Cortex could gain $3 million in Ampakine deal with Lab Servier

USA-based neurosciences firm Cortex Pharmaceuticals. (OTCBB: CORX) has entered into a new agreement with independent French drugmaker Laboratoires Servier to sell its remaining rights to the jointly discovered high impact Ampakine compound, CX1632 (S47445).

Under the terms of the deal, Servier has provided an immediate, non-refundable payment of $1 million to Cortex for the option to expand its rights. If Servier exercises the option to acquire sole ownership of the patent rights to CX1632 prior to October 31, 2011, it will pay Cortex an additional $2 million, as well as certain royalties and milestone payments to the University of California.

During the option period, Cortex and Servier remain joint owners of the patents and patent applications relating to CX1632.Cortex currently has rights to develop and market CX1632 in all of North America and selected South American countries as well as Australia and New Zealand.