COR Cortex Pharmaceuticals,

Cortex Pharmaceuticals, Inc. (AMEX: COR, http://www.cortexpharm.com/), a neuroscience company focused on developing novel AMPAKINE� drug therapies for psychiatric disorders, neurological diseases, and drug induced respiratory depression, will web cast presentations from its annual shareholder meeting scheduled for Wednesday, May 14, 2008, at 10:30 a.m. PDT (1:30 p.m. EDT), at the Fairmont Newport Beach Hotel, 4500 MacArthur Boulevard, in Newport Beach, California. During the informal part of the meeting, Cortex will update shareholders on recent developments, updates for the two Phase II clinical trials evaluating CX717 in opiate-induced respiratory depression currently being conducted in Germany, the market research conducted on respiratory depression, and other preclinical developments underway at the company. Investors may access the live web cast through the Cortex website at http://www.cortexpharm.com/ beginning at 10:30 a.m. PDT on May 14, 2008. The web cast will be available for replay through May 29, 2008, at http://www.InvestorCalendar.com. About Cortex Cortex Pharmaceuticals, Inc. is a neuroscience company located in Irvine, California that is focused on the discovery and clinical development of AMPAKINE� molecules, a platform technology that represents a new approach to treating psychiatric disorders, neurological diseases and brain-mediated breathing disorders. The Company has pioneered a novel class of proprietary pharmaceuticals called AMPAKINE compounds that positively modulate the AMPA-type glutamate receptor complex, amplifying the effect of the most prominent brain neurotransmitter, glutamate at the synapse, leading to excitation of brain circuits that appear to affect memory, cognition and a unique brain stem structure thought to be responsible for inspiratory drive and the maintenance breathing rhythm. Many neurodegenerative disorders could potentially benefit from enhanced binding of glutamate by AMPAKINE compounds, which has been demonstrated in standard animal models of Alzheimer�s, Huntington�s diseases, Parkinson�s disease and potential uses in many other neurodegenerative diseases. Many psychiatric diseases, including Attention Deficit Hyperactivity Disorders (ADHD), depression, and schizophrenia occur as a result of imbalances in the brain�s neurotransmitter system. Proof of Concept in adult ADHD patients has been demonstrated with CX717. Cortex currently has an alliance with Schering-Plough (formerly Organon) for the treatment of schizophrenia and depression. In 2006 Cortex terminated its research collaboration with Les Laboratoires Servier and in turn worldwide rights to neurodegenerative diseases, sexual dysfunction, and anxiety were returned to Cortex. Servier retained three compounds from the research collaboration and may develop them for neurodegenerative diseases, sexual dysfunction, and anxiety in all markets in the original license. For additional information regarding Cortex, please visit Cortex Pharmaceuticals� website at www.cortexpharm.com. Forward-Looking Statement Note - This press release contains forward-looking statements concerning the Company's research and development activities. The success of such activities depends on a number of factors, including the risks that the Company's proposed compounds may at any time be found to be unsafe or ineffective for the indications under clinical test and that clinical studies may at any point be suspended or take substantially longer than anticipated to complete. As discussed in the Company's Securities and Exchange Commission filings, the Company's proposed products will require additional research, lengthy and costly clinical testing and regulatory approval. AMPAKINE compounds are investigational drugs and have not been approved for the treatment of any disease.