Axonyx Announces Year-End Results.Business Editors NEW YORK--(BUSINESS WIRE)--March 15, 2000 Axonyx Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AXYX) announced its financial results for the year ended December 31, 1999. The Company reported a net loss to stockholders of $(5,002,000) or $(0.39) per share. Revenue for the year was $146,000, the 1999 portion of a $250,000 fee received from Ares Serono pursuant to the Development Agreement and Right to License signed in June 1999. Research and development expenses were reported at $3,000,000, of which $2,256,000 was attributable to non-cash equity charges. The bulk of the non-cash equity charges resulted from a one time charge of $1.9 million arising from shares issuable to New York University New York University, mainly in New York City; coeducational; chartered 1831, opened 1832 as the Univ. of the City of New York, renamed 1896. It comprises 13 schools and colleges, maintaining 4 main centers (including the Medical Center) in the city, as well as the for the acquisition of its peptide technology. General and administrative expenses were reported at $2,206,000, of which $849,000 was attributable to non-cash equity charges. Expenditures were allocated primarily to the expansion of Axonyx's management team, development of the Company's drug product candidates for the 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. , and for the acquisition of new technology. Fourth Quarter Review The fourth quarter of 1999 proved to be a time of significant advancement for Axonyx's scientific assets. The Company initiated its Phase I human clinical trial for Phenserine, its lead Alzheimer's Disease drug on December 21, 1999. This study is scheduled to be completed in March 2000. Axonyx is looking forward to organizing a Phase II clinical study for Phenserine, which is tentatively scheduled to begin by the fourth quarter of 2000. Phenserine, to which Axonyx holds worldwide rights, is a potent, brain targeted, reversible and highly selective inhibitor of the enzyme, 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 preclinical studies preclinical studies, n.pl a term used to describe research done before a clinical study. May be laboratory or epidemiologic research. , inhibition of this enzyme has been shown to dramatically improve memory and cognitive performance in animals. Preclinical preclinical /pre·clin·i·cal/ (-klin´i-k'l) before a disease becomes clinically recognizable. pre·clin·i·cal adj. 1. data was presented at the 29th Annual Meeting of the Society for Neurosciences For other uses, see SFN (disambiguation). The Society for Neuroscience (SfN) is a professional society for basic scientists and physicians around the world whose research is focused on the study of the brain and nervous system. in Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , FL, October 23-28, 1999, that further suggests that Phenserine has a potential dual beneficial activity as an Alzheimer's Disease therapeutic. The drug can improve 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 memory and can also slow the deposition of beta-amyloid, the toxic protein that is deposited in plaques and thought to cause neuronal neu·ro·nal adj. Relating to a neuron. neuronal pertaining to or emanating from a neuron. neuronal abiotrophy see hereditary neuronal abiotrophy of Swedish Lapland dogs. cell death. The American Chemical Society The American Chemical Society (ACS) is a learned society (professional association) based in the United States that supports scientific inquiry in the field of chemistry. Founded in 1876 at New York University, the ACS currently has over 160,000 members at all degree-levels and in chose an article covering the synthesis of Axonyx's unique new class of memory improving memory improving experimental therapeutics, butyrylcholinesterase inhibitors, as one of two "Hot Articles" for 1999. These inhibitors, drugs which also have potential application in the treatment of Alzheimer's Disease, were described in an article authored by Nigel H. Greig et. al., and was published in the May 20, 1999 edition of the Journal of Medicinal Chemistry The Journal of Medicinal Chemistry (usually abbreviated as J. Med. Chem.), is a peer-reviewed scientific journal, published since 1959 by the American Chemical Society. . Robert G. Burford, Ph.D., F.A.C.A. has been appointed by the Company as Vice President, Product Development. Dr. Burford will focus his efforts on preclinical and clinical development of Axonyx's cholinesterase inhibitor cholinesterase inhibitor n. A drug, such as neostigmine, that restores myoneural function by inhibiting the biodegradation of acetylcholine. Also called acetylcholinesterase inhibitor. drug candidates, including its lead acetylcholinesterase inhibitor acetylcholinesterase inhibitor n. See cholinesterase inhibitor. , Phenserine and a butyrylcholinesterase inhibitor, Cymserine. Cymserine is a highly selective memory drug compound and the underlying platform technology offers several unique drug candidates for treatment of Alzheimer's Disease. The U.S. Patent Office has issued Patent Number 5,948,763 covering Axonyx's novel platform technology, amyloid amyloid /am·y·loid/ (am´i-loid) 1. starchlike; amylaceous. 2. the pathologic, extracellular, waxy, amorphous substance deposited in amyloidosis, being composed of fibrils in bundles or in a meshwork of polypeptide inhibiting peptides, for the treatment of Alzheimer's Disease. These peptides are the subject of the Company's joint development agreement with the Swiss biotech company, Ares-Serono. "The amyloid inhibiting peptides have the potential to yield a family of pharmaceutical compounds for treating Alzheimer's Disease and other diseases associated with abnormal or toxic protein formation. Positive results in animals suggest that these compounds could improve the treatment of Alzheimer's Disease," explained Axonyx 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. Dr. Marvin S. Hausman. In October, Axonyx entered into a joint development agreement with the Department of Pathology 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, in Australia. The agreement is centered on proprietary technology for a diagnostic test for Alzheimer's Disease that scientists at the University have been developing. Axonyx has the exclusive right to license any diagnostic candidates that emerge from this program. Lastly, $4.25M was raised in a Private Offering that closed in late October, helping the Company achieve all the necessary requirements in its application for listing on the 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 Small-Cap Exchange. 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. . 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.
(see attached financial statements)
Axonyx Inc.
Statement of Operations for period ended
December 31, 1999
(audited)
January 9,
1997
(inception)
Year ended through
December 31 December 31,
1999 1998 1999
-----------------------------------
Revenue $ 146,000 $ 146,000
Costs and expenses:
Research and
development
(including equity 3,000,000 $ 353,000 3,835,000
related charges of
$2,256,000 in 1999 and
$23,000 in 1998)
General and
administrative
(including equity 2,206,000 289,000 2,711,000
related charges of
$849,000 in 1999 and
$95,000 in 1998)
5,206,000 642,000 6,546,000
Loss from operations (5,060,000) (642,000) (6,400,000)
Interest expense (13,000) (10,000) (23,000)
Interest income 71,000 71,000
Net loss $ (5,002,000) $ (652,000) $ (6,352,000)
Net loss per
common share $ (0.39) $ (0.07)
Weighted average shares
basic and diluted 12,668,000 9,886,000
Axonyx Inc.
Balance Sheet for period ended
December 31, 1999
(audited)
December 31,
ASSETS
1999
----------------------
Current Assets:
Cash and cash equivalents $ 5,409,000
Stock subscription receivable 298,000
(collected in January and February 2000)
Other Assets 22,000
Total current assets 5,729,000
Equipment, net accumulated 15,000
depreciation of $3000
$ 5,744,000
LIABILITIES
Current liabilities:
Accounts payable
and accrued expenses $ 353,000
Deferred revenue 104,000
Total liabilities 457,000
STOCKHOLDERS' EQUITY
Preferred stock - $.001 par value,
5,000,000 shares authorized;
none issued Common Stock - $.001 par value,
25,000,000 shares authorized; 13,579,076 13,000
issued and outstanding
(including 305,074 shares issuable)
Additional paid-in capital 11,655,000
Unearned compensation -
stock/options (29,000)
Deficit accumulated during
development stage (6,352,000)
Total stockholders' equity 5,287,000
$ 5,744,000
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