Cortex Signs 3 Pacts for at Least $11 Million

Cortex Pharmaceuticals Inc., an Irvine neuroscience company focused on treatments for neurological and psychiatric disorders, said Monday that it has entered into three agreements that will bring in a minimum of $11 million.

Cortex said in a press release that it has entered a three-year contract with a company called Servier.

Under the first agreement, Servier will develop and commercialize Cortex’s technology for treating such ailments as Alzheimer’s disease, mild cognitive impairment, sexual dysfunction and certain dementia. Servier’s territory covers Europe, Asia, the Middle East and several South American countries. It will pay Cortex $5 million upfront, plus royalties and milestone payments.

Under the second contract, Cortex and Servier will jointly research and develop new treatments for such cognitive illnesses. Cortex will receive a minimum of $2 million a year for three years.

The third agreement involves a cross-national study in which the companies plan to enroll patients in North America and Europe to determine the efficacy of a treatment to improve memory and cognition.