AXONYX Inc. Announces Third Quarter Financial Results.Business Editors, Health/Medical Writers NEW YORK--(BW HealthWire)--Nov. 9, 2000 AXONYX Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AXYX) announced today its results for the third quarter ended September 30, 2000. The Company reported a net loss to common shareholders of $1,088,000 or $0.07 per share. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the third quarter were $1,267,000. There will be a web cast at 10:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy to discuss the Company's third quarter financial results and a review of milestones achieved during the quarter. Visit www.axonyx.com if you would like to participate. Third Quarter Review In September, AXONYX announced the completion of its Phase I multiple dose safety trial for Phenserine, the Company's lead acetylcholinesterase inhibitor acetylcholinesterase inhibitor n. See cholinesterase inhibitor. . Inhibition of acetylcholinesterase acetylcholinesterase /ac·e·tyl·cho·lin·es·ter·ase/ (AChE) (-ko?li-nes´ter-as) an enzyme present in the central nervous system, particularly in nervous tissue, muscle, and red cells, that catalyzes the hydrolysis of acetylcholine to in the brain is associated with improvement of memory and cognition cognition Act or process of knowing. Cognition includes every mental process that may be described as an experience of knowing (including perceiving, recognizing, conceiving, and reasoning), as distinguished from an experience of feeling or of willing. and is a proven strategy to treat Alzheimer's Disease Alzheimer's disease (ăls`hī'mərz, ôls–), degenerative disease of nerve cells in the cerebral cortex that leads to atrophy of the brain and senile dementia. . In the trial, Phenserine demonstrated patient safety and showed a significant inhibition of red blood cell red blood cell: see blood. acetylcholinesterase. The Company expects to commence a Phase II study before the end of the year. In July, abstracts describing certain AXONYX technologies were selected to be presented at the World Alzheimer's Congress 2000 in Washington, D.C. Dr. David Small David Small may refer to:
Study of the development and function of the nervous system, with emphasis on how nerve cells generate and control behavior. The major goal of neurobiology is to explain at the molecular level how nerve cells differentiate and develop their at the University of Melbourne
In 2006, Times Higher Education Supplement ranked the University of Melbourne 22nd in the world. Because of the drop in ranking, University of Melbourne is currently behind four Asian universities - Beijing University, , Australia, presented findings regarding an approach to the early diagnosis of Alzheimer's Disease. Scientists at the University have demonstrated that the enzyme butyrylcholinesterase in spinal cord spinal cord, the part of the nervous system occupying the hollow interior (vertebral canal) of the series of vertebrae that form the spinal column, technically known as the vertebral column. fluid is useful in the early diagnosis of Alzheimer's Disease. This enzyme is believed to be specific to the disease since it is not seen in other neurological diseases Noun 1. neurological disease - a disorder of the nervous system nervous disorder, neurological disorder disorder, upset - a physical condition in which there is a disturbance of normal functioning; "the doctor prescribed some medicine for the disorder"; . AXONYX has exclusive world-wide rights to license any useful candidates that emerge from this program. This announcement gave AXONYX exposure through media outlets including CNBC CNBC Center for the Neural Basis of Cognition (artificial intelligence) CNBC Consumer News and Business Channel CNBC Congress of National Black Churches, Inc. , The Wall Street Journal and The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times. Secondly, Dr. Nigel Greig, Chief of the Laboratory, Drug Design and Development at the National Institute on Aging/ National Institutes of Health presented findings that indicate this enzyme, butyrylcholinesterase, could also be involved in a treatment for Alzheimer's Disease. Scientific evidence has accumulated that butyrylcholinesterase is elevated in the brains of patients afflicted af·flict tr.v. af·flict·ed, af·flict·ing, af·flicts To inflict grievous physical or mental suffering on. [Middle English afflighten, from afflight, with Alzheimer's and could be an important causative caus·a·tive adj. 1. Functioning as an agent or cause. 2. Expressing causation. Used of a verb or verbal affix. caus element in the onset and progression of this disease. The practice of inhibiting this enzyme could be a strategy to improve memory in Alzheimer's patients. AXONYX Inc. is a biotechnology company engaged in the discovery, acquisition and development of proprietary pharmaceutical compounds and new technologies useful in the diagnosis and treatment of Alzheimer's Disease and other memory disorders There are several different types of memory disorders which occur in the human mind. Among these are less severe disorders including minor short term memory loss, and the eventually incapacitating Alzheimer's Disease. . Phenserine, the Company's lead Alzheimer's Disease drug has recently completed Phase I studies and Phase II studies are planned to begin by the end of the year. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. or predictions. These statements represent our judgment as of this date and are subject to risks and uncertainties that could materially affect the Company. AXONYX undertakes no obligation to publicly release the result of any revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Balance Sheets
September 30, December 31,
ASSETS 2000 1999
(unaudited)
Current Assets:
Cash and cash equivalents $10,182,000 $ 5,409,000
Stock subscription receivable - 298,000
Other 41,000 22,000
----------- -----------
Total current assets 10,223,000 5,729,000
Equipment, net 36,000 15,000
Other assets 51,000 -
----------- -----------
$10,310,000 $ 5,744,000
=========== ===========
LIABILITIES
Current liabilities:
Accounts payable and accrued expenses $68,000 $ 353,000
Deferred revenue - $ 104,000
----------- -----------
68,000 457,000
STOCKHOLDERS' EQUITY
Preferred stock - $.001 par value,
15,000,000 shares authorized; none issued
Common Stock - $.001 par value, 75,000,000
shares authorized; 15,277,371 and
13,579,076 shares issued and outstanding,
respectively. 15,000 13,000
Additional paid-in capital 20,629,000 11,655,000
Unearned compensation - stock/options (54,000) (29,000)
Deficit accumulated during
development stage (10,348,000) (6,352,000)
----------- -----------
Total stockholders' equity 10,242,000 5,287,000
----------- -----------
$10,310,000 $ 5,744,000
=========== ===========
Statements of Operations
(unaudited)
Three months Nine months
ended ended
Sept. 30, Sept. 30,
2000 1999 2000 1999
------- ------- --------- ---------
(restated) (restated)
Revenue $ - $ 63,000 $104,000 $85,000
Costs and expenses:
Research
and development 565,000 909,000 1,841,000 1,623,000
General
and
administrative 702,000 514,000 2,578,000 1,387,000
------- ------- --------- ---------
1,267,000 1,423,000 4,419,000 3,010,000
--------- --------- --------- ---------
Loss from
operations (1,267,000) (1,360,000) (4,315,000) (2,925,000)
Investment
Income 179,000 9,000 319,000 27,000
------- ------- --------- ---------
Net loss $(1,088,000) $(1,351,000)$(3,996,000) $(2,898,000)
============ ============ =========== ===========
Net loss
per common
share $ (0.07) $(0.11) $ (0.27) $ (0.23)
======== ======= ========= =========
Weighted average shares
basic and
diluted 15,269,544 12,710,192 14,582,548 12,537,192
January 9,
1997
(inception)
through
September 30,
2000
-------------
Revenue $ 250,000
Costs and expenses:
Research
and development 5,676,000
General
and administrative 5,289,000
---------
10,965,000
---------
Loss from
operations (10,715,000)
Investment
Income 367,000
---------
Net loss $(10,348,000)
============
Net loss
per common
share -
============
Weighted average shares
basic and
diluted -
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