IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (NYSE Amex: COR) reported that it has entered into a definitive agreement with a single institutional investor related to a private placement of its newly designated Series F convertible preferred shares. The financing will provide proceeds of approximately $2.0 million to Cortex. A total of 4,029 shares of its preferred stock and warrants to purchase 6,060,470 shares of Cortex common stock will be issued for gross proceeds of $4.029 million, of which $2.029 million will be placed in escrow for certain payments upon conversion of the preferred stock described below. The preferred stock has a stated value of $1,000 per share and is convertible into Cortex common stock at the option of the investor at $0.3324 per share. The warrants have a three year term and an exercise price of $0.2699 per share. An aggregate of 12,120,939 shares of Cortex common stock is issuable upon conversion of the preferred stock.
