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Biotech / Medical : Biotech Valuation

CRSP 56.87

-2.3%

Dec 5 9:30 AM EST

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To: Icebrg who wrote (9443)	11/11/2003 5:30:59 PM
From: Icebrg	Read Replies (1) of 52153

Tough times in Irvine. Here is something you don't see too often: Over the past year, we controlled our expenditures, spending under six million dollars overall. Our entire senior management team took a 20% pay cut for over one-half of the year, and I relinquished my full salary for several months until we were able to obtain additional financial support through the private placement we completed in August. From the CEO's letter to the shareholders of Cortex Pharmaceuticals. Management will of course be more than compensated through their option's program, if there is a happy end to this story. Erik cortexpharm.com

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