|Cortex Regains Rights to Depression and Schizophrenia Compunds|
|By Staff and Wire Reports|
|Friday, 01 October 2010 08:26|
The Company, whose stock has a 52-week high of $.25 says Merck has decided not to proceed further with its AMPAKINE development program, and has returned its exclusive rights to develop AMPAKINE compounds for the treatment of depression and schizophrenia to Cortex.
Cortex had entered into a research collaboration and exclusive worldwide license agreement with Organon in early 1999. In that agreement, the Company had granted Organon exclusive, worldwide rights to develop and commercialize AMPAKINE compounds, but Organon is now a subsidiary of Merck and they have decided as part of a reorganization to let the compounds go.
“The return of these rights to Cortex now allows us to develop our lead AMPAKINE compounds for these serious psychiatric disorders,” said Mark Varney, Ph.D., President and Chief Executive Officer of Cortex. “Data from animal models suggests AMPAKINE compounds could treat the cognitive deficits that occur in as much as 75% of individuals with schizophrenia. In addition, recent animal work suggests AMPAKINE compounds like CX1739 could be effective therapies for depression, and could potentially provide a much more rapid onset of antidepressant activity and represent a completely new mechanism of treating this disorder.”
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.