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CORTEX ANNOUNCES APPOINTMENT OF INTERIM PRESIDENT & CEO

      CORTEX ANNOUNCES APPOINTMENT OF INTERIM PRESIDENT & CEO
    IRVINE, Calif., Nov. 22 /PRNewswire/ -- Cortex Pharmaceuticals Inc. (NASDAQ: CORX) announced today that the board of directors of the company has appointed Jay D. Glass Ph.D. to serve as interim president and chief executive officer following the resignation of Vaughan H.J. Shalson.  Shalson, who has resigned for family reasons, will continue to serve as president and chief executive officer until Dec. 19.
    Glass, 46, has been a director of the company since October 1989. He holds a Ph.D. in neuroscience, and served on the faculty of the University of Pittsburgh School of Medicine from 1972 through 1981. Following completion of his master's of business administration degree, Glass joined The Hillman Company, where he served as vice president of Hillman Ventures for five years, managing a portfolio of high-technology biomedical investments.  He then founded MedCorp Development Fund, a California-based venture capital fund supported by Westinghouse, where for the past five years he has been actively involved in the founding and development of numerous biomedical companies.
    The company also announced that Senior VP Raymond T. Bartus, Ph.D., 44, had been promoted to executive vice president and chief operating officer in recognition of the progress achieved by Bartus and his drug discovery team in developing calpain inhibitors for treatment of stroke-related brain damage.  D. Scott Hagen, 36, will continue to serve as vice president finance and administration, secretary and treasurer.
    In making the announcements, Dr. Harvey S. Sadow, 68, chairman of Cortex, indicated that he also would be playing a more active role in furthering the ongoing discussions and negotiations with major pharmaceutical companies relating to joint commercialization agreements intended to accelerate the company's product development programs.  Sadow was president and chief executive officer of Boehringer Ingelheim Corporation, a major healthcare company, from its founding in 1971 until his retirement in 1988, and was chairman of that company from 1988 through December 1990.  He served on the board of directors of the Pharmaceutical Manufacturers Association (PMA), and also chaired the PMA Foundation.  Sadow is an active member of a number of professional committees and societies, and serves on the boards of several privately and publicly held companies in the healthcare field.
    Sadow said, "This board has been, and remains, committed to supporting and advancing the very exciting drug development work that is going on at Cortex.  We have moved quickly to establish a transition team that will provide continuity and also allow the board to take as much time as may be required to select an outstanding replacement for Mr. Shalson."
    Cortex, a leading-edge neurological drug discovery company, is developing products for the treatment and diagnosis of age-related diseases and disorders of the brain.
    -0-                      11/22/91
    /CONTACT:  D. Scott Hagen, VP finance & administration of Cortex Pharmaceuticals Inc., 714-727-3157/
    (CORX) CO:  Cortex Pharmaceuticals ST:  California IN:  MTC SU:  PER SE-EH -- LA005 -- 6264 11/22/91 09:31 EST
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Publication:PR Newswire
Date:Nov 22, 1991
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