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Company Press Release

SOURCE: Cortex Pharmaceuticals, Inc.

Cortex Reports its Ampakines Increase Levels of Two Critical Proteins
Required For Healthy Brain Cells

Discovery May Have Significant Implications for Treating Several
Brain-Related Disorders

IRVINE, Calif., Nov. 9, 1998 /PRNewswire/ -- Cortex Pharmaceuticals,
Inc. (Nasdaq: CORX - news) today announced that
researchers from the University of California, Irvine (UCI) presented
data that Ampakine(R) treatment increased levels of two
important proteins required for healthy nerve cells, Brain Derived
Neurotrophic Factor (BDNF) and Nerve Growth Factor
(NGF). The presentation was made at the 28th Annual Meeting of the
Society for Neuroscience being held in Los Angeles,
California.

Christine Gall, Ph.D., and Professor of Anatomy and Neurobiology led the
UCI team that used experiments with brain slices in
culture and in live animals. For a number of years, it has been known
that BDNF and NGF can stimulate the growth of nerve
cells in culture. Several companies have attempted to use BDNF and NGF
produced by recombinant DNA technology to treat
neurological diseases, including amyotrophic lateral sclerosis (ALS or
Lou Gehrig's disease). However, direct administration of
these proteins to patients has not been particularly successful. The UCI
investigators found statistically significant increases in
both gene expression (the production of messenger RNA) and protein
synthesis of BDNF and NGF as a result of treatment
with Ampakines.

``Demonstrating that it is possible to increase the activity of these
genes by administering an Ampakine represents a major
accomplishment,'' stated Vincent F. Simmon, Ph.D., President and CEO of
Cortex, and a sponsor of the UCI study. ``As
animals and humans age, the production of these important compounds is
known to decrease. Furthermore, low levels of
BDNF and NGF are known to be associated with increased susceptibility to
toxic events and nerve cell death. One important
aspect of the study was the demonstration that the production of these
proteins could be increased in middle-aged animals.''

``One of the current clinical trials being conducted by Cortex is in
patients with mild to moderate Alzheimer's disease. If
Ampakines can elevate the levels of BDNF and NGF in critical areas of
the brain in this patient population, it may have the
effect of slowing down disease progression,'' said Gary Lynch, Ph.D.,
and Professor of Psychobiology at UCI and a co-author
of the UCI study.

Professor Lynch also noted that these proteins might play an important
role in the treatment of diseases such as Huntington's
disease, Parkinson's disease, and in recovery from stroke or brain
trauma.

Ampakines are organic chemical molecules that can be taken by mouth and
which rapidly enter the brain. In laboratory memory
studies, Ampakines have been shown to increase the ability of animals to
learn a variety of tasks that are commonly used to
measure memory enhancement. Importantly, in the studies reported by Dr.
Gall, production of BDNF and NGF were found to
be elevated in specific areas of the brain known to be involved in
learning and memory.

Separately, on November 10th, Steven Johnson, Ph.D. will report that
both CX516 and CX691, a more potent
second-generation Ampakine, are capable of turning up BDNF and NGF gene
expression in the brains of live laboratory
animals. Cortex investigators led by Dr. Johnson administered these
Ampakines to laboratory rats for two weeks, then
determined the levels of BDNF and NGF in the animals' brains. The
results demonstrated that daily Ampakine administration
resulted in sustained elevation of BDNF and NGF gene expression. A
preliminary Phase I clinical study was recently completed
with CX691.

Cortex, located in Irvine, California, is a neuroscience company focused
on novel drug therapies for neurological and psychiatric
disorders. The Company is pioneering a class of proprietary
pharmaceuticals called Ampakines, which act to increase the
strength of signals at connections between brain cells. Aberrant neural
connections or loss of these connections is believed to be
responsible for the memory difficulties associated with Alzheimer's
disease and to contribute to the memory and cognitive
dysfunction seen in schizophrenia.

Health industry estimates indicate that more than four million Americans
are victims of Alzheimer's disease, with that number
expected to double over the next 20 years as the U.S. population ages.

SOURCE: Cortex Pharmaceuticals, Inc.
--
Judith Richards, London, Ontario, Canada
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