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THE STATE / HEALTH CARE

Troubled Cortex Trying to Raise Funds

October 24, 1998|Barbara Marsh

Cortex Pharmaceuticals Inc., in danger of being delisted on the Nasdaq SmallCap Market, said Friday that it hopes to raise additional capital from prospective corporate partners. The Irvine-based developer of drug therapies for neurological and psychiatric disorders said in a statement that it is in talks with some investors but did not identify them. If the Nasdaq doesn't approve of Cortex's plan, the exchange will issue a formal notice of delisting. Cortex could then ask for a hearing on the matter. the company doesn't meet the exchange's requirement that it maintain assets of at least $2 million and a market capitalization of $35 million. The exchange also requires it to post earnings of at least $500,000 in the prior fiscal year or two of the three prior fiscal years. Cortex shares closed unchanged Friday at 66 cents.

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