Cortex to Issue Stock

Cortex Pharmaceuticals Inc. plans to make a private placement of from $7 million to $10 million of common stock.

The company, which develops drugs for neurological and psychiatric disorders, plans to use the proceeds for research and development, including the further clinical development of its Ampakine compounds for the potential treatment of Alzheimer’s disease and schizophrenia.

The company said the placement with individual and institutional investors is subject to market and other conditions.