Printer Friendly

CORTEX ANNOUNCES $13.75 MILLION PRIVATE PLACEMENT

 IRVINE, Calif., Nov. 9 /PRNewswire/ -- Cortex Pharmaceuticals Inc. (NASDAQ: CORX) today announced a $13.75 million private placement with institutional and accredited individual investors, who have agreed to purchase 13,750,000 newly issued shares of Cortex common stock, $.001 par value, at a price of $1.00 per share. The transaction was arranged by Vector Securities International Inc. The closing of the transaction is conditioned upon the effectiveness of a registration statement to be filed by the company covering resales by the purchasers in the private placement. In connection with the offering, Vector Securities will receive five-year warrants to purchase 1,375,000 shares of common stock at a price of $1 7/8 per share.
 Alan Steigrod, president and chief executive officer, said, "This financing will infuse new energy into the company's already strong research and development programs and will allow us to aggressively advance our products into the clinical testing phase. Commencement of human clinical trials with our lead AMPAKINE(TM) compound for the treatment of mild dementias is anticipated in 1994. We also plan to build our management team to accelerate the overall development of our business.
 "We are pleased with the professional way that Vector Securities has executed this financing," he added. "The level of sophistication of the participating investors is very high, and we are delighted to have the benefit of their support and involvement."
 Cortex also announced the completion of a separate $660,000 private placement to offshore investors. This financing, which closed Oct. 22, 1993, involved the sale of 517,884 newly issued shares of common stock to four investors at a price of $1.28 per share.
 Cortex was founded in 1987 and is involved in the discovery and development of novel drugs for the treatment of age-related neurological diseases and disorders. Core programs at Cortex, which is located in Irvine, are directed toward the development of pharmaceuticals for the treatment of memory impairment and cognitive deficits associated with mild dementia and, over the longer term, for slowing or stopping the underlying disease pathology of Alzheimer's disease.
 -0- 11/9/93
 /CONTACT: Alan A. Steigrod, president and CEO, 714-727-3157; or Gene Marbach, The Wall Street Group, 212-888-4848/
 (CORX)


CO: Cortex Pharmaceuticals Inc. ST: California IN: HEA SU:

LM-LS -- LA015 -- 2048 11/09/93 08:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 9, 1993
Words:385
Previous Article:BUMBLE BEE SEAFOODS INC. OFFERS OVER $1 MILLION TO EARTH ISLAND INSTITUTE THROUGH 'FREE WILLY' CONSUMER REBATES
Next Article:AMWAY JAPAN REALIGNS INVESTMENT IN ASIA PACIFIC REGION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters