Troubled Cortex Trying to Raise Funds

Cortex Pharmaceuticals Inc., in danger of being delisted on the Nasdaq SmallCap Market, said Friday that it hopes to raise additional capital from prospective corporate partners. The Irvine-based developer of drug therapies for neurological and psychiatric disorders said in a statement that it is in talks with some investors but did not identify them. If the Nasdaq doesn’t approve of Cortex’s plan, the exchange will issue a formal notice of delisting. Cortex could then ask for a hearing on the matter. the company doesn’t meet the exchange’s requirement that it maintain assets of at least $2 million and a market capitalization of $35 million. The exchange also requires it to post earnings of at least $500,000 in the prior fiscal year or two of the three prior fiscal years. Cortex shares closed unchanged Friday at 66 cents.