Axonyx Stockholders Approve Merger with TorreyPines Therapeutics Inc.Board of Directors Authorizes a 1:8 Reverse Stock Split 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) announced today that the June 7, 2006 plan of merger, by and among Axonyx Inc., Autoban Acquisition Corp. and TorreyPines Therapeutics Inc., was approved by its stockholders at today's annual stockholder meeting. At the stockholder meeting, Axonyx stockholders also approved several other proposals in connection with the merger, including the change of the company's name to "TorreyPines Therapeutics, Inc." and the reincorporation of the company as a Delaware company. The stockholders also authorized a reverse stock split of the company's common stock in a range of 1:5 to 1:10, with the exact split ratio to be determined by the Axonyx board of directors. At a board meeting that immediately followed the stockholder meeting, the board of directors set the ratio of the reverse stock split at 1:8, or 1 share of common stock for each 8 shares of common stock held by stockholders of record as of October 2, 2006. The formal closing of the merger is expected to occur during the first week of October 2006 and thereafter the merged company is expected to trade on the NASDAQ Global Market under the ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "TPTX". 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 CNS See Continuous net settlement. CNS See continuous net settlement (CNS). disorders. Axonyx currently has three compounds in development for 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. , namely Phenserine - a potential symptomatic and disease progression treatment of mild to moderate Alzheimer's disease (AD), Posiphen[TM] - a potential disease progression treatment for AD now in Phase I, and BisNorCymserine (BNC (hardware) BNC - A connector for coaxial cable such as that used for some video connections and RG58 "cheapernet" connections. A BNC connector has a bayonet-type shell with two small knobs on the female connector which lock into spiral slots in the male connector when it is twisted ) - a potential symptomatic treatment Symptomatic treatment is any medical therapy of a disease that only affects its symptoms, not its cause, i.e., its etiology. It is usually aimed at reducing the signs and symptoms for the comfort and well-being of the patient, but it also may be useful in reducing organic of severe AD now in pre-Investigational New Drug (IND) stage. Additional information can be found at www.axonyx.com. About TorreyPines Therapeutics TorreyPines Therapeutics, Inc. is a biopharmaceutical company that discovers and develops small molecule drugs to treat diseases and disorders of the central nervous system. Led by an accomplished management team, TorreyPines is leveraging novel drug targets and technologies to deliver new therapies for migraine; chronic pain, including neuropathic neuropathic /neu·ro·path·ic/ (-path´ik) pertaining to or characterized by neuropathy. neuropathic pertaining to disease of the nervous system. pain; and Alzheimer's disease. Its therapies are intended to offer significant advantages over current therapies. Further information is available at www.torreypinestherapeutics.com. This press release contains 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. Such forward-looking statements include statements regarding the expected merger between Axonyx and TorreyPines Therapeutics Inc., expectations regarding advancement of the company's product candidates and management of the company's resources, and the potential of the company's product candidates to treat certain diseases and disorders. Such statements are subject to numerous factors, risks, and uncertainties that may cause actual events or results to differ materially from the combined company's current expectations. Actual results may differ materially from the above forward-looking statements due to a number of important factors. These and other risks which may impact management's expectations are described in greater detail in the registration statement on Form S-4, as amended, as filed with the Securities and Exchange Commission and Axonyx's other SEC reports, including its 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. for the year ended December 31, 2005. We undertake 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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