O.C. Firm’s Drug Sale Worth Up To $25 million

Cortex Pharmaceuticals Inc. in Irvine has sold for $10 million certain of its drug compounds. It could be paid another $15 million if commercial development of the compounds meets specific milestones.

The buyer is Biovail Laboratories International, Canada’s largest publicly traded pharmaceutical company.

The transaction represents a change of direction for both companies and will give Cortex the cash it needs to develop drugs for treating attention deficit hyperactivity disorder (ADHD) in adults  and sleep apnea.

Cortex started in the 1990s to develop ampakine drug compounds that are related to attention and memory. Some of its compounds have also shown promise for treating respiratory problems such as those associated with sickle cell disease. Biovail has been refocusing its business on drugs to treat special nervous system diseases including respiratory depression. (Read More)

Source: The Orange County Register