Cortex Pharmaceuticals Posts Losses

Drug developer Cortex Pharmaceuticals Inc. said Tuesday that it lost $4.9 million, or 83 cents a share, for the fiscal year ended June 30, compared to a net loss of $4.2 million, or 64 cents a share, for the prior fiscal year. For the fourth quarter, the company reported a net loss of $1.3 million, or 25 cents a share, compared to a net loss of $988,706, or 14 cents a share, for the like 1996 quarter.

Cortex said the higher losses resulted from planned increases in clinical development spending. No revenue was reported.