Cortex to Move to American Exchange

More than two years after its stock was removed from the Nasdaq SmallCap market, Cortex Pharmaceuticals Inc.’s shares have been approved for listing on the American Stock Exchange, the Irvine company said Monday.

Cortex’s shares, which have been trading on the low-profile over-the-counter market, moved up 61 cents, or 32%, to $2.50. The stock has gained more than 63% this year.

The company said it expects the stock to begin trading on the Amex sometime next week under the ticker symbol COR.

Cortex, which focuses on treatments for neurological and psychiatric disorders, has been cleared for listing on the Amex even though it fails to meet some listing standards, including a price of $3 a share, chief executive Vincent F. Simmon noted. Amex officials declined to comment, but Simmon said market officials may have made an exception partly because the company signed three business agreements in October that will generate at least $11 million.

Nasdaq delisted Cortex shares in March 1999 and denied the company’s request for reinstatement a year later.