COR Cortex Pharmaceuticals,

Cortex Pharmaceuticals, Inc. (NYSE Amex: COR), a neuroscience company focused on developing novel AMPAKINE� drug therapies for neurological and psychiatric disorders, will web cast presentations from its annual shareholder meeting scheduled for Friday, June 5, 2009, at 10:30 a.m., Pacific Daylight Time, at the Hyatt Regency Irvine, 17900 Jamboree Road, Salon E, first floor, in Irvine, California.

The meeting will begin with the formal voting on the issues set forth in the proxy statement. In the informal part of the meeting, Dr. Mark A Varney, President and CEO will update shareholders on recent organizational restructuring, progress on partnering discussions, and clinical and preclinical study developments. Pre-clinical study results have demonstrated that Cortex�s Phase II AMPAKINE molecules CX717 and CX1739 could be useful in the development of treatment for sleep apnea, respiratory depression, attention deficit hyperactivity disorder (ADHD) and significant improvement in models of memory and cognitive loss. In the current issue of the journal Anesthesiology, the mechanism by which CX717 prevented or rescued animals from opiate-induced respiratory depression can be found in an article published by Dr. John Greer and his colleagues, entitled; �Ampakine CX717 Protects against Fentanyl-induced Respiratory Depression and Lethal Apnea in Rats.� The web link for this publication can be found below. Cortex has already demonstrated in human subjects that oral CX717 can prevent respiratory depression caused by an intravenous infusion of Alfentanil (this manuscript has been submitted for publication). Finally, Cortex currently has a pilot study evaluating the effects of oral CX1739 in patients with moderate to severe sleep apnea underway at a clinical testing site in the UK.

Investors may access the live webcast through the Cortex website at http://www.cortexpharm.com/ beginning at 10:30 a.m. Pacific Daylight Time) on June 5, 2009. The webcast will be available for replay for 30 days at http://www.investorcalendar.com/IC/CEPage.asp?ID=145723.

The published paper by John Greer and colleagues can be seen at the following web link: [http://journals.lww.com/anesthesiology/Fulltext/2009/06000/Ampakine_CX717_Protects_against_Fentanyl_induced.27.aspx].

For more news and information on�Cortex Pharmaceuticals, Inc., please visit www.IRGnews.com/coi/COR where you can find the CEO�s video, a fact sheet on the company, investor presentations, and more.

Cortex Pharmaceuticals, Inc.

Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for treating psychiatric disorders, neurological diseases and brain-mediated breathing disorders. Cortex is pioneering a class of proprietary pharmaceuticals called AMPAKINE compounds, which act to increase the strength of signals at connections between brain cells. The loss of these connections is thought to be responsible for memory and behavior problems in Alzheimer�s disease. Many psychiatric diseases, including schizophrenia, occur as a result of imbalances in the brain�s neurotransmitter system. These imbalances may be improved by using the AMPAKINE technology. For additional information regarding Cortex, please visit the Company�s website at http://www.cortexpharm.com.

Forward-Looking Statement

Note � This press release contains forward-looking statements concerning the Company�s research and development activities. Words such as "believes," "anticipates," "plans," "expects," "indicates," "will," "intends," "potential," "suggests," "assuming," "designed" and similar expressions are intended to identify forward-looking statements. These statements are based on the Company's current beliefs and expectations. The success of such activities depends on a number of factors, including the risks that the Company�s proposed products may at any time be found to be unsafe or ineffective for any or all of their proposed indications; that patents may not issue from the Company�s patent applications; that competitors may challenge or design around the Company�s patents or develop competing technologies; that the Company may have insufficient resources to undertake proposed clinical studies; and that preclinical or 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 preclinical and clinical testing and regulatory approval. AMPAKINE compounds are investigational drugs and have not been approved for the treatment of any disease. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

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