Cortex Pharmaceuticals Inc. is a California-based neuroscience company focused on novel drug therapies for neurological and psychiatric disorders. The company recently posted its fourth quarter and full year financial results, as well as recent developments.
Cortex reported a net loss applicable to common stock of $1,599,000, or $0.02 per share, for the quarter ended December 31, 2009, compared with a net loss of $3,130,000, or $0.07 per share, for the same three-month period of 2008.
For the fiscal year ended December 31, 2009, Cortex reported a net loss applicable to common stock of $10,788,000, or $0.19 per share, compared to a net loss of $14,596,000, or $0.31 per share, for the corresponding prior year period.
Operating results for the quarter and full year ended December 31, 2009 reflect savings from the company’s decision to reduce its payroll in March 2009, as well as decrease clinical and preclinical development expenses.
In March 2010 Cortex sold its rights to its respiratory depression prevention treatment AMPAKINE CX717 to Biovail Laboratories International SRL, along with certain other AMPAKINE compounds. Cortex retains its rights to the non-acquired AMPAKINE compounds, including those for the treatment of neurodegenerative diseases and psychiatric disorders.
The deal with Biovail includes a purchase price of up to $10 million and milestone payments of up to $15 million based upon defined clinical development of the subject AMPAKINE compounds.
Cortex noted that it continues to conduct clinical studies of sleep apnea compound CX1739, whereas before, financial constraints limited the timing of the study and related patient enrollment. The company said it plans on getting results from this study in mid-2010.