Biotech Company Gets Cash Infusion
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Cortex Pharmaceuticals Inc. recently got more of what the typical biotech company is looking for: money.
The Irvine developer of drugs to treat mental disorders raised $4 million in private equity capital from institutional investors. The infusion enabled the company to post a cash balance of about $7.5 million for its fiscal year ended June 30, said officials.
And the amount should be sufficient to carry the company at least until the end of calendar 1998, officials said.
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Barbara Marsh covers health care for The Times. She can be reached at (714) 966-7762 and at barbara.marsh@latimes.com
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