IRVINE, Calif.--(BUSINESS WIRE)--February 23, 2007-- Cortex Pharmaceuticals, Inc. (AMEX: COR), presenting at the 19th Annual Roth Capital Partners Growth Stock Conference on Wednesday, February 21st, reported that it had generated data which indicated that the histopathological changes previously reported for its lead AMPAKINE(R) product candidate, CX717, occurred postmortem in the animal tissue. If similar tissue was rapidly removed from animals and placed in an appropriate buffered medium, the tissue showed no signs of any histopathological changes and was physiologically normal... Yea it's CX717 it's back. After earlier preclinical histopathological tissue results were reviewed by the FDA, the agency initiated a clinical hold for CX717 in March 2006. At the request of the FDA, Cortex conducted extensive additional animal toxicology studies during the summer of 2006 and in October 2006 the agency lifted the clinical hold, but placed significant dosage limitations on the use of CX717 in clinical trials. These limitations meant that Cortex could not proceed with further clinical assessments of CX717 in ADHD patients. CX717 had earlier demonstrated positive results in a pilot ADHD study in adult patients in a pilot Phase IIa study in March 2006. Cortex is planning to submit this new preclinical data to the FDA in March (Timely Folks!) with a request to have the dosage limitations changed so that it can proceed to conduct further clinical trials of CX717 in adult ADHD patients. Dr. Stoll, the Chief Executive Officer of Cortex, cautioned that the final decision on the adequacy of the data to allow the Company to proceed clinically is up to the FDA. Not getting the cadavar part in relation to this if we quickly rip off our skin and replace it the drug will work? This has got to be good news for Lifecell! LIFC Dr. Stoll also mentioned during his presentation that the FDA had just issued a notice that will require that all current manufacturers of ADHD drugs issue Patient Medication Guides that spell out the risks of the current medications with respect to cardiovascular and psychiatric adverse events observed with the currently approved therapies. Dr. Stoll noted that the potential for a new therapeutic approach to the treatment of ADHD is clear and, if clinically safe and effective, CX717 could meet many of the current market needs. Dr. Stoll reiterated that the 3-week study in adult ADHD patients randomized to either CX717 or placebo, in a cross-over design, was both clinically and statistically significant on both decreasing hyperactivity and increasing attention on the primary ADHD rating scale which is the primary measure by which all ADHD products are approved. Another point made by Dr. Stoll during the presentation at the Roth Conference was that the most recent studies by Dr. Gary Lynch at UC Irvine using a high impact AMPAKINE drug, CX929, showed very encouraging results in transgenic mice with the Huntington's Disease gene. CX929 not only returned depressed levels of BDNF (brain derived neurotrophic factor) back to normal, restored long term potentiation and most recently showed significant improvements in behavioral effects in the transgenic mouse model. Huntington's not sure the largeness of that patient poulation. But ADHD is big time. The remaining topics covered by Dr. Stoll included an update on the low-impact AMPAKINE CX701 which Cortex anticipates commencing clinical trials by July 2007, the likelihood of a new research and development collaboration for its high-impact AMPAKINE compounds, (did somebody say Partnership?) and the in-licensing of a new Phase II non- AMPAKINE orphan drug. This all looks very good biobottom well I guess first thing we do is check back Oct 06 when it got the limited go ahead and see how the stock reacted-- if it's signifcantly lower now I'd have to say any bad news is kind of baked in despite the rally...
biobottom I am spending my saturday working for you. The chart is instructive indeed in Oct it did not like that news at all. So the initial drop from $5 to $3 where it waited for that ability to test in ADHD then another plunge to $1.05 (where all good stocks survive) it's now $1.86. We can assume the ability to buy this under $2 and the potential to take it to $3. With this additional good clinical news out there it's got to be slightly better than 50/50 with the FDA. I need to get a better grip on the perils of any side effect and the postmortem connection how that proves safety efficiency, etc.... With a little publicity this could go back to $5 but if you look at a 3 year chart you will see what looks like a $3 biotech. That's going to REAL tough to get through-- but interday? That's another story.. How does $1.90 to $3.40 sound??????
Mr. BBF - Now that was a good post! Even I could understand darn near all of it. I also congratulate you on your CBLI pick & trade. 88% is an awesome return. As far as a sell indicator for CBLI, see the chart on the below link: http://stockcharts.com/h-sc/ui?c=cbli The RSI looks to have peaked near 90 on Wednesday, indicating a severe overbought condition. That should certainly give cause to keep a sharp eye on it at a minimum. Now onto your COR pick. I appreciate you sharing this with the board and seeking opinions. Although I am a new member here, it seems to me that this type of thing is what makes these boards valuable. We can all learn from other's opinions, even if we have to filter out the chaff. Man - In the past year COR has had a couple of the big drops on bad news that I mentioned in my post. That's exactly what I fear in a small-cap biotech. Of course these can also give you the big jumps, but can you sleep? Not me. As you know there was promising news last week on a drug that had been previously been put on hold by the FDA. The news was announced at a conference Wednesday evening and was the cause for the jump on Thursday. Actually, the lack of follow-thru on Friday left us a big 'ol long-legged doji that indicates a bearish reversal. I'd look for it to open lower and fill the gap to the 1.64 Thursday close, that would be my entry point.
Consider this topdown. CORTEX HAS A TREMENDOUS GROWTH POTENTIAL=WOW!! (Not rated) 24-Feb-07 05:51 am NEW YORK (AP) -- Shares of Cortex Pharmaceuticals Inc. jumped Friday after Rodman & Renshaw upgraded the stock, citing a positive update on the company's dosing-restricted study of Ampakine to treat Alzheimer's disease. The stock rose 25 cents, or 15.3 percent, to $1.89 on the American Stock Exchange in midday trading. Shares have traded between $1.02 and $5.94 over the last 52 weeks. In March the Food and Drug Administration put a clinical holding the study because of concerns over some preclinical animal testing data. The hold was lifted in October, but with a dosing restriction. "New information indicates that CX717 may be nontoxic," wrote analyst Elemer Piros, upgrading the stock to "Market Outperform" from "Market Perform" with a $4.50 price target.++++++++++ The company said that cellular changes observed in animals during toxicology tests are a post-mortem event. It plans to submit the new data to the FDA by mid-March. Piros said that means that the dosing restriction could soon be lifted.+++++++++++ The drug candidate was highlighted as a promising treatment at recent industry conference, he said.++++++ "Cortex's Ampakine technology could potentially address central nervous system indications with a combined market value of billions of dollars," Piros said.++++++++++ (THAT'S BILLIONS WITH A "B")
What the hell is 6 cents Topdown I think it holds the top of that little range and $1.70 would be my BP. What's kind of crazy is the way the conference and the upgrade forms a gap up and thus some weird sort of support @ $1.60 should we have a rocky market into the FDA decision.
Actually - I bet the Israeli's might be a targeted market, but honestly I don't see a need for it in the U.S. at all. At least not as long as we've got Jack Bauer! (It's just a joke BBF - Jack Bauer is a character on this TV show called 24... Oh, never mind.)
It's kind of weird the white house today I think did this serious dirty bomb drill. Maybe it was straight up bombs I'm not sure... I was disappointed when reading an interview with the producer of 24 to find out he's a total Bush Republican. Not that there's anything wrong with that! He's got to look himself in the mirror, but he's got an annoying bit of fur on his chin as well. add that to pompous LA producer and I wanted to puke. But great show... Although I have to say not feeling it this year. Last year it took about 3 episodes for me to buy into thew plot and get involved. Not this year I could care less.... The dad, the brother geez it's a Bauer conspiracy!
Well, Thank You very much, kind sir! I came here to try to become a better trader. Trading is a lonely occupation. I know that sometimes i come off as very brash and arrogant, so please pardon me for my occasional rudenesses, which you seem to have done. I'll try to be more polite because you guys here appreciate the info i'm giving you. I also want you all to know, even if i don't reply to each of you individually, that i appreciate the interest, and understand if i sometimes piss people off. I already have several buy orders in for COR at prices ranging from $1.60 to $1.90. But. What the heck? Because of the previous support at the $1.50 level, I'll add another one for $1.5x right now! Back later. And i'm VERY bullish on COR, but i don't want to pay too much for it. I'd like to buy a lot of shares below $2 and sell them for at least $3, so your analysis seems to match up very closely with mine.
Thankl You SO MUCH for the RSI ~=90 indicator. That is EXACTLY what i was hoping to find: an objective indicator that the top was very close, which was reached on Wednesday, the day CBLI topped at $13.99. Now i will be using the RSI in my intra-day charts and see how well it predicts tops (and bottoms). As far as a buy point for COR goes, i agree with SI that 6 cents is just noise. Also, it did have what SI called that "weird support" at $11.60. Well, to my simple mind, that means that someone with a lot of money decided that they would suck up as many shares at $11.60 as they could get. And if that support level is breached, there is the old $1.50 support/congestion level from October/November 2006. So if $11.60 does not hold, i'll be buying more at $11.50. If it goes below $11.50, i don't see it staying there for any longer than it would take me to submit a buy order and unless it was a market order, there's no telling if i'd get a fill. That post-mortem toxicology info is the essential key here. It was the tissue damage seen in the dead rats that made the FDA put the clinical trial on hold in the first place last fall. But the company announced Wednesday that the FDA had acted on a FALSE ALARM and that the rat tissue was damaged by something other than their drug. Anyway, that's my take on things over at COR. I'm buying on Monday beginning at $1.90 or lower, which would fill @ $11.86 if it opens unchanged (and would give me some position if the rally resumed immediately), but if it opens gap up-side over $2 i'll be a horse's ass and have missed the ride, because i'm not chasing it over $2. Why am i placing my orders this weekend? Because i have a hard enough time waking up at 7:30 AM, much less earlier. So how does that sound for a strategy on COR? Any thoughts appreciated. If some big money decides to wait for the middle of the trading day for a big dump, well, i'll just pick up more shares. This is one stock where i think that if i buy all my shares at $1.90 and lower, i will certainly be able to sell them for over $2.00, even if it takes a few months. And that's being very pessimistic and conservative. And ... like with CBLI, if this takes off like i expect as people start figuring out the story, and realizing how DEEPLY oversold it was, then it's bound to retrace to $3 within the year. Comments?
No problem BBF - It's not everyday a good old country boy like me gets to teach something to a nuclear scientist! As far as the RSI goes, anything over 70 - 75 is considered oversold. A reading of 90 is huge. Now I have reviewed the 1 and 3 minute charts of COR from Friday and honestly I think this could go either way tomorrow. If it does fade down, I think you have a good game plan in place. But that said, there was good buying at $1.90 - $1.98 Friday and many of the weak hands may be out of it. That combined with Friday's news (which much of the population will not have absorbed until the weekend), could cause this thing to take off on Monday. If it breaks through the Friday high of 1.98, 2.25 should be easy. Bottom Line - I wouldn't discount the momentum players. A good option may be to take a partial position at the open (assuming $1.86), then I'd be looking to add at either 1.70 or 2.00, whichever comes first.