May 8 2008, 8:30 AM EST
News source: Business Wire
Cortex Pharmaceuticals, Inc. (AMEX: COR,
http://www.cortexpharm.com) reported a net loss of $4,371,000, or
$0.09 per share for the quarter ended March 31, 2008 compared with a
net loss of $3,884,000, or $0.10 per share for the corresponding prior
year period. Non-cash stock-based compensation charges for the
quarters ended March 31, 2008 and 2007 totaled approximately $408,000
and $653,000, respectively. On the balance sheet, cash and marketable
securities as of March 31, 2008 totaled approximately $14,000,000.
Operating results for the quarter ended March 31, 2008 reflect
increased clinical development expenses, including initial costs for
the company's two Phase IIa human clinical trials of AMPAKINE(R) CX717
as a potential acute treatment for respiratory depression.
One study is evaluating whether CX717 may prevent the respiratory
depression induced by alfentanil, while preserving that opiate's
desired pain relieving effects. A second trial is a dose response
study seeking to determine the optimal dose of CX717 in order to
prevent respiratory depression. Results from these studies are
anticipated in late second quarter and early third quarter of 2008.
While the medical need for opiate drugs such as fentanil and
alfentanil that provide maximum pain relief is clear, there is a
significant risk of inducing respiratory depression with these agents,
which can be life threatening. Cortex believes that CX717 may serve as
a valuable tool for anesthesiologists and surgeons to improve the
safety margin for giving powerful pain relievers to their patients
following surgical procedures.
Studies in animal models have shown that CX717 can be used both to
prevent and to rescue the animal from opiate-induced respiratory
depression. Those animal studies also have demonstrated that a dose
response effect on respiratory depression can be obtained after oral
administration of CX717. Additional data suggests that the drug can
prevent respiratory depression caused by other central nervous system
depressants, such as barbiturates, propofol and general anesthetic
agents.
Cortex continues to advance its follow-on AMPAKINE compound,
CX1739, through preclinical development. Required toxicology studies
for the compound are expected to be completed shortly and if the data
is satisfactory, Cortex plans to progress immediately into Phase I
clinical trials with this agent. CX1739 is one of the compounds
included in the company's new patent filings that, if and when issued,
will provide patent protection through 2028.
Cortex Pharmaceuticals, Inc.
Cortex, located in Irvine, California, is a neuroscience company
focused on novel drug therapies for neurological and psychiatric
disorders. The Company is pioneering a class of proprietary
pharmaceuticals called AMPAKINE(R) 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. Cortex has alliances with
Schering-Plough (formerly N.V. Organon) for the treatment of
schizophrenia and depression In December 2006, Cortex terminated the
research collaboration with Servier enabling Cortex to pursue the use
of AMPAKINE compounds in the treatment of neurodegenerative diseases
on a global basis. However, Servier retained the rights to three
compounds developed during the collaboration for further development
for the treatment of neurodegenerative diseases. Cortex may receive
additional milestones and royalties if either Schering-Plough or
Servier is successful in developing and commercia
ADVERTISEMENT
INTERVIEW:
NEW PROGNOSTIC GENETIC TEST FOR ADOLESCENT SCOLIOSIS - Interview with Dr. Baron Lonner, director of Scoliosis and Spine Associates
...MORE
NewsArticles BlogsADVERTISEMENT
Subscribe to RSS
Email
Print
Share
More News
Listen
Save
Comment
View All