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CORTEX PHARMACEUTICALS INC. COMPLETES $13.75 MILLION PRIVATE PLACEMENT

 IRVINE, Calif., Dec. 2 /PRNewswire/ -- Cortex Pharmaceuticals Inc. (NASDAQ: CORX) today announced that it had closed on the sale of 13,750,000 newly issued shares of common stock, at a price of $1.00 per share, to institutional and accredited individual investors. As previously announced, the purchase agreements for the shares were signed on Nov. 8, 1993. The transaction was arranged by Vector Securities International Inc.
 The net proceeds from the offering will be used to fund research and development and for general corporate purposes.
 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- 12/2/93
 /CONTACT: D. Scott Hagen, VP and CFO, or Reni Moore, investor relations, of Cortex Pharmaceuticals, 714-727-3157/
 (CORX)


CO: Cortex Pharmaceuticals Inc. ST: California IN: MTC SU: OFR

LS-JL -- LA009 -- 9613 12/02/93 08:33 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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