Cortex Receives NYSE Amex Staff Determination
21 Agosto 2009 - 7:30AM
Business Wire
Cortex Pharmaceuticals, Inc. (NYSE Amex (COR)) reported that it
has received a delisting notification from the NYSE Amex LLC
indicating that it has not accepted the Company’s plan to regain
compliance with the Exchange’s continued listing standards, as
submitted by the Company in June. Specifically, the notice
indicated that the Company is not in compliance with Sections
1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE Amex Company
Guide regarding stockholders’ equity and losses from continuing
operations and/or net losses; and Section 1003(a)(iv) of the
Company Guide in that its financial condition has become so
impaired that it appears questionable, in the opinion of the
Exchange, as to whether the company will be able to continue
operations and/or meet its obligations as they mature.
The Company plans to appeal this determination and request a
hearing before a listing qualifications panel. Such a hearing is
anticipated to be scheduled within 45 days of the hearing request.
During the appeals process, the Company expects that its common
stock will remain listed on the Exchange.
There can be no assurance that the listing qualifications panel
will grant the Company’s request for continued listing of its
common stock. In the event that the Company’s common stock is
delisted from the Exchange, the Company believes that its common
stock will be eligible to trade or be quoted on alternative
markets, such as the Over the Counter Bulletin Board or the Pink
OTC Markets, Inc. (commonly referred to as the “pink sheets”).
Currently patient enrollment is underway in Cortex’s clinical
trial of CX1739 in patients with moderate to severe sleep apnea.
This pilot study in patients was undertaken based on research by
Dr. John Greer at the University of Alberta. Chronic sleep apnea
can lead to serious long-term consequences such as cardiovascular
disease, stroke and diabetes. Also, recent studies with Cortex’s
High Impact AMPAKINE molecules in animal studies demonstrated that
CX1837 produced marked increases in the rate and extent of recovery
of motor function following brain damage induced by a stroke in
mice. In another study, CX929 exhibited a mood stabilizing effect
in mice, suggesting the potential for treating bipolar disorder.
The Company currently has two compounds in clinical development:
CX1739, which is targeted for sleep apnea and ADHD, and intravenous
CX717 for treatment of drug-induced respiratory depression.
Cortex is also actively engaged in on-going discussions related
to strategic alternatives, including licensing, partnering and
M&A opportunities. At some time in the future, Cortex may also
seek to raise additional capital through the sale of debt or
equity. There can be no assurance that any of these aforementioned
discussions will result in a transaction.
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 Cortex’s continued listing of its common stock on the
NYSE Amex Equities Market and its strategic 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
Cortex’s current beliefs and expectations. The success of such
activities depends on a number of factors, including the risks that
Cortex may not generate sufficient cash from operations and from
external financing to continue as a going concern; that Cortex may
not be successful in securing any licensing, partnering or M&A
arrangements; that Cortex’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 its patent
applications; that competitors may challenge or design around
Cortex’s patents or develop competing technologies; that Cortex may
have insufficient resources to undertake proposed clinical studies;
that preclinical or clinical studies may at any point be suspended
or take substantially longer than anticipated to complete; and that
Cortex may not be able to meet the continued listing requirements
of the NYSE Amex. As discussed in Cortex’s Securities and Exchange
Commission filings, its 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. Cortex 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.
Cortex Pharm (AMEX:COR)
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