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Biotech / Medical : AXYX - Miscellaneous

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To: John McCarthy who started this subject	4/29/2003 9:00:33 PM
From: John McCarthy	of 11

2002 - [What they worked on][2002 Highlights ] On April 4th we announced that scientists at the National Institutes on Aging had shown Phenserine to be the first acetylcholinesterase inhibitor to target the main molecular mechanism potentially underlying AD. This significant finding by independent scientists revealed that Phenserine might work in two independent ways to treat AD; as a memory enhancer as well as an agent that may slow or stop the progression of AD. On April 13th it was announced that the presentation entitled: "Phenserine: A New Generation of Cholinesterase Inhibitors with Amyloid-Modifying Properties." was awarded one of the 2 top honors at the Seventh International Geneva/Springfield Symposium On Advances in AD. Dr. Debemoy Lahiri and his colleagues from the Department of Psychiatry and Neurology of the Indiana University School of Medicine in Indianapolis were the authors. On September 24th we announced our acquisition of the rights to a bio-assay that is targeted at identifying drug candidates that have an effect on beta-amyloid toxicity. Once fully developed, this assay, discovered by Dr. David Small at the University of Melbourne in Australia, may allow Axonyx to identify potential Alzheimer's disease drug candidates that inhibit the binding of beta-amyloid to cell membranes and the resulting damage. On October 15th we announced the extension of our agreement with the U.S. Army Medical Research Institute of Chemical Defense for an additional two years. Under this agreement the U.S. Army will continue to study Axonyx's cholinesterase inhibiting compounds as protective agents in chemical warfare. Funding for these studies has been received by the Army from the federal government. On the last day of 2002, we completed a private placement equity transaction for $4.9 million. This financing brought in needed capital for the Phenserine clinical program and demonstrated that despite a depressed economic climate there is continued interest within the investment community for your company and its pipeline of AD drugs. biz.yahoo.com

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