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ORANGE COUNTY EARNINGS

May 11, 1997

IRVINE — Cortex Pharmaceuticals Inc.: The Irvine drug development company said it lost $1.2 million, or 14 cents a share, for the third fiscal quarter ended March 31, compared with a net loss of $1.1 million, or 18 cents a share, for the prior-year period. The company lost $3.7 million, or 46 cents a share, in the first nine months, compared with a net loss of $3.2 million, or 51 cents a share, a year ago. No revenue was reported.

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