Cortex Annual Shareholder Meeting Notification

Friday, June 5, 2009, 10:30AM (PDT) at The Hyatt Regency Irvine, CA

Live Webcast Available At www.cortexpharm.com
IRVINE, Calif.--(Business Wire)--
Cortex Pharmaceuticals, Inc. (NYSE Amex: COR), a neuroscience company focused on
developing novel AMPAKINE® drug therapies for neurological and psychiatric
disorders, will web cast presentations from its annual shareholder meeting
scheduled for Friday, June 5, 2009, at 10:30 a.m., Pacific Daylight Time, at the
Hyatt Regency Irvine, 17900 Jamboree Road, Salon E, first floor, in Irvine,
California.

The meeting will begin with the formal voting on the issues set forth in the
proxy statement. In the informal part of the meeting, Dr. Mark A Varney,
President and CEO will update shareholders on recent organizational
restructuring, progress on partnering discussions, and clinical and preclinical
study developments. Pre-clinical study results have demonstrated that Cortex`s
Phase II AMPAKINE molecules CX717 and CX1739 could be useful in the development
of treatment for sleep apnea, respiratory depression, attention deficit
hyperactivity disorder (ADHD) and significant improvement in models of memory
and cognitive loss. In the current issue of the journal Anesthesiology,the
mechanism by which CX717 prevented or rescued animals from opiate-induced
respiratory depression can be found in an article published by Dr. John Greer
and his colleagues, entitled; "Ampakine CX717 Protects against Fentanyl-induced
Respiratory Depression and Lethal Apnea in Rats." The web link for this
publication can be found below. Cortex has already demonstrated in human
subjects that oral CX717 can prevent respiratory depression caused by an
intravenous infusion of Alfentanil (this manuscript has been submitted for
publication). Finally, Cortex currently has a pilot study evaluating the effects
of oral CX1739 in patients with moderate to severe sleep apnea underway at a
clinical testing site in the UK.

Investors may access the live webcast through the Cortex website at
http://www.cortexpharm.com/beginning at 10:30 a.m. Pacific Daylight Time) on
June 5, 2009. The webcast will be available for replay for 30 days at
http://www.investorcalendar.com/IC/CEPage.asp?ID=145723.

The published paper by John Greer and colleagues can be seen at the following
web link:
[http://journals.lww.com/anesthesiology/Fulltext/2009/06000/Ampakine_CX717_Protects_against_Fentanyl_induced.27.aspx].

For more news and information on Cortex Pharmaceuticals, Inc., please visit
www.IRGnews.com/coi/COR where you can find the CEO`s video, a fact sheet on the
company, investor presentations, and more.

Cortex Pharmaceuticals, Inc.

Cortex, located in Irvine, California, is a neuroscience company focused on
novel drug therapies for treating psychiatric disorders, neurological diseases
and brain-mediated breathing disorders. Cortex is pioneering a class of
proprietary pharmaceuticals called AMPAKINE compounds, which act to increase the
strength of signals at connections between brain cells. The loss of these
connections is thought to be responsible for memory and behavior problems in
Alzheimer`s disease. Many psychiatric diseases, including schizophrenia, occur
as a result of imbalances in the brain`s neurotransmitter system. These
imbalances may be improved by using the AMPAKINE technology. For additional
information regarding Cortex, please visit the Company`s website at
http://www.cortexpharm.com.

Forward-Looking Statement

Note - This press release contains forward-looking statements concerning the
Company`s research and development activities. Words such as "believes,"
"anticipates," "plans," "expects," "indicates," "will," "intends," "potential,"
"suggests," "assuming," "designed" and similar expressions are intended to
identify forward-looking statements. These statements are based on the Company's
current beliefs and expectations. The success of such activities depends on a
number of factors, including the risks that the Company`s proposed products may
at any time be found to be unsafe or ineffective for any or all of their
proposed indications; that patents may not issue from the Company`s patent
applications; that competitors may challenge or design around the Company`s
patents or develop competing technologies; that the Company may have
insufficient resources to undertake proposed clinical studies; and that
preclinical or clinical studies may at any point be suspended or take
substantially longer than anticipated to complete. As discussed in the Company`s
Securities and Exchange Commission filings, the Company`s proposed products will
require additional research, lengthy and costly preclinical and clinical testing
and regulatory approval. AMPAKINE compounds are investigational drugs and have
not been approved for the treatment of any disease. Readers are cautioned not to
place undue reliance on these forward-looking statements that speak only as of
the date of this press release. The Company undertakes no obligation to update
publicly any forward-looking statements to reflect new information, events or
circumstances after the date of this press release or to reflect the occurrence
of unanticipated events.

Company:
Cortex Pharmaceuticals, Inc.
Mark A. Varney, Ph.D., 949-727-3157
President and CEO
or
Investor:
The Investor Relations Group
Erika Moran/Dian Griesel, Ph.D.
Media:
Janet Vasquez, 212-825-3210

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