IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (NYSE Amex:COR) announced that it has completed the previously announced sale of shares of a newly-designated series of convertible preferred stock pursuant to a registered direct offering to a single institutional investor, representing gross proceeds of approximately $1.5 million. Subject to certain ownership limitations, the preferred stock is convertible into shares of Cortex at the option of the investor at a price of $0.17 per share.
