Cortex Sells 13.75 Million Shares in Offering

Cortex Pharmaceuticals Inc. said Thursday that it has sold 13.75 million shares of newly issued common stock at $1 a share to institutional and individual investors.

Proceeds from the offering will be used to fund research and development, as well as for general corporate purposes. The transaction was arranged by Vector Securities International Inc.

Founded in 1987, the Irvine company develops drugs for treating age-related neurological diseases.