First Joint Cortex-Servier High-Impact Ampakine Compound Moves Into Phase I Clinical Studies

Online, November 10, 2010 (Newswire.com) - Cortex Pharmaceuticals, Inc. (OTCBB (CORX)) announced that it had been notified by Les Laboratoires Servier ("Servier"), France's largest privately held pharmaceutical company, of their intent to move forward into Phase I clinical studies with the jointly-discovered High Impact AMPAKINE® compound S47445 (CX1632).

"We are very pleased with the progress Servier has made with moving S47445 through pre-clinical efficacy, safety and toxicology studies, and into man in the near future" said Mark Varney, Ph.D., Cortex's President and Chief Executive Officer. "The High Impact AMPAKINE technology represents a potential disease-modifying approach to treat Alzheimer's disease and other memory and cognitive impairments associated with a range of neurodegenerative diseases because of the ability of the compounds to stimulate growth factors within the brain."

In October 2000, Cortex entered into a Research Collaboration Agreement and a license Agreement with Servier, which was completed at the end of 2006 and permitted Servier another year to select three compounds for development. Servier selected S47445 for further development, and discontinued development of the other two compounds. Under the License Agreement, Servier can develop and distribute S47445 in Europe, Asia, the Middle East and certain South American countries as a treatment for neurodegenerative diseases and anxiety disorders. Cortex retains the rights to develop and distribute S47445 in North America, most of South America, Australia and New Zealand.

"Cortex applauds Servier for their persistence in bringing this compound forward," said Dr. Varney. "This announcement is great news for both our companies and for the many patients who suffer from Alzheimer's disease and other neurodegenerative diseases."

Dr Emmanuel Canet, head of Servier R&D commented, "Discovery of new therapeutic approaches for neurodegenerative disorders such as Alzheimer disease remains a major challenge and it is by joining forces through collaborations such as the one developed with Cortex, that we will be able to move forward to the clinic with innovative drugs for these diseases. S 47445 fulfills all the criteria needed to enter clinical research and development as this High Impact AMPAKINE has demonstrated a compelling profile of activity in pre-clinical models. We now are looking forward to evaluating its clinical benefit in Alzheimer disease patients".

About Servier
Servier is the leading independent French pharmaceutical company, established in 1954 by its
founder, Jacques Servier, M.D., Pharm.D. The group is established in 140 countries and 85%
of Servier products are prescribed outside of France. Sales turnover in 2009 reached 3.6
billion euros. More than 25% of Servier's turnover is invested in Research and Development.
The Servier Group counts 19 Internationals Centers of Therapeutic Research, and its
principal therapeutic research orientations are cardiovascular diseases, diabetes,
neuropsychiatric disorders, cancer, and osteoarticular diseases. More information is available
at: http://www.servier.com/

Cortex Pharmaceuticals, Inc.
Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for treating psychiatric disorders, neurological diseases and sleep apnea. 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.