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Biotech / Medical : Cortex (Cor) [formerly CORX] -- Ignore unavailable to you. Want to Upgrade?

To: mfr who wrote (687)	11/10/1998 10:34:00 AM
From: John Lacelle	Read Replies (1) \| Respond to of 1255

mfr, I have your answer: Cortex current burn rate = 1.2 million a quarter. Cortex cash on hand = 1.1 million. There won't be any Christmas bonus this year. I think it might explain the lack of shareholder optimism. Cortex is out of money and must sign a co-development agreement. This means it probably won't be in their favor. You can have the greatest drug in the world but with no money available for marketing and manufacture, you will never sell it. In my experience one of two things is about to happen: 1) Cortex will be unable to sign an agreement and find more financing for operations. This means that they will do what many small-cap NASDAQ companies have done in the past. They will begin to sell stock. Share dilution will be ugly. 2) Cortex will sign an agreement but give up much of the rights to Ampalex. This will make Cortex unattractive because they will have to give away the lion's share of the potential profits from their drug. Sorry to be the bearer of bad news. Don't shoot the messenger. -John