IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (AMEX: COR) announced that it has obtained commitments from several institutional investors to purchase shares of its common stock and warrants to purchase common stock in a registered direct offering for an aggregate purchase price of approximately $5.6 million. Under the terms of the transaction, Cortex expects to sell an aggregate of approximately 5.0 million shares of its common stock and warrants to purchase approximately 3.3 million shares of common stock. The warrants will have an exercise price of $1.66 per share and, subject to the terms therein, will be exercisable at any time after the six-month anniversary of the closing of the transaction and on or before the fifth anniversary of the closing of the transaction. The closing of the offering is expected to take place on January 22, 2007, subject to the satisfaction of customary closing conditions including final approval for listing of the shares of common stock (including shares of common stock underlying the warrants) by The American Stock Exchange.
