Cortex Pharmaceuticals, Inc. Enters into New Agreement with Servier; Cortex Could Possibly Receive $3 Million

IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (OTCBB: CORX) entered into a new agreement with Servier to sell its remaining rights to the jointly discovered high impact AMPAKINE® compound, CX1632 (S47445). Servier, France’s largest privately held pharmaceutical company, has provided an immediate, non-refundable payment of $1,000,000 to Cortex for the option to expand its rights. If Servier exercises the option to acquire sole ownership of the patent rights to CX1632 prior to October 31, 2011, it will pay Cortex an additional $2,000,000, as well as certain royalties and milestone payments to the University of California.