Cortex ends research phase, agreement with Servier

By Elaine Rigoli

Tampa, Fla., March 27 - Cortex Pharmaceuticals, Inc. delivered notice to the Institut de Recherches Internationales Servier and Les Laboratoires Servier on March 21 that, under terms of a collaboration agreement, Cortex has elected to terminate the research phase of the collaboration and the agreement, effective Dec. 7, 2006.

Cortex is having further discussions with Servier regarding the possibility of terminating the research phase and agreement at an earlier date, according to a news release.

Under the agreement, Cortex and Servier collaborated to identify, evaluate and develop Ampakine compounds for use in the treatment of memory impairment associated with aging and neurodegenerative diseases.

Cortex receives $2,298,000 per year, and Servier is obligated to continue this level of support until early December 2006, or an earlier termination date, if agreed upon by Servier, the release said.

The research phase and the agreement will continue until the termination becomes effective, and the company will not incur any early termination penalties as result of this termination.

The licensing agreement will continue in accordance with its terms.

Cortex develops memory and cognition-improvement products and is located in Irvine, Calif.

Servier is an independent pharmaceutical company located in Neuilly-sur-Seine, France

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