Glen Rock, N.J., May 06, 2020 (GLOBE NEWSWIRE) -- RespireRx Pharmaceuticals Inc. (OTC: RSPI), is pleased to announce that today, Mr. Timothy Jones has joined the Company as its President and Chief Executive Officer. Mr. Jones has been a member of the Company’s Board of Directors since January 28, 2020. RespireRx is a leader in the development of innovative and revolutionary treatments to combat disorders caused by disruption of neuronal signaling, which affect millions of people, but for which there are limited or poor treatment options, including obstructive sleep apnea (“OSA”), attention deficit hyperactivity disorder (“ADHD”) and recovery from spinal cord injury (“SCI”), as well as certain neurological orphan diseases such as Fragile X Syndrome.

Today, RespireRx entered into a three-year employment contract with Timothy Jones to serve as Chief Executive Officer (“CEO”) and President. The contract has an initial provisional term of approximately 3 months, through July 31, 2020, such provisional term being subject to extension by consent of the parties on a month-to-month basis thereafter unless terminated in writing. If the employment contract is not terminated during the provisional term, the contract will expire on September 30, 2023 unless earlier terminated in accordance with the terms of the employment contract. Dr. Arnold Lippa, who has been serving as the Company’s Interim CEO and Interim President, will cease to serve in those capacities, but will continue to serve as the Company’s Executive Chairman and Chief Scientific Officer. As previously disclosed in the Company’s Current Report on Form 8-K filed February 3, 2020, Mr. Jones joined the Company’s board of directors on January 28, 2020

Mr. Jones is a highly experienced senior executive with a proven and outstanding track record in global commercial business development, specializing in developing and sustaining high value strategic and tactical partnerships. He is recognized for his expertise in the strategic development and growth of active pharmaceutical ingredient categories through partnerships with a broad cross section of brand and generic pharmaceutical and biopharmaceutical companies worldwide. His extensive knowledge base and expertise across multiple pharmaceutical disciplines have contributed to his successful track record of financial growth. For the past three years, as Vice President of Global Pharmaceutical and Medical OTC at Purisys LLC, an affiliate of Noramco Inc., and as Vice President Business Development-Global Cannabinoids Portfolio at Noramco Inc., Mr. Jones was instrumental in building a fully operational and highly successful global commercial cannabinoids business. Prior to that, he was Vice President Strategic Portfolio Management at Midas Pharmaceuticals Inc. and also has previously held leadership roles with Par Sterile Products, and Johnson Matthey.

In announcing Mr. Jones’ appointment, Dr. Lippa stated, “We are very enthusiastic about Tim joining the Company as CEO and President and, given his outstanding commercial acumen and successful background in cannabinoids and business development, we are confident that he will successfully lead us through the next stage of our development.”

In accepting his appointment, Mr. Jones commented, “It is with sincere gratitude that I accept this appointment. I am honored to be afforded the opportunity and accountability to lead RespireRX to the next level in realizing its maximum potential. There could not be a more exciting time to assume the reigns of a corporation at the forefront of cutting-edge platforms, including cannabinoids, ampakines and GABA neuromodulators. The highly experienced executive management tenure, partnered with our asset rich portfolios across multiple developing market categories and our strategic value propositions, make for a very bright future.”

About RespireRx Pharmaceuticals Inc.

RespireRx Pharmaceuticals Inc. is a leader in the development of medicines for respiratory disorders and central nervous system indications, with a focus on OSA, ADHD, SCI and other neurological conditions. The Company owns and has exclusive rights to patents and patent applications for certain families of chemical compounds that claim the chemical structures, formulations and their uses in the treatment of a variety of disorders, as well as claims for novel uses of known drugs.