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CORTEX ANNOUNCES LEGAL ACTION BY ALKERMES

 IRVINE, Calif., Nov. 22 /PRNewswire/ -- Cortex Pharmaceuticals, Inc. (NASDAQ: CORX) today announced that it had been informed by Alkermes, Inc. (NASDAQ: ALKS) that Alkermes had filed a lawsuit in U.S. federal district court in Massachusetts, alleging that Cortex is in breach of the development and license agreement between the companies. Alkermes is claiming that Cortex's program to develop calpain inhibitors for the treatment of cerebral vasospasm is covered under the agreement, which grants exclusive rights to Alkermes for the prevention and treatment of acute and chronic neurodegenerative disorders of the central and peripheral nervous systems.
 Cortex believes that cerebral vasospasm is a disorder of the vascular system, not the nervous system, and that it therefore does not fall under the rights granted to Alkermes under the agreement. Cortex intends to vigorously defend its position.
 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- 11/22/93
 /CONTACT: Alan A, Steigrod, president and chief executive officer of Cortex Pharmaceuticals, 714-727-3157 or Gene Marbach of The Wall Street Group, 212-888-4848/
 (CORX ALKS)


CO: Cortex Pharmaceuticals, Inc.; Alkermes, Inc. ST: California IN: MTC SU:

TM -- NY009 -- 6671 11/22/93 08:31 EST
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Publication:PR Newswire
Date:Nov 22, 1993
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