Cortex Pharmaceuticals, Inc. Enters Into New License Agreement With the University of Illinois Granting Cortex Patent Rights ...
July 01 2014 - 5:30AM
Cortex Pharmaceuticals, Inc. (OTC:CORX) ("Cortex" or the
"Company"), a biopharmaceutical company currently engaged in the
development of drugs for respiratory disorders, announced today
that it has entered into a new license agreement with the
University of Illinois that provides Cortex with exclusive rights
to patents claiming the use of cannabinoids for the treatment of
sleep related breathing disorders. Cortex is developing dronabinol
(D9-tetrahydrocannabinol), a cannabinoid, for the treatment of
obstructive sleep apnea (OSA), the most common form of sleep apnea.
Cortex previously conducted a 21 day, randomized, double-blind,
placebo-controlled, dose escalation Phase 2 clinical study in 22
patients with OSA, in which dronabinol produced a statistically
significant reduction in the Apnea-Hypopnea Index (AHI), the
primary therapeutic end-point, and was observed to be safe and well
tolerated. Dronabinol is currently under investigation, at the
University of Illinois and other centers, in a pivotal Phase 2 OSA
clinical trial, fully funded by the National Institutes of
Health.
Dronabinol is a Schedule III, controlled generic drug with a
relatively low abuse potential that is approved by the FDA for the
treatment of AIDS related anorexia and chemotherapy induced emesis.
The use of dronabinol for the treatment of OSA is a novel
indication for an already approved drug and, as such, would only
require approval by the FDA of a supplemental new drug application
(sNDA).
"I am delighted that we have been able to re-establish our
relationship with the University of Illinois, a leading center for
sleep-related breathing disorders," said Dr. Arnold Lippa, the
Chairman and Chief Executive Officer of Cortex. "This new license
agreement allows us to continue our development of dronabinol with
confidence that our work will be protected by the patents that are
the subject of this agreement. Furthermore, by substantially
strengthening our cannabinoid platform, this agreement also
provides impetus for the regeneration of Cortex and the continuing
development of Cortex's revised business plan under its new
management team."
About Cortex Pharmaceuticals, Inc.
Cortex Pharmaceuticals, Inc. (OTC:CORX) is a development stage,
biopharmaceutical company currently engaged in the discovery and
development of drugs for the treatment of respiratory disorders.
Drug candidates are currently derived from two platforms, as
described below.
The first platform is a class of compounds known as ampakines
that act as positive allosteric modulators of AMPA glutamate
receptors. Several ampakines in both oral and injectable form are
being developed by Cortex for the treatment of drug induced
respiratory depression caused by opiates and anesthetics. In
preclinical and clinical studies, such drugs have shown preliminary
efficacy in central sleep apnea and restored normal respiration
without altering the analgesic effects of opiates or the anesthetic
effects of drugs such as propofol. The Company's compounds belong
to a new generation of ampakines that do not display the
undesirable side effects displayed by previous compounds.
The second platform is the class of compounds known as
cannabinoids, in particular, dronabinol, as described above in more
detail.
Additional information on Cortex and the matters discussed
herein can be obtained on the Company's web-site at
www.cortexpharm.com or in the Company's filings on EDGAR at
www.sec.gov.
Special Note Regarding Forward-Looking
Statements: Certain statements
included or incorporated by reference in this news release,
including information as to the future financial or operating
performance of the Company and its drug development programs,
constitute forward-looking statements. The words "believe,"
"expect," "anticipate," "contemplate," "target," "plan," "intend,"
"continue," "budget," "estimate," "may," "schedule" and similar
expressions identify forward-looking
statements. Forward-looking statements include, among other
things, statements regarding future plans, targets, estimates and
assumptions. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by the Company, are inherently subject to significant
business, economic and competitive uncertainties and
contingencies. Many factors could cause the Company's actual
results to differ materially from those expressed or implied in any
forward-looking statements made by, or on behalf of, the
Company. Due to these various risks and uncertainties, actual
events may differ materially from current
expectations. Investors are cautioned that forward-looking
statements are not guarantees of future performance and,
accordingly, investors are cautioned not to put undue reliance on
forward-looking statements due to the inherent uncertainty
therein. Forward-looking statements are made as of the date of
this press release and the Company disclaims any intent or
obligation to update publicly such forward-looking statements,
whether as a result of new information, future events or results or
otherwise.
CONTACT: Company Contact:
Jeff Margolis
Vice-President and Secretary
Telephone: (917) 834-7206
E-mail: jmargolis@cortexpharm.com
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