Cortex Pharmaceuticals, Inc. (OTCBB: CORX) announced that it has entered into an agreement with Biovail Laboratories International SRL ("Biovail") in which Biovail acquired certain AMPAKINE compounds and the rights to the patent filing for respiratory depression and vaso-occlusive crises associated with sickle cell disease. The transaction with Biovail includes a purchase price of $10,000,000 and additional payments of up to $15,000,000 based upon defined clinical development milestones.

The agreement includes the transfer of rights to Biovail for certain AMPAKINE compounds, including the Phase II compound CX717, the preclinical compounds CX1763 and CX1942, and the injectable dosage form of CX1739 and the indication of respiratory depression. Specifically, the agreement allows Cortex to retain its rights to non-injectable dosage forms of CX1739 for all uses outside of respiratory depression. Biovail will allow Cortex to continue to pursue the treatment of sleep apnea for which a clinical trial is currently underway.

The transaction follows the earlier results from two of the Company's Phase IIa studies in which administration of CX717 prevented the onset of respiratory depression induced by an opioid, while preserving the opioid's pain-relieving effects. "We are pleased that Biovail has recognized the potential of our AMPAKINE technology," commented Mark A. Varney, Ph.D., President and CEO of Cortex. "We believe the technology may ultimately be useful in reversing or preventing respiratory depression in patients undergoing surgical procedures."

Cortex retains all rights to the non-acquired AMPAKINE compounds for treatment of neurodegenerative diseases and psychiatric diseases which historically have been part of its portfolio. "As a result of this transaction, we will be in the position to continue the oral Phase IIa sleep apnea trial with CX1739 and to initiate a Phase II clinical trial for the treatment of ADHD very soon," commented Mark A Varney. "Additionally, we are pushing ahead to develop the CX2007 and CX2076 series of compounds and move one of those analogs into the clinic as soon as possible."

SunTrust Robinson Humphrey served as financial advisor to Cortex.

Cortex will host a conference call on March 29, 2010 at 1:30 PM Pacific Daylight Time to discuss the transaction with Biovail. To access the live conference call, U.S. and Canadian participants may dial (877) 407-8035 and international participants may dial (201) 689-8035. A telephonic replay of the conference call will be available for 30 days after the call by dialing (877) 660-6853 (domestic) or (201) 612-7415 (international) and entering account number 286 and conference call number 348077 when prompted.

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Cortex Pharmaceuticals, Inc.