Thursday, March 19, 2009

Cortex Pharmaceuticals Lops Half Of Workers

Irvine-based Cortex Pharmaceuticals, a developer of biopharmaceuticals for treating psychiatric disorders, neurological diseases and brain-mediated breathing disorders, said Thursday that it has cut half of its staff as part of a restructuring. According to Cortex, it has reduced its personnel by approximately 50 percent, because of the "continuing uncertainty in the capital markets" and the economy. The firm also said it has reduced the salaries of its executive officers and has "significantly reduced" its basic research efforts. Cortex said it will "evaluate all options for raising cash" to fund the company, including licensing, partners, and other strategic options.

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