First Major Step Forward At Cortex

Cortex Pharmaceuticals realized its first major milestone in 1997 whenit initiated its Phase I/II clinical trial of Ampalex (CX516) in patients with Alzheimer's disease on February 14 (see page 21).

The firm's financial results for the second quarter and six-month periods ended December 31, 1996, reflect higher levels of spending for R&D. For the fiscal second quarter, a net loss of $1.3 million, or 17 cents per share was recorded, compared with a net loss of just over $1 million, or 17 cents a year earlier. There were no revenues. In the six-month reporting period, the net loss was $2.5 million, or 33 cents per share. This compared with a net loss of just over $2 million, or 33 cents in the year-earlier six-month reporting period.