Two companies are making changes in how they do business on Wall Street by adjusting their stances with Nasdaq.

Cortex Pharmaceuticals Inc., of Irvine, Calif., says it has submitted a plan to Nasdaq to stay listed on the exchange's SmallCap Market. The company said it is not in compliance with continued listing standards, which require maintaining net tangible assets of $2 million, market capitalization of at least $35 million, or net income of at least $500,000 in the most recently completed fiscal year or in two of the three most recently completed fiscal years. The new initiative details the company's plans to raise capital through corporate partners and private investors.

If Nasdaq officials do not approve the plan, the exchange will issue a formal delisting notice. Cortex could then request a hearing to plead its case.

In addition, CellPro Inc., of Bothell, Wash., says it is now trading on Nasdaq's OTC Bulletin Board Service. It had traded previously on the Nasdaq System. Its ticker symbol will remain CPRO. Trading on the Bulletin Board involves calling market makers to sell company stock.

CellPro, which lost a patent dispute over its stem-cell technology, has filed for bankruptcy and released most of its workers. (See BioWorld Today, Sept. 30, 1998.)

-- Lee Landenberger