Axonyx (NASDAQ:AXYX)
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AXONYX Inc. (NASDAQ: 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 “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 disorders. Axonyx currently has three compounds in
development for Alzheimer's disease, namely Phenserine - a potential
symptomatic and disease progression treatment of mild to moderate
Alzheimer’s disease (AD), Posiphen™
- a potential disease progression treatment for AD now in Phase I, and
BisNorCymserine (BNC) - a potential symptomatic treatment 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 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 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 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.
AXONYX Inc. (NASDAQ: 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
"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 disorders. Axonyx currently has
three compounds in development for Alzheimer's disease, 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) - a potential symptomatic treatment 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 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 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 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.