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Cortex: Sleep Apnea Pill Company May Be Delisted
Here's an update on Cortex, a company in clinical trials on its pill to treat sleep apnea: looks like they're broke:
IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (NYSE Amex: COR) reported that it has received notice from the NYSE Amex LLC indicating that the company is not in compliance with certain of the Exchange’s continued listing standards. Specifically, the notice indicated that the company is not in compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE Amex Company Guide regarding stockholders’ equity and losses from continuing operations and/or net losses; and Section 1003(a)(iv) of the Company Guide in that its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.
IRVINE, Calif.--(BUSINESS WIRE)--Cortex Pharmaceuticals, Inc. (NYSE Amex: COR) reported that it has received notice from the NYSE Amex LLC indicating that the company is not in compliance with certain of the Exchange’s continued listing standards. Specifically, the notice indicated that the company is not in compliance with Sections 1003(a)(i), 1003(a)(ii) and 1003(a)(iii) of the NYSE Amex Company Guide regarding stockholders’ equity and losses from continuing operations and/or net losses; and Section 1003(a)(iv) of the Company Guide in that its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether the company will be able to continue operations and/or meet its obligations as they mature.
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Replies to This Discussion
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Permalink Reply by Mike on
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the press release on the delisting said that they're pursuing additional financing from investors, and are also considering selling the company in an M&A transaction, so maybe there's hope yet for the sleep apnea pill.
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today they announced a $2.0 Million PIPE deal (Public Issuance of Private Equity): Irvine-based Cortex Pharmaceuticals, which is developing treatments for sleep apnea, reported this morning that it has received $2.0M in a Series F, convertible preferred stock financing from an unnamed, single institutional investor. The firm said the private placement would be used for working capital and general corporate purposes. Rodman & Renshaw LLC was the placement agent for the transaction.
Mike said:the press release on the delisting said that they're pursuing additional financing from investors, and are also considering selling the company in an M&A transaction, so maybe there's hope yet for the sleep apnea pill.
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Permalink Reply by RockRpsgt on
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One of the side effects of this pill is going to REM Behavior Disorder(RBD). You heard it hear first folks! I believe this is going to have some nasty byproduct.
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