Axonyx faces possible Nasdaq delisting

By Elaine Rigoli

Tampa, Fla., Aug. 4 - Axonyx, Inc. received notice from the Nasdaq that the minimum bid price of its common stock had fallen below $1.00 for 30 consecutive business days and that Axonyx was therefore not in compliance with Nasdaq rules.

In accordance with the Nasdaq Marketplace Rules, Axonyx has until Jan. 29, 2007 to regain compliance. If compliance is not achieved by that date, Axonyx will be eligible for an additional 180-day compliance period if it meets the Nasdaq Capital Market initial listing criteria as set forth in Nasdaq Marketplace Rule 4310(c) other than the minimum bid price requirement.

If Axonyx is not eligible for an additional compliance period, or does not regain compliance during any additional compliance period, Axonyx will be delisted, though Axonyx would be able to appeal the delisting determination.

Last month Axonyx entered into a definitive merger agreement with TorreyPines Therapeutics, Inc., and Axonyx said it intends to apply for listing of the combined company's shares on the Nasdaq, noting that it will be subject to the Nasdaq reverse merger rules and is required to meet the initial listing standards for the Nasdaq.

Axonyx said it expected that the merger and the reverse stock split will help it regain compliance.

Axonyx is a biopharmaceutical company based in New York.

TorreyPines is a biopharmaceutical company with headquarters in San Diego.

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