTER AND FULL YEAR RESULTS

 CORTEX 1992 REPORTS FOURTH QUARTER AND FULL YEAR RESULTS
 IRVINE, Calif., Sept.3 /PRNewswire/ -- Cortex Pharmaceuticals, Inc.


(NASDAQ: CORX) today announced the results of its operations for the quarter and fiscal year ended June 30, 1992. As expected, for the fourth quarter ended June 30, 1992, the company reported a net loss of $415,619 ($0.03 per share) compared with a net loss of $839,419 ($0.07 per share) for the corresponding prior-year period. For the full fiscal year ended June 30, 1992, the company reported a net loss of $2,354,770 ($0.18 per share), compared with $2,593,968 ($0.20 per share) for fiscal 1991.
 Operating revenues for the quarter and fiscal year ended June 30, 1992 were $500,000 and $1,000,000, respectively, compared with $0 and $33,712 for the corresponding prior year periods. The weighted average number of shares outstanding increased in fiscal 1992, primarily as a result of voluntary conversion of preferred stock to common stock and issuance of common stock to Alkermes Inc. ("Alkermes") in connection with a development and license agreement entered into in January 1992.
 Jay D. Glass, Ph.D., interim president and chief executive officer of CORTEX, stated "We continue to make progress, with Alkermes, in the development of calpain inhibitor drugs for the treatment of brain damage brought on by stroke, cardiac arrest and related disorders. Research revenues from Alkermes, which partially offset an overall expansion of our activity level, resulted in a decrease in our net loss.
 "The 1992 results reflect a continuing commitment to the development of calpain inhibitor drugs. In fiscal 1993, we hope to expand our research and development activities to include exploration of the possible use of our calpain inhibitor compounds for treatment of non- neurological degenerative diseases and disorders. We are also in the process of formalizing new programs in Alzheimer's disease and neuronal programmed cell death."
 CORTEX is a neurological drug discovery company that is developing products for the treatment and diagnosis of age-related diseases and disorders of the brain.
 Cortex Pharmaceuticals Inc.
 Condensed Statements of Operations
 (in thousands, except per share data)
 (Unaudited)
 Three months ended Years en


ded
 June 30,


June 30,
 1992 1991
 1992 1991
Research revenues $ 500 $ $ 1,000 $
 34 Operating expenses: Research & development 600 562
 2,181
 1,918 General & administrative 336 302 1,267


866
 Total 936 864 3,448


2,784
Interest income, net 20 25 93 156
Net Loss $(416) $ (839 ) $(2,355 ) $


(2,594 ) Accrual of preferred
 stock dividend 33 47 69


86 Net loss for computation
 of net loss per share $(449) $(886) 2,424) $(2,680)
Net loss per share $(0.03) $(0.07) $(0.18) $(0.20)


Shares used in computing
 net loss per share 14,534,678 13,125,540 13,768,768 13,085,556
 Cortex Pharmaceuticals, Inc.
 Condensed Balance Sheets
 (in thousands)
 June 3


0,
 1992
 1991


Assets:
 Cash and cash equivalents $ 2,008 $


2,286
 Other current assets 82 92
 2,090
 2,378
 Furniture, equipment and
 leasehold improvements, net 767


667
 Other assets 239 251
 Total assets $ 3,096 $ 3,296


Liabilities and stockholders' equity:
 Current liabilities $ 844 $ 338
 Redeemable preferred stock 717


985
 Stockholders' equity 1,535 1,973
 Total liabilities
 and stockholders' equity $ 3,096 $ 3,296
 -0- 8/3/92
 /CONTACT: Scott Hagen, Vice President and CFO of Cortex Pharmaceuticals, Inc., 714-727-3157/ CO: Cortex Pharmaceuticals ST: California IN: MTC SU: ERN


JH -- LA034 -- 6534 09/03/92 15:17 EDT
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Date:Sep 3, 1992
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