Boost in Newsletter Nudges Cortex Higher
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It’s nice to be noticed.
Just ask Cortex Pharmaceuticals Inc.
On Jan. 15, the Irvine developer of a drug to treat Alzheimer’s disease received favorable mention in the Lexington, Mass.-based publication, NeuroInvestment Newsletter.
The newsletter noted that although loss-ridden Cortex stumbled last fall when its chief executive officer left, the company’s technology remains impressive. It also noted that Cortex has raised enough cash from a recent private sale of preferred stock to strike a good deal with a well-heeled corporate collaborator this year.
The newsletter also predicted the company’s stock, which was then trading around $4 a share on the Nasdaq market, would hit $8 within a year.
But it took only a month. On Feb. 15, the stock closed at a high of $8.25, before gradually retreating to close at $6.50 Wednesday.
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Barbara Marsh covers the health-care industry for The Times. She can be reached at (714) 966-7762 and at barbara.marsh@latimes.com.
James Marchant, assistant systems editor, contributed to this report.
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