Cortex Pharmaceuticals Posts Losses
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IRVINE — Drug developer Cortex Pharmaceuticals Inc. said Tuesday that it lost $4.9 million, or 83 cents a share, for the fiscal year ended June 30, compared to a net loss of $4.2 million, or 64 cents a share, for the prior fiscal year. For the fourth quarter, the company reported a net loss of $1.3 million, or 25 cents a share, compared to a net loss of $988,706, or 14 cents a share, for the like 1996 quarter.
Cortex said the higher losses resulted from planned increases in clinical development spending. No revenue was reported.
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