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CORTEX RECEIVES SMALL BUSINESS INNOVATION RESEARCH GRANT

 IRVINE, Calif., May 5, /PRNewswire/ -- Cortex Pharmaceuticals Inc. (NASDAQ: CORX) today announced receipt of a Small Business Innovation Research (SBIR) grant from the National Cancer Institute to support developments in the area of peripheral neuropathy. Peripheral neuropathy affects more than 1 million people in the United States alone, and is a significant problem in patients receiving cancer chemotherapy. Debilitating symptoms of peripheral neuropathy include severe pain and/or loss of sensation in the extremities, (i.e. arms and legs) and limited mobility. Effective control of the peripheral neuropathy associated with chemotherapy regimens would allow physicians more versatility in drug administration and could increase the survival of cancer patients.
 Proceeds from the grant will be used exclusively to discover and develop drugs which interfere with the effects of cancer chemotherapeutics on the peripheral nervous system, (such as taxol and vinblastine). This award will accelerate Cortex's research in the evolution of such compounds as part of an existing program in peripheral neuropathy. The grant provides $49,000 over six months and is a prerequisite for the award of a Phase II SBIR grant which could total $600,000.
 Alan Steigrod, president and chief executive officer, said, "This grant provides additional support for our satellite program in peripheral neuropathy and apoptosis. In addition, the awarding of this grant is an important affirmation of the quality of science here at Cortex."
 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.
 -0- 5/5/93
 /CONTACT: Reni Moore (investors) of Cortex Pharmaceuticals, 714-727-3157; or Ron Stabiner of The Wall Street Group NY, 212-888-4848, for Cortex Pharmaceuticals/
 (CORX)


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

EH-JB -- LA030 -- 4983 05/05/93 15:12 EDT
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Date:May 5, 1993
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