On Friday, in a press release, Cortex Pharmaceuticals (OTC:CORX) reported a net loss applicable to common stock of ($984,000), or ($0.01) per share for the quarter ended December 31, 2010 compared with a net loss of $(1,599,000), or ($0.02) per share for the corresponding prior year period. As I write, shares of Cortex were down 6 percent at $0.15 per share on volume of just over 116,000 shares. The company has a market cap of $12 million and a 52-week range between $0.13 and $0.25 per share.For the fiscal year ended December 31, 2010, Cortex reported net income applicable to common stock of $1,629,000, or $0.02 per share compared to a net loss of $(10,788,000), or ($0.19) per share for the corresponding prior year period.
Operating results for the quarter ended December 31, 2010 reflect an increase in grant revenues compared to the corresponding prior year period, along with a decrease in clinical development expenses and personnel-related expenses for the Company’s research staff.
For the year ended December 31, 2010, operating results reflect revenues from the Company’s earlier transaction with Biovail Laboratories International SRL (“Biovail”). As announced, in March 2010 Cortex sold its rights to CX717 and certain other AMPAKINE® compounds to Biovail as a potential treatment for respiratory depression and vaso-occlusive crises associated with sickle cell disease, an orphan drug indication. As a result of the transaction, Cortex received $10,000,000 from Biovail during 2010.
Results for the year ended December 31, 2010 also reflect increased grant revenues, including an award from The Michael J. Fox Foundation for Parkinson’s Research. The grant will support testing of Cortex’s AMPAKINE compounds for their ability to restore brain function in animal models of Parkinson’s disease.
For additional information, please visit the Company’s website at http://www.cortexpharm.com.
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