OTC Bulletin Board

S & P Company Insight for CORTEX PHARM INC D9
 
 Profile

 
Business Summary: Cortex Pharmaceuticals, Inc. engages in the discovery, development, and commercialization of pharmaceuticals for the treatment of neurological and psychiatric disorders.
 
Address
  15241 Barranca Parkway
  Irvine , CA 92618
  Phone: 949-727-3157
  Fax: 949-727-3657
  Website: http://www.cortexpharm.com
Transfer Agent
  American Stock Transfer & Trust Co.
Employees:  27
ShareHolders:  9500
Founded:  1987
Domicile:  Delaware
 
  
 
 Background

 
Cortex Pharmaceuticals, Inc. engages in the discovery, development, and commercialization of pharmaceuticals for the treatment of neurological and psychiatric disorders. The company develops AMPAKINE compounds for the treatment of Alzheimer's disease, mild cognitive impairment, attention deficit hyperactivity disorder, schizophrenia, depression, respiratory depression caused by opiate analgesics, and possibly sleep apnea. Its low impact AMPAKINE compounds include CX717 and CX1739, which are in phase II clinical development stage; and high impact compounds include CX929 for Huntington's disease patients. The company has a research collaboration and exclusive worldwide license agreement with NV Organon to develop and commercialize its AMPAKINE technology for the treatment of schizophrenia and depression. Cortex Pharmaceuticals, Inc. was founded in 1987 and is based in Irvine, California.
History:  INCORPORATED in Delaware Feb. 10, 1987 as X-Age, Inc. Name changed to Cortex Pharmaceuticals, Inc. in August 1988.
 
Subsidiaries:
Cortex UK Limited
Orchid Acquisition Corp.
Rose Acquisition Corp.
 
 
Capital Expenditures, thousand. US Dollars
  Year  Amount
  2008  124
  2007  550
  2006  100
 
Research and Development Expenditures, thousand. US Dollars
  Year  Amount
  2008  10,780
  2007  9,327
  2006  13,262
 
  
 
 Management

 

Management
OfficersPosition
 Roger G. StollChairman
 Mark  VarneyPresident & Chief Executive Officer
 Maria S. MessingerSecretary, Controller, Chief Accounting Officer & Chief Financial Officer
 Damian R. McIntoshInvestor Relations Contact

Directors
 Robert F. Allnutt
 John F. Benedik
 Charles J. Casamento
 Carl W. Cotman
 Peter F. Drake
 M. Ross Johnson
 Roger G. Stoll
 Mark  Varney
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  200820072006
REVENUES
Grant Revenues--26,851
Research, License and Grant Revenues--1,150,608
Total Revenues--1,177,459
EXPENSES
General and Administrative Expenses(4,258,603)(4,319,918)(4,616,312)
Research and Development(10,780,324)(9,327,298)(13,261,768)
Net Interest Income/expense443,061678,053645,820
Earnings before Taxes(14,595,866)(12,969,163)(16,054,801)
TAXES AND OTHER EXPENSES
Net Income (Loss)(14,595,866)(12,969,163)(16,054,801)
SUPPLEMENTARY INFO
Operating Income (Loss)(15,038,927.00)(13,647,216.00)(16,700,621.00)
Basic Eps-continuing Operations(0.31)(0.31)(0.47)
 
Balance Sheet
  20082007
CURRENT ASSETS
Cash and Cash Equivalents1,430,8864,020,881
Marketable Securities2,710,43413,263,560
Other Current Assets154,884246,960
Total Current Assets4,296,20417,531,400
NON CURRENT ASSETS
Furniture, Equipment and Leasehold Improvements, Net809,458850,647
Other Assets46,66746,667
Total Assets5,152,32918,428,716
CURRENT LIABILITIES
Accounts Payable1,123,015970,702
Accrued Wages, Salaries and Related Expenses293,746398,344
Deferred Rent27,12352,226
Advance for Mci Project311,723305,422
Total Current Liabilities1,755,6071,726,694
NON CURRENT LIABILITIES
Preferred Stock Convertible21,70321,703
Other Non-current Liability-25,119
SHAREHOLDERS' EQUITY
Common Stock-par Value47,61547,542
Additional Paid in Capital112,686,080111,339,504
Accumulated Deficit(109,354,792)(94,758,928)
Unrealized Gain/loss on Available for Sale U.S. Government Securities(3,884)27,073
Total Shareholders Equity3,396,72216,676,902
Total Liabilities & Shareholders Equity5,152,32918,428,716
 
  
 
 Interim Report

 
Interim Report   
 
Data Not Available
 
 
 
 
  
 
 Pro Forma Report

 
Pro Forma Report   
 
Data Not Available
 
 
 
 
  
 
 Quarterly Report

 
Quarterly Report Information   
 
Quarterly Revenue, US$
YearQuarterRevenue
  2007   1Nil
  2007   2Nil
  2007   3Nil
  2006   1230,000
  2006   2230,000
  2006   3400,000
  2006   4310,000
  2006   Full Year 1,180,000
  2005   1670,000
  2005   2650,000
  2005   3630,000
  2005   4610,000
  2005   Full Year 2,580,000
  2004   11,340,000
  2004   23,260,000
  2004   31,170,000
  2004   41,210,000
  2004   Full Year 4,280,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  2009   1(3,170,000)
  2009   2(1,950,000)
  2009   3(1,730,000)
  2008   1(4,370,000)
  2008   2(3,950,000)
  2008   3(3,150,000)
  2008   4(3,130,000)
  2008   Full Year (14,600,000)
  2007   1(3,880,000)
  2007   2(2,850,000)
  2007   3(2,960,000)
  2007   4(3,270,000)
  2007   Full Year (12,970,000)
  2006   1(4,560,000)
  2006   2(4,400,000)
  2006   3(3,630,000)
  2006   4(3,460,000)
  2006   Full Year (16,054,800)
  2005   1(2,650,000)
  2005   2(2,690,000)
  2005   3(2,530,000)
  2005   4(3,740,000)
  2005   Full Year (11,605,700)
  2004   1(4,320,000)
  2004   2510,000
  2004   3(870,000)
  2004   4(1,310,000)
  2004   Full Year (4,046,200)
 
 
Quarterly EPS, US$
YearQuarterRevenue
  2009   1(.07)
  2009   2(.06)
  2009   3(.06)
  2008   1(.09)
  2008   2(.08)
  2008   3(.07)
  2008   4(.07)
  2008   Full Year (.31)
  2007   1(.10)
  2007   2(.07)
  2007   3(.07)
  2007   4(.07)
  2007   Full Year (.31)
  2006   1(.14)
  2006   2(.13)
  2006   3(.10)
  2006   4(.10)
  2006   Full Year (.47)
  2005   1(.08)
  2005   2(.08)
  2005   3(.08)
  2005   4(.11)
  2005   Full Year (.36)
  2004   1(.24)
  2004   2.02
  2004   3(.03)
  2004   4(.05)
  2004   Full Year (.26)
 
  
 
 Stock Data

 
 
Capitalization as of 03/31/2009:
 
 Authorized SharesOutstanding Shares
Common $0.001 par105,000,00047,615,209
Preferred $0.001 par5,000,00037,500so2
 
LONG TERM DEBT: None.
 
Common $0.001 par
 
Stockholders:  04/10/2009, 9500.
Transfer Agent:  American Stock Transfer & Trust Co.   New York , NY
 
OTC Bulletin Board( Primary): CORX
 
ExchangeYearHighLow
OTC Bulletin Board20090.63000.0700
NYSE Amex20081.24000.4100
American Stock Exchange20073.47000.4400
American Stock Exchange20065.94001.1890
American Stock Exchange20053.03001.9600
American Stock Exchange20044.17001.4000
American Stock Exchange20034.99000.6000
American Stock Exchange20023.44000.5100
American Stock Exchange20013.30001.4300
OTC Bulletin Board20008.12500.6900
 
RECENT DIVIDENDS: Common $0.001 par: None.
 
 
  so2Closely held. Consists of Series B Convertible shares, each share of which is convertible into approximately 0.09812 Common share. Liquidation preference and company redemption value, $0.6667 per share.