IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (OTCBB (CORX)) announced that it has completed a private placement of $1.5 million in principal amount of a convertible promissory note with a single institutional investor, Samyang Optics Co., Ltd. (“Samyang”) of Korea. The note accrues interest at the rate of 6% per annum and may be converted into Cortex’s common stock at Samyang’s option at any time after April 15, 2010 and if not converted may be subject to repayment at its maturity date on January 15, 2011. This investment is part of a fund created by Samyang which is targeted at strategic investments in several US biotech companies over the next twelve months.
