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CORTEX ANNOUNCES THIRD QUARTER RESULTS

 CORTEX ANNOUNCES THIRD QUARTER RESULTS
 IRVINE, Calif., May 13 /PRNewswire/ -- Cortex Pharmaceuticals Inc.


(NASDAQ: CORX) today reported a net loss of $393,765, or $0.03 per share, for the quarter ended March 31, 1992, compared with $657,081, or $0.05 per share, for the corresponding prior-year period. The losses for the nine-month periods ended March 31, 1992 and 1991 were $1,939,151 and $1,754,549, respectively.
 In announcing the results, Jay D. Glass, Ph.D., interim president and chief executive officer of Cortex, said, "Our program with Alkermes for the commercial development of calpain inhibitor drugs for the treatment of stroke and other acute degenerative disorders of the brain continues to progress. We appear on track for commencement of human clinical testing in 1993.
 "In addition, our scientists feel that inhibition of calpain is likely to be of value in non-neurological diseases, and we have begun to investigate the role of calpain in these other therapeutic areas."
 Glass said, "Taking advantage of the recent strengthening of our financial position, we are also moving quickly to re-establish a significant research effort outside of calpain inhibitors. We have initiated a program in a new area that we believe will see a great deal of progress over the next few years -- the role of 'programmed cell death' in neurological disease states. We believe that our expertise in this and in other areas we are actively exploring will lead to significant new commercial opportunities for the company."
 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- 5/13/92
 /CONTACT: Scott Hagen, VP and CFO of Cortex Pharmaceuticals, 714-727-3157; or Fred Spar of Kekst & Co., 212-593-2655, for Cortex Pharmaceuticals/
 (CORX) CO: Cortex Pharmaceuticals Inc. ST: California IN: MTC SU: ERN


KJ-EH -- LA004 -- 9507 05/13/92 09:04 EDT
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Date:May 13, 1992
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