Cortex signs $3 million rights agreement Print E-mail
By Staff and Wire Reports   
Monday, 13 June 2011 06:52
Cortex Pharmaceuticals, Inc. (OTCBB:CORX), the biopharmaceutical company focused on the discovery, development and commercialization of a previsouly "failed" novel small molecule drugs called Ampakine molecules targeted towards human central nervous system diseases, has entered into a new agreement to sell its remaining rights to their jointly discovered high impact AMPAKINE® compound, CX1632 (S47445).
Servier, France’s largest privately held pharmaceutical company, has provided an immediate, non-refundable payment of $1,000,000 to Cortex for the option to expand its rights. If Servier exercises the option to acquire sole ownership of the patent rights to CX1632 prior to October 31, 2011, it will pay Cortex an additional $2,000,000, as well as certain royalties and milestone payments to the University of California.

In 2009, the Company had announced that preclinical studies from the laboratory of Professor Gary Lynch at the University of California Irvine, one of the scientific founders of the company, demonstrated that AMPAKINE® molecules show promise in the treatment of memory loss

During the option period, Cortex and Servier remain joint owners of the patents and patent applications relating to CX1632.Cortex currently has rights to develop and market CX1632 in all of North America and selected South American countries as well as Australia and New Zealand.

“We are delighted that Servier has chosen to continue to invest in the AMPAKINE program,” said Mark Varney, Ph.D., Cortex’s President and CEO. “The high-impact AMPAKINE technology, which includes CX1632, may represent a disease-modifying approach to treating memory and cognitive impairments in patients with Alzheimer’s disease and other disorders, given the demonstrated ability of the compounds to stimulate protective growth factors within the brain. Cortex is continuing to investigate both its low-impact and high-impact AMPAKINE compounds for indications in the psychiatric and neurological space.”

“We are very pleased to enter into such a new agreement with Cortex. We are committed to find innovative treatments for patients suffering from Alzheimer’s disease, and AMPA modulation is a promising way to improve cognitive disorders in such patients,” said Emmanuel Canet, MD, Head of Servier R&D.

On or before October 31, 2011, Servier may exercise its option to acquire sole ownership of the global patent rights to CX1632, along with a sub-license of Cortex's rights to all indications licensed from the University of California for use with CX1632. Cortex will not be entitled to any royalties or further payments from Servier’s development and commercialization of CX1632. Cortex retains all rights for the remaining AMPAKINE technology on a worldwide basis.

Cortex has many unique products found in several indications including:.

Central Nervous System
CX1739 Sleep Disorders (Moderate to Severe Sleep Apnea) II --
Org24448 Depression II --
Org24448 Schizophrenia II --
Org26576 Attention Deficit Disorder with Hyperactivity II --
Org26576 Depression II --
CX1739 Central Nervous System Disorders I --
CX1796 Central Nervous System Disorders Pre Clinical --
CX1837 Neurological Disorders (Neurodegenerative Disorders) Pre Clinical --
CX1846 Parkinson's Disease Pre Clinical --
CX2007 Central Nervous System Disorders Pre Clinical --
CX2076 Attention Deficit Disorder with Hyperactivity Pre Clinical --
CX929 Huntington's Disease Pre Clinical --
CXxxxx Alzheimer's Disease Pre Clinical --
Genetic Diseases and Dysmorphic Syndromes
Ampakine compounds with mGluR5 antagonists CORTEX Fragile X Syndrome Pre Clinical University of California
Ampalex Fragile X Syndrome F --
Respiratory and Pulmonary System
CX717 Respiratory Diseases (General) (Opiate-induced Respiratory Depression) II Biovail Corporation
CX1942 Respiratory Diseases (General) (Respiratory Depression ) Pre Clinical Biovail Corporation
CX1739 Respiratory Diseases (General) (Respiratory Depression) NA Biovail Corporation

"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

Add this page to your favorite Social Bookmarking websites
Digg! Reddit!! Mixx! Google! Live! Facebook! Technorati! StumbleUpon! MySpace! Yahoo!

blog comments powered by Disqus