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Cortex Receives Granted US Patent for Its Lead AMPAKINE® Molecule CX1739

Tuesday, April 26, 2011

Irvine, CA -- Cortex Pharmaceuticals, Inc. (OTCBB: CORX) announced that the U.S. Patent and Trademark Office has issued a Notice of Allowance for a patent that protects its lead AMPAKINE® molecule, CX1739. The patent, entitled “Di-Substituted Amides for Enhancing Glutamatergic Synaptic Responses,” specifically covers CX1739, Cortex’s third generation Low Impact AMPAKINE compound that is currently in Phase II clinical development. Along with CX1739, the allowed patent covers approximately 80 additional structures that will have patent protection into 2028.

“We are most appreciative to our Senior Director of Medicinal Chemistry, Leslie Street, Ph.D., and our Director of Chemistry, Rudolf Mueller, Ph.D., who are co-inventors on the allowed patent,” said Dr. Mark A. Varney, Cortex President and CEO.

“This patent will make Cortex’s low impact AMPAKINE platform more attractive for partnering due to the superiority of these latest AMPAKINE compounds in potency, safety and patent life over earlier low impact AMPAKINE compounds. With 17 years of patent life remaining on CX1739 and other compounds in this allowed patent, Cortex looks forward to developing, partnering and commercializing these new AMPAKINE compounds for the treatment of neurological and cardio-respiratory diseases, as well as psychiatric disorders, such as ADHD, depression and schizophrenia,” said Dr. Varney. “Cortex’s strategy has been to file patents aggressively on new inventions. This patent application has been filed broadly in major markets, and patent prosecution in these other countries continues,” stated Dr Varney.

AMPAKINE compounds have previously demonstrated proof-of-concept in clinical studies in ADHD, and in the prevention of opiate-induced respiratory depression. Earlier this year, Cortex reported results from a Phase IIa sleep lab study with CX1739 in subjects with moderate to severe sleep apnea. The results from this study suggested a potential opportunity for CX1739 in the treatment of central sleep apnea, which is often seen in heart failure patients and chronic opiate users.

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.

Forward-Looking Statement

Note — This press release contains forward-looking statements concerning the Company’s research and development activities. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. These statements are based on the Company’s current beliefs and expectations. The success of such activities depends on a number of factors, including the risks that the Company’s proposed products may at any time be found to be unsafe or ineffective for any or all of their proposed indications; that patents may not issue from the Company’s patent applications; that competitors may challenge or design around the Company’s patents or develop competing technologies; that the Company may have insufficient resources to undertake proposed clinical studies and that preclinical or clinical studies may at any point be suspended or take substantially longer than anticipated to complete. As discussed in the Company’s Securities and Exchange Commission filings, the Company’s proposed products will require additional research, lengthy and costly preclinical and clinical testing and regulatory approval. AMPAKINE compounds are investigational drugs and have not been approved for the treatment of any disease. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

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