IRVINE, Calif., April 3, 2006 — Cortex Pharmaceuticals, Inc.’s (AMEX: COR), announced that it received a call from the U.S. Food and Drug Administration (“FDA”) on the afternoon of Friday, March 31 indicating that the FDA is placing CX717 clinical trials on hold. Cortex should receive formal written notification from the FDA within the next 7-10 days. The action taken by the FDA is related to concerns over some preclinical animal data and not to results from any human clinical trials. Until Cortex receives the formal notification and has had a chance to review its contents, it is unable to describe the exact terms of the notice. Cortex plans to cooperate fully with the FDA and request meetings with the FDA to clarify what must be done to resume clinical testing.
After Cortex receives the written notification from the FDA, has had a chance to analyze its contents, and has had discussions with the appropriate personnel within the agency, it plans to provide an update for shareholders and investors on this issue.
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