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ORANGE COUNTY EARNINGS

October 17, 1995

Cortex Pharmaceuticals Inc.: The Irvine drug development company reported a net loss of $6.8 million, or $1.13 a share, for the fiscal year ended June 30, which included a onetime charge of $1.2 million recorded in connection with a settlement. That compares with a net loss of $4.7 million, or 97 cents a share, for the prior fiscal year. No revenue was reported. For the fourth quarter, the company posted a net loss of $2.6 million, or 43 cents a share, compared to a net loss of $1.5 million, or 25 cents a share, for the fourth quarter in 1994. Earnings-per-share calculations reflect a one-for-five reverse stock split that became effective Jan. 11.

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