Axonyx Inc.
AXONYX Inc. english
Funds Being Raised Through the Exercise of Warrants and a Private Placement of C
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Axonyx Inc. is Raising $2.9 Million
Thursday June 12, 8:33 am ET
Funds Being Raised Through the Exercise of Warrants and a Private Placement of
Common Stock
NEW YORK–(BUSINESS WIRE)–June 12, 2003–Axonyx Inc. (NASDAQ: AXYX – News)
today announced that it is raising $2.9 million through the exercise of
outstanding warrants and the private placement of shares of the Company’s common
stock.
The Company offered holders of warrants convertible at $3.91 per share and due
to expire in December 2003, a one-time opportunity to exercise these warrants at
$2.50 per share under the proviso that the investors relinquish their cashless
exercise provision and complete the transaction in a timely manner. For each
warrant exercised, the investors were also issued one-half of a new two-year
warrant exercisable at $5.00 per share and callable by the Company if Axonyx’s
common stock trades above $8.00 per share for a pre-defined period. Axonyx
received gross proceeds of approximately $2.3 million and issued 919,130 shares
of common stock upon the exercise of warrants. In addition, the Company issued
new warrants to purchase 459,565 shares of common stock to those holders who
exercised warrants.
The Company is also raising $575,000 through the sale of 230,000 shares of the
Company’s common stock in a private placement. Axonyx has entered into
subscription agreements for the sale of the shares with four European accredited
investors. The new warrants and shares carry piggyback registration rights.
Marvin S. Hausman, M.D., President and Chief Executive Officer of Axonyx Inc.,
stated, “Through these transactions we are raising additional funds in a
responsible, timely and efficient fashion. These funds will strengthen our
financial position as we get ready to begin our phase III Phenserine clinical
development program.”
About Axonyx
Axonyx Inc. is a U.S.-based biopharmaceutical company engaged in the acquisition
and development of proprietary pharmaceutical compounds and new technologies
useful in the diagnosis and treatment of Alzheimer’s disease, human memory
disorders and prion-based illnesses such as Mad Cow Disease.
This press release may contain forward-looking statements or predictions. These
statements represent our judgment to 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 SEC, specifically Axonyx’s annual report on Form 10-K. Axonyx cannot assure
that receipt of funding from the European investors pursuant to the signed
subscription agreements will occur and that the transaction will close, that it
will obtain the necessary financing to complete any Phase III Phenserine trials
or that the Phase III will commence as expected or at all. 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.
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Contact:
Axonyx Inc., New York
Victoria Trahan, 212/645-7704
Fax: 212/989-1745
www.axonyx.com
or
Wolfe Axelrod Weinberger Assoc. LLC
Donald C. Weinberger
Andria Pilo (Media)
212/370-4500
Fax: 212/370-4505
don@wolfeaxelrod.com
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Source: Axonyx, Inc.
end of message, (c)DGAP 12.06.2003
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WKN: 928329; ISIN: US05461R1014; Index:
Listed: Freiverkehr in Frankfurt und Berlin-Bremen;
121949 Jun 03
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