Axonyx Retains Pharmaceutical Special Projects Group LLC - PSPG - For the Development and Registration of Phenserine.

NEW YORK -- AXONYX Inc. (NASDAQ: AXYX) announced that it has formalized an existing arrangement with the consulting firm of Pharmaceutical Special Projects Group, LLC (PSPG) under a multi-year retainer agreement. E[acute accent]PSPG is a consortium of independent pharmaceutical-industry professionals under the management of Lawrence T. Friedhoff, MD, PhD, FACP. Dr. Friedhoff's experience in the CNS area includes leading the team that chose, successfully developed, and registered Aricept(R), now the world's largest-selling acetylcholinesterase inhibitor used for the treatment of Alzheimer's disease. PSPG includes a number of key members of the Aricept development team who have also worked together on several other successful NDAs over the past decade. E[acute accent]Axonyx's lead compound, Phenserine, is a dual action acetylcholinesterase and beta-APP inhibitor, currently in Phase III trials, that is being developed for the treatment of mild to moderate Alzheimer's disease (AP) patients. PSPG has been assisting the company with all aspects of Phenserine's development program. E[acute accent]Gosse B. Bruinsma, MD, President and Chief Operating Officer, stated, "we are delighted to have formalized our relationship with a group of this caliber, who have in depth knowledge of the development of acetylcholinesterase drugs for AD as well as the regulatory registration process."

E[acute accent]About Axonyx

E[acute accent]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 an acetylcholinesterase and beta-APP inhibitor that is being developed for the treatment of mild to moderate Alzheimer's disease (AP) patients. Phenserine is also currently undergoing clinical testing in three Phase III trials and a Phase IIB trial.

E[acute accent]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.