Axonyx Announces Steering Committee for Phenserine in Alzheimer's Disease Clinical Trials.

Business Editors/Health/Medical Writers

NEW YORK--(BUSINESS WIRE)--June 19, 2003

AXONYX INC. (NASDAQ: AXYX) today announced that it has formed the Steering Committee that will oversee the Phase IIb and Phase III clinical trials with Phenserine for Alzheimer's disease (AD). Professor Bengt Winblad of the Karolinska Institute, Sweden, who will serve as Chairman of the committee, Professor Ezio Giacobini of the University of Geneva, Switzerland and Professor Dr. Lutz Frolich of the University of Heidelberg, Germany have agreed to become members. The Steering Committee will oversee and monitor the conduct and progress of the recently initiated Phase IIb beta-amyloid trial, as well as the potentially pivotal Phase III clinical trial that will evaluate the safety and efficacy of Phenserine treatment in mild to moderate AD patients. Phenserine is an acetylcholinesterase- and beta-APP inhibitor that has previously been shown to be safe and efficacious in improving memory in a 12-week study in mild to moderate AD patients.

Professor Bengt Winblad, M.D., Ph.D. has a long and illustrious involvement in the conduct and assessment of clinical trials in AD. Professor Winblad is currently Professor of the Department of Geriatric Medicine at the Karolinska Institute and Chief Physician at the Huddinge Hospital in Stockholm, Sweden. Professor Ezio Giacobini has over 40 years of experience in the field of neuropsychiatry and dementia and is recognized as one of the leading authorities in the treatment of Alzheimer's disease. Professor Giacobini is currently Consulting Professor in the Department of Geriatrics of the University of Geneva as well as Adjunct Professor of Pharmacology, Psychiatry, and Neurology at the Southern Illinois University School of Medicine. As well as having actively participated in dementia clinical trials for over 20 years, Professor Lutz Frolich brings a wealth of AD patient treatment experience. Professor Frolich is currently Professor in the Department of Gerontopsychiatry, of the University of Heidelberg Faculty of Clinical Medicine.

"On behalf of my co-members of the Axonyx Steering Committee I would like to say that we are pleased and excited to be involved with Axonyx's European Phenserine clinical program," stated Professor B. Winblad of the Karolinska Institute, "We look forward to working with Axonyx to bring these studies to a successful and timely completion."

"It's an honor to have such experience and expertise in the area of Alzheimer's disease represented on our Steering Committee," stated Gosse B. Bruinsma, M.D., Chief Operating Officer of Axonyx, "We intend to leverage their insights at all levels to optimize the conduct of our clinical program."

About Axonyx

Axonyx Inc. is a U.S.-based biopharmaceutical company engaged in the acquisition and development of proprietary pharmaceutical compounds and new technologies useful in the diagnosis and treatment of Alzheimer's disease, human memory disorders and prion-based illnesses such as Mad Cow Disease.

This press release may contain forward-looking statements or predictions. These statements represent our judgment as of this date and are subject to risks and uncertainties that could materially affect the Company, including those risks and uncertainties described in the documents Axonyx files from time to time with the Securities and Exchange Commission, specifically Axonyx's Annual Report on Form 10-K. Axonyx makes no representations concerning the future market price of its stock. 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.