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Biotech / Medical : Cortex (Cor) [formerly CORX]

COR 358.57

+1.8%

2:24 PM EST

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To: Cage Rattler who wrote (655)	10/30/1998 9:29:00 AM
From: Michael Olin	Read Replies (2) of 1255

It is not necessarily "casual" traders who are moving the stock, there are enough firms out there trading on momentum alone to account for the volume. All of this activity followed the NBC story which raised the visibility of this company to the point where it could have looked like an easy vehicle to get in and out with a quick profit of 200-300%. Why not buy 10,000 or 100,000 shares at under $1 and then sell when it gets run up to $2 or $3 almost immediately? The stock jumped the last time there was a national news story about the company. With Cortex there is also the Soros stake that may or may not have been sold. I am concerned about the departure of the CFO. I recall reading (either here or on Yahoo!) something about his returning to Alberta, Canada, personal reasons and so on, but a definitive explanation from Cortex would be welcome. I am more concerned about the lack of any news about the NIH trials. The effects of this drug (as far as I know) are supposed to be readily measurable and to occur quite rapidly. They should be able to run several groups in the dose-escalation study concurrently. Why has this been dragging on for so long with no news? I have worked for pharmaceutical companies for years and understand the drug discovery process fairly well. I have no information other than the published study information, press releases and an explanation of the biochemistry behind Ampakines that seemed compelling enough when I first bought Cortex 3 years ago. Even then, I made the investment only after deciding I was prepared to write the entire thing off. It is more a sense of emotional detachment than attachment. I am not convinced that Cortex will make me rich, nor am I so attached to the dollars invested that I agonize over when to cut my losses. I don't think this is a particularly sound investment style, but then again, my Cortex holdings are not a significant part of my portfolio. So for now (and probably forever...) I'm holding and waiting for news. -Michael

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