Axonyx Announces Transfer to the Nasdaq Smallcap Market.Business Editors/Health/Medical Writers NEW YORK--(BUSINESS WIRE)--Feb. 28, 2003 AXONYX INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (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) today announced that, effective March 3, 2003, its common stock will commence trading on the Nasdaq SmallCap Market under the stock symbol AXYX. Based on a decision by the Nasdaq Listing Qualifications Panel dated February 26, 2003, the Panel overturned a Nasdaq Staff De-listing Determination concerning the Company's compliance with the requirements for listing on the Nasdaq SmallCap Market and allows the transfer of the listing of Axonyx's common stock from the Nasdaq National Market to the Nasdaq SmallCap Market effective March 3, 2003. The Nasdaq Listing Qualifications Panel decision is conditioned upon Axonyx filing its Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2002 prior to March 31, 2003, with the Form 10-K evidencing shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of at least $2,500,000. As previously announced, the Company consummated a $4.9 million private placement effective as of December 31, 2002. The Company must also promptly notify Nasdaq of any significant events that occur until the Form 10-K is filed. The Panel reserves the right to modify or terminate the shareholders' equity condition upon review of Axonyx's reported financial results and other significant events. If Axonyx fails to comply with the terms of the Panel's conditions, its securities will be delisted from The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. . The Nasdaq Listing Qualifications Panel decision also noted that upon transfer to the Nasdaq SmallCap Market, the Company has at least until June 16, 2003 to attain compliance with the $1.00 bid price requirement for continued listing on the Nasdaq Stock Market. "We are confident that the financial statements we will file with our Form 10-K will evidence stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. greater than the $2,500,000 required by the Panel," stated Marvin S. Hausman, M.D., President and Chief Executive Officer of Axonyx. 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 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. , human 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. and prion-based illnesses such as Mad Cow Disease mad cow disease: see prion. mad cow disease or bovine spongiform encephalopathy (BSE) Fatal neurodegenerative disease of cattle. Symptoms include behavioral changes (e.g. . 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, 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. There can be no assurance that the Nasdaq Listing Qualifications Panel will not impose modified conditions on the Company's listing on the Nasdaq SmallCap Market and that the Company will be able to meet any such conditions. There can be no assurance that the Company will achieve compliance with the $1 per share required stock price prior to June 16, 2003. There can be no assurance that the Company will be successful in raising additional funds. 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. |
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