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Cortex Pharmaceuticals Inc (RSPI) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Respirerx Pharmaceuticals Inc.

CIK: 849636 Ticker: RSPI

Exhibit 99.1

LOGO

PRESS RELEASE

 

Company Contact:   Investor Contact:
Mark A. Varney, Ph.D.   Erika Moran/ Dian Griesel, Ph.D.
President and CEO   Media Contact:
Cortex Pharmaceuticals, Inc.   Janet Vasquez
949.727.3157   The Investor Relations Group
  212.825.3210

CORTEX REPORTS FOURTH QUARTER AND

YEAR END OPERATING RESULTS

IRVINE, CA (March 18, 2011) — Cortex Pharmaceuticals, Inc. (OTCBB (CORX)) reported a net loss applicable to common stock of $984,000, or $0.01 per share for the quarter ended December 31, 2010 compared with a net loss of $1,599,000, or $0.02 per share for the corresponding prior year period.

For the fiscal year ended December 31, 2010, Cortex reported net income applicable to common stock of $1,629,000, or $0.02 per share compared to a net loss of $10,788,000, or $0.19 per share for the corresponding prior year period.

Operating results for the quarter ended December 31, 2010 reflect an increase in grant revenues compared to the corresponding prior year period, along with a decrease in clinical development expenses and personnel-related expenses for the Company’s research staff.

For the year ended December 31, 2010, operating results reflect revenues from the Company’s earlier transaction with Biovail Laboratories International SRL (“Biovail”). As announced, in March 2010 Cortex sold its rights to CX717 and certain other AMPAKINE® compounds to Biovail as a potential treatment for respiratory depression and vaso-occlusive crises associated with sickle cell disease, an orphan drug indication. As a result of the transaction, Cortex received $10,000,000 from Biovail during 2010.

Results for the year ended December 31, 2010 also reflect increased grant revenues, including an award from The Michael J. Fox Foundation for Parkinson’s Research. The grant will support testing of Cortex’s AMPAKINE compounds for their ability to restore brain function in animal models of Parkinson’s disease.

During late 2010 Cortex received an additional grant under a program created by Congress in the Patient Protection and Affordable Care Act of 2010. The grant reimbursed certain qualifying research expenses incurred by Cortex for its AMPAKINE CX1739.


The following information was filed by Respirerx Pharmaceuticals Inc. (RSPI) on Friday, March 18, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: RSPI
CIK: 849636
Form Type: 10-K Annual Report
Accession Number: 0001193125-11-071195
Submitted to the SEC: Fri Mar 18 2011 4:03:21 PM EST
Accepted by the SEC: Fri Mar 18 2011
Period: Friday, December 31, 2010
Industry: Pharmaceutical Preparations

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