Axonyx Co-Sponsors Second International Winter-Symposium On: `Alzheimer's disease: Molecules and Pathways of Neurodegeneration-Disease Modification Targets?'.

NEW YORK -- December 9th - 12th, 2004, Zurs, Austria

Axonyx Inc. (NASDAQ: AXYX) announces that it is co-sponsoring the Austrian Alzheimer's Association's Second International Winter Symposium on "Alzheimer's disease: Molecules and Pathways of Neurodegeneration--Disease Modification Targets?" from December 9th-12th in Zurs, Austria. This Symposium will bring the world's leading experts in Alzheimer's disease together for dynamic and interactive discussions on Alzheimer's disease modification efforts. According to the World Health Organization, an estimated 37 million people worldwide live with dementia - with Alzheimer's disease representing the majority of cases.

"We are very pleased to be able to bring the best and brightest scientific minds together in an unique forum which allows for the presentation and review of scientific theories and treatment strategies that could slow or stop the progression of Alzheimer's disease" stated Gosse B. Bruinsma, MD, President and COO of Axonyx, "We believe that such joint discussion opportunities and the exchange of new ideas may accelerate finding the answer to the prevention and treatment of Alzheimer's and other CNS diseases."

The Symposium will open with an exchange of views from Professor E. Giacobini, Honorary Chairman, from the University Hospital of Geneva, Reinhold Schmidt, M.D., Dept. of Neurology, Karl-Franzens University Graz and President of the Austrian Alzheimer Society, and Professor Bengt Winblad of the Department of Geriatric Medicine at the Karolinska Institute and Chief Physician at the Huddinge Hospital in Stockholm, Sweden. Key panel discussions include:

--Biomarkers & Clinical Assessment: "Functional Assessment in Late Stage Dementia"

--Proteins of Parkinson and Alzheimer Disease: "Tau-Protein and Neurodegeneration"

--Proteins Misfolding: "Beta Sheet Breakers"

--Acetylcholinesterase and B Secretase: "New Compounds and New Indications"

--Growth Factors of Neurodegenerative Disorders: "Stem Cell Therapy in Alzheimer's Disease"

Key scientific representatives from the United States will also participate including Nigel Greig, Ph.D., Chief, Drug Design & Development, from the National Institute on Aging, National Institutes of Health, Baltimore, MD, who will discuss "Cholinesterase inhibitors affect on AB metabolism and will they slow down the disease?" In addition, Kumar Sambamurti, Ph.D., Associate Professor of Physiology and Neuroscience, from the Medical University of South Carolina, Charleston, SC, will present "Biomarkers in preclinical models of dementia".

Further information and registration forms are available through an internet link that can be found on Axonyx's home page at www.axonyx.com as well as at www.jswresearch.com.

Axonyx is developing Phenserine, a dual action acetylcholinesterase and beta amyloid precursor protein (B-APP) inhibitor for the treatment of mild to moderate AD patients. Phenserine is currently undergoing clinical testing in a Phase IIB study and three Phase III clinical trials. The Phase IIB trial is designed to evaluate Phenserine's ability to modify the levels of the beta-amyloid precursor protein and beta-amyloid in the plasma and cerebrospinal fluid of mild to moderate AD patients. The three Phase III clinical trials will evaluate the safety and efficacy of the drug in Alzheimer's disease (AD) patients. Results from the Phase IIB and the initial Phase III clinical trial are expected to be announced in the first quarter of 2005. For more on Axonyx please log on to www.axonyx.com.

ABOUT AXONYX

Axonyx is a biopharmaceutical company engaged in the acquisition and development of proprietary pharmaceutical compounds for the treatment of central nervous system disorders. The Company's lead product, Phenserine, is a dual action acetylcholinesterase and beta-APP inhibitor that is being developed for the treatment of mild to moderate Alzheimer's disease (AP) patients. Phenserine is currently undergoing clinical testing in three Phase III trials and a Phase IIB trial.

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. Among other things, 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.