* Cortex Pharmaceuticals Inc., of Irvine, Calif., said a study byresearchers at the University of California, at Irvine, showed thecompany's drug, Ampalex, selectively activates the neocortex, aportion of the brain involved in higher cognitive functions. Cortexsaid the findings may support development of the drug for treatmentof schizophrenia. Ampalex is designed to enhance the function of theampa-type glutamate receptor in the brain. The receptor is believed toplay a role in memory and communications between brain regions.
* Protein Delivery Inc., of Durham, N.C., raised $7.15 million inprivate financings from institutional investors to support itsdevelopment of an oral drug delivery system for proteins andpeptides. The privately held company was founded in 1992 and hasraised a total of about $11.5 million.
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