Axonyx Announces Transition of Board Chairmanship.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 -- 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) a U.S.-based biopharmaceutical company, today announced that Marvin S. Hausman, MD, has elected to step down as Chairman on September 14, 2005 but will remain a director of Axonyx. The board of directors unanimously elected Steven B. Ratoff as non-executive chairman to succeed Dr. Hausman. Dr. Hausman founded Axonyx in 1997 and was instrumental in identifying and licensing - the technologies which are the basis of the company's current focus. Dr. Hausman is Chairman of Oxis International (OXIS: OB), in which the company owns a 34% interest. He is also a Director of Arbios Systems Inc. (ABOS ABOS American Board of Orthopaedic Surgery : OB), a liver dialysis liver dialysis Therapeutics The use of hepatocytes either in cartridges, as in an bioartificial liver or via cross-perfusion with other organisms, either human or animal origin to provide metabolic support for a Pt in acute hepatic failure. See Artificial liver. company. Dr. Hausman's scientific/clinical expertise and interests also include cancer immunology, organ transplantation The transfer of organs such as the kidneys, heart, or liver from one body to another. The transplantation of human organs has become a common medical procedure. Typical organs transplanted are the kidneys, heart, liver, pancreas, cornea, skin, bones, and lungs. and infectious diseases. The Company has entered into a consulting agreement with Dr. Hausman that will provide it with continued access to Dr. Hausman's considerable knowledge and experience. Steven B. Ratoff, a seasoned business executive, joined the Axonyx board on May 5, 2005. Mr. Ratoff is currently a private investor and a Venture Partner with Proquest Investments, a biopharmaceutical venture capital firm. He most recently served as Chairman and Interim Chief Executive Officer of Cima Labs, Inc., a public specialty pharmaceutical company, from May 2003 through its sale to Cephalon Ceph´a`lon n. 1. (Zool.) The head. , Inc. in August 2004. Mr. Ratoff is currently a director of InKine Pharmaceutical Company, Inc. (NASDAQ: INKP). "I remain committed to Axonyx and to the attainment of its clinical goals," said Dr. Hausman. "I have great confidence in Steven's track record of success in the biopharmaceutical industry and believe the right team is in place to move our company forward." Commenting on the transition, Gosse B Bruinsma, MD, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Axonyx stated "We are very appreciative of Marvin's efforts and experience in growing and financing the company since its inception in 1997 and look forward to continuing our relationship. We look forward to working with Steven and benefiting from his leadership as we continue to develop our CNS See Continuous net settlement. CNS See continuous net settlement (CNS). pipeline." About Axonyx Axonyx Inc. is a U.S.-based biopharmaceutical company engaged in the acquisition and development of proprietary pharmaceutical compounds for the treatment of Central Nervous System disorders Nervous system disorders A satisfactory classification of diseases of the nervous system should include not only the type of reaction (congenital malformation, infection, trauma, neoplasm, vascular diseases, and degenerative, metabolic, toxic, or deficiency . This press release may contain forward-looking statements or predictions. These statements represent our judgment to 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 SEC, specifically Axonyx's annual report on 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. . Axonyx cannot assure that the Phase IIb and/or other Phase III clinical trials, amendments thereto or others, if any, with Phenserine will prove successful, that the safety and efficacy profile of Phenserine exhibited in the previous small Phase II and Phase III trials will remain the same, be better or worse in future clinical trials, if any, that the preclinical results related to the regulation of beta-APP will be substantiated by the Phenserine Phase IIb clinical trial and that Phenserine will be able to slow the progression of Alzheimer's disease, that the Phase IIb clinical trial data will differentiate Phenserine from the currently marketed drugs, that any efficacy and safety results of a Phase III trial program, if pursued, will prove pivotal, that Axonyx will obtain the necessary financing to complete the Phenserine or other development programs, that the Company's development work on Phenserine will support an NDA (Non Disclosure Agreement) An agreement signed between two parties that have to disclose confidential information to each other in order to do business. In general, the NDA states why the information is being divulged and stipulates that it cannot be used for any filing, that the results of Phase III trials will allow Phenserine to be approved by the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. , that the FDA will grant marketing approval for Phenserine, that if Phenserine is approved by the FDA, it will prove competitive in the market, and that Axonyx will obtain licensing or corporate partnership agreements that will enable successful development of or acceleration of the development of and optimize marketing opportunities for, Phenserine. Axonyx cannot assure that it will be able to advance any of its other potential memory enhancing compounds toward IND status or beyond. 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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