Licensing Pact With UC Sends Cortex Stock Up 23%

Cortex Pharmaceuticals Inc.’s stock surged 23% Monday after the Irvine company said it has signed an exclusive licensing agreement with the University of California for commercial rights to potential schizophrenia treatments.

Cortex said the new agreement enables it to develop products for treating schizophrenia that incorporate AMPA receptor modulating technology.

AMPA receptors are believed to be critical for the formation of certain types of memory and also play an important role in communication with and between different brain regions.

Cortex’s Ampakines are a class of chemical compounds designed to enhance the functioning of AMPA receptors in the brain.

The stock rose 47 cents to close at $2.50 a share.