Tuesday, August 23, 2005
Cortex and cx717
This could be a very speculative long term play:
Cortex Pharmaceuticals, Irvine, CA [here] - (COR)
Their primary products are what they call Ampakines:[from here] 
Cortex Pharmaceuticals, Irvine, CA [here] - (COR)
Their primary products are what they call Ampakines:[from here]
Ampakines work by binding to particular receptors in the brain, called AMPA-type glutamate receptors. This boosts the activity of glutamate, a neurotransmitter, and makes it easier to encode memory and to learn. And because of their short half-life - hours in this case - ampakines have few side effects.The drug, which will have to undergo further clinical trials before being approved, is being considered as a possible treatment for narcolepsy, jet lag, attention-deficit hyperactivity disorder (ADHD) and even Alzheimer's disease.
Here's another write-up.
Notes from their recent 10-Q: - products will be sold by NV Organon and Les Laboratoires Servier
- Aug 2003, private placement at $1.50/share - $4.5M
- Jan 2004, private placement at $2.75/share - $17.5M
- Dec 2004, private placement at $2.66/share - $10.4M
- from warrants, possible additional income of $6.85M+$14.6M+$6.35M = $27.8M
- 5 years before marketable product.
Other notes:
- DARPA sponsorship - the military applications are the most obvious if effective at enhancing wakefulness.
- Testing against Alzheimer's.
- They don't have any big company linkages yet, which may explain their low valuation.
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