Exhibit 99.1

PRESS RELEASE

CORTEX REPORTS SECOND QUARTER OPERATING RESULTS

IRVINE, CA (August 18, 2011) — Cortex Pharmaceuticals, Inc. (OTCBB (CORX)) reported a net loss of approximately $356,000, or $0.00 per share, for the quarter ended June 30, 2011, compared with a net loss of approximately $2,454,000, or $0.04 per share, for the corresponding prior year period, with the difference reflecting revenues in the current year period from the Company’s option agreement with Servier, France’s largest privately held pharmaceutical company.

As previously announced, in June 2011 Cortex entered into a new agreement with Servier to sell its remaining rights to the jointly discovered AMPAKINE^® compound, CX1632. In connection with the agreement, Servier provided Cortex with a nonrefundable $1,000,000 payment in exchange for the option to expand its rights to the compound. 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 $2,000,000. The Company will not be entitled to any royalties or further payments from Servier’s development and commercialization of CX1632, but Cortex retains all rights for its remaining AMPAKINE technology on a worldwide basis.

For the three months ended June 30, 2011, the Company’s total operating expenses decreased to approximately $1,449,000 from approximately $1,969,000 for the corresponding prior year quarter, due mostly to costs for advisory consultants during the prior year period, as well as timing of clinical development expenses for the Company’s Phase IIa study with AMPAKINE CX1739 in patients with sleep apnea.

For the six months ended June 30, 2011, the Company reported a net loss of approximately $1,912,000, or $0.02 per share, compared with net income of approximately $3,141,000, or $0.05 per share, for the corresponding prior year period, with the difference primarily reflecting revenues of $9,000,000 from the Company’s March 2010 transaction with Biovail.

Operating expenses for the six months ended June 30, 2011 decreased to approximately $3,033,000 from approximately $5,301,000 for the corresponding prior year period, with the decrease mostly due to sublicense fees and administrative expenses in the prior year period related to the March 2010 transaction with Biovail.

Interest expense for the prior year periods includes non-cash charges related to the June 2010 conversion of the promissory note issued to Samyang Optics Co., Ltd. (“Samyang”) of Korea. As reported earlier, the convertible note was issued in connection with the Company’s $1,500,000 private placement to Samyang in January 2010.

Recent Business Highlights

Cortex Pharmaceuticals, Inc.

Cortex, located in Irvine, California, is a neuroscience company focused on novel drug therapies for treating psychiatric disorders, neurological diseases and sleep apnea. Cortex is pioneering a class of proprietary pharmaceuticals called AMPAKINE^® compounds, which act to increase the strength of signals at connections between brain cells. The loss of these connections is thought to be responsible for memory and behavior problems in Alzheimer’s disease. Many psychiatric diseases, including schizophrenia, occur as a result of imbalances in the brain’s neurotransmitter system. These imbalances may be improved by using the AMPAKINE technology. For additional information regarding Cortex, please visit the Company’s website at http://www.cortexpharm.com.

Forward-Looking Statement

Note — This press release contains forward-looking statements concerning the Company’s research and development activities. Words such as “believes,” “anticipates,” “plans,” “expects,” “indicates,” “will,” “intends,” “potential,” “suggests,” “assuming,” “designed” and similar expressions are intended to identify forward-looking statements. These statements are based on the Company’s current beliefs and expectations. The success of such activities depends on a number of factors, including the risks that the Company’s proposed products may at any time be found to be unsafe or ineffective for any or all of their proposed indications; that patents may not issue from the Company’s patent applications; that competitors may challenge or design around the Company’s patents or develop competing technologies; that the Company may have insufficient resources to undertake proposed clinical studies and that preclinical or clinical studies may at any point be

suspended or take substantially longer than anticipated to complete. As discussed in the Company’s Securities and Exchange Commission filings, the Company’s proposed products will require additional research, lengthy and costly preclinical and clinical testing and regulatory approval. AMPAKINE compounds are investigational drugs and have not been approved for the treatment of any disease. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this press release. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

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Cortex Pharmaceuticals, Inc.

Condensed Statements of Operations

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Cortex Pharmaceuticals, Inc.

Reconciliation of Reported Net Income Applicable to Common Stock

and Diluted Income per Share Attributable to Common Stock

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Cortex Pharmaceuticals, Inc.

Condensed Balance Sheets

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MORE INFORMATION AT WWW.CORTEXPHARM.COM

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