Axonyx Inc. Names A.E. Cohen, Former Senior Vice President of Merck, to Its Board of Directors.

Business Editors

NEW YORK--(BUSINESS WIRE)--May 8, 2000

Axonyx Inc. (Nasdaq: AXYX) announced today the appointment of A.E. "Barry" Cohen to its Board of Directors. Barry Cohen is a retired Senior Vice President of Merck & Co., Inc. and President of Merck Sharp & Dohme International (MSDI).

Axonyx Inc. Chairman, Albert Angel, said, "Barry Cohen's distinguished career as a pharmaceutical industry leader and strategic thinker will serve us well as we continue to advance and expand our worldwide programs for the treatment and diagnosis of Alzheimer's Disease."

Mr. Cohen joined MSDI in New York in 1957 and moved to India in 1960 during the early development stages of the Merck subsidiary there. Subsequently, he played a key role in the development of Merck's international pharmaceutical business, becoming the first Managing Director for Pakistan in 1962 and Regional Director for South Asia in 1964. He became Regional Director for Northern Europe in 1967 and was elected MSDI's Vice President for Europe in 1969.

In 1974, Mr. Cohen was elected Executive Vice President of MSDI and became President of the Division in 1977. In 1982, he was named to serve concurrently as a corporate Senior Vice President. In this role, his responsibilities were significantly expanded to include oversight of worldwide strategic issues and the development and acquisition of new businesses outside the United States.

Mr. Cohen retired from Merck in 1992. He continues to be an active international business executive, serving as a director on the supervisory board of Akzo Nobel, NV and the boards of Teva Pharmaceutical Industries, Ltd., Neurobiological Technologies, Inc., Vasomedical, Inc., Pharmaceutical Products Development, Inc. and Smith Barney (Mutual Funds).

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.

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. 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.