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CORTEX ANNOUNCES SECOND QUARTER AND SIX-MONTH RESULTS

 IRVINE, Calif., Feb. 5 /PRNewswire/ -- Cortex Pharmaceuticals Inc. (NASDAQ: CORX) today announced the results of its operations for the quarter and six-month period ended Dec. 31, 1992. For the second quarter ended Dec. 31, 1992, the company reported net income of $163,145 ($0.01 per share) compared with a net loss of $781,058 ($0.06 per share) for the corresponding prior-year period. For the six-month period ended Dec. 31, 1992, the company reported a net loss of $226,242 ($0.02 per share) compared with a net loss of $1,545,386 ($0.12 per share) for the corresponding prior-year period. Operating revenues for the quarter and six-month period ended Dec. 31, 1992, were $1,000,000 and $1,500,000, respectively, compared with $0 for the corresponding prior-year periods. The weighted average number of shares outstanding increased in the current-year periods, because of voluntary conversion of preferred stock, exercise of outstanding stock options and issuance of common stock to Alkermes Inc. in connection with a development and license agreement entered into in January 1992.
 According to Scott Hagen, vice president and chief financial officer, operating expenses were slightly higher in the current-year periods but were offset by research and license revenue recognized under the agreement with Alkermes. He indicated that revenues for both current-year periods include a $500,000 one-time payment received from Alkermes in December 1992 in respect of a limited expansion of that firm's commercial rights to the company's calpain inhibitor products. Hagen stated that without this payment, the company would have reported losses for the three-month and six-month periods ended Dec. 31, 1992, of $336,855 and $726,242, respectively.
 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 Six Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Research and license
 revenues $1,000 --- $1,500 ---
 Operating expenses:
 Research &
 development 545 507 1,149 1,015
 General &
 administrative 301 292 601 579
 Total 846 799 1,750 1,594
 Interest income, net 9 18 24 49
 Net income (loss) $163 ($781) ($226) ($1,545)
 Accrual of preferred
 stock dividend 33 36 33 36
 Net income (loss) for
 computation of net
 income (loss) per
 share $130 ($817) ($259) ($1,581)
 Net income (loss)
 per share $0.01 ($0.06) ($0.02) ($0.12)
 Shares used in
 computing net income
 (loss) per
 share(a) 15,622,000 13,302,066 15,503,680 13,245,094
 (a) Shares of common stock issuable upon conversion of preferred stock and upon exercise of outstanding stock options and warrants are not included because the effects would be anti-dilutive or, in the case of the three-month period ended Dec. 31, 1992, because their inclusion has no impact on net income per share.
 CORTEX PHARMACEUTICALS INC.
 Condensed balance Sheets
 (In thousands)
 (Unaudited)
 Dec. 31,
 1992 1991
 Assets:
 Cash and cash equivalents $1,975 $787
 Other current assets 91 88
 Total 2,066 875
 Furniture, equipment and leasehold
 improvements, net 749 657
 Other assets 17 239
 Total assets $2,832 $1,771
 Liabilities and stockholders' equity:
 Current liabilities $831 $309
 Redeemable preferred stock 467 755
 Stockholders' equity 1,534 707
 Total liabilities and stockholders'
 equity $2,832 $1,771
 -0- 2/5/93
 /CONTACT: Scott Hagen, VP and CFO of Cortex, 714-727-3157/
 (CORX)


CO: Cortex Pharmaceuticals Inc. ST: Califorina IN: MTC SU: ERN

KJ-JB -- LA006 -- 3305 02/05/93 06:00 EST
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Publication:PR Newswire
Date:Feb 5, 1993
Words:594
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