Axonyx and TorreyPines to Host Webcast and Conference Call on Announced Merger

The conference call will be webcast with automatically advancingslides that can be accessed at the Axonyx corporate website atwww.axonyx.com. The webcast link will become "live" at 9:00 a.m. ET.Please note that this conference call/webcast will not include aquestion and answer session; shareholders and interested parties aretherefore encouraged to view the audio/slide webcast.

To listen to the call by telephone beginning at 9:00 a.m. ET,parties may dial (877) 660-6853 or (201) 612-7415, account number 286;confirmation identification number 205355 to gain access the audioportion of the presentation. The related slide presentation can bedownloaded at www.axonyx.com also beginning at 9:00 a.m. ET. Inaddition, a telephonic archive will be available through June 21,2006. The webcast with slides will be archived for six months throughDecember 8, 2006.

Additional Information about the Merger and Where to Find It

In connection with the Merger, Axonyx Inc. and TorreyPinesTherapeutics, Inc. intend to file relevant materials with theSecurities and Exchange Commission (SEC), including a registrationstatement on Form S-4 that will contain a prospectus and a joint proxystatement. Investors and security holders of Axonyx Inc. andTorreyPines Therapeutics, Inc. are urged to read these materials whenthey become available because they will contain important informationabout Axonyx Inc., TorreyPines Therapeutics, Inc., and the merger. Theproxy statement, prospectus and other relevant materials (when theybecome available), and any other documents filed by Axonyx with theSEC, may be obtained free of charge at the SEC's web site atwww.sec.gov. In addition, investors and security holders may obtainfree copies of the documents filed with the SEC by Axonyx Inc. bydirecting a written request to: Axonyx Inc., 500 Seventh Avenue, 10thFloor, New York, NY 10018, Attention: Investor Relations. Investorsand security holders are urged to read the proxy statement, prospectusand the other relevant materials when they become available beforemaking any voting or investment decision with respect to the merger.

Axonyx Inc. and its executive officers and directors may be deemedto be participants in the solicitation of proxies from thestockholders of Axonyx Inc. in connection with the merger. Informationabout those executive officers and directors of Axonyx Inc. and theirownership of Axonyx's common stock is set forth in Axonyx's AnnualReport on Form 10-K for the year ended December 31, 2005, which wasfiled with the SEC. Investors and security holders may obtainadditional information regarding the direct and indirect interests ofAxonyx Inc. and its executive officers and directors in the merger byreading the proxy statement and prospectus regarding the merger whenit becomes available.

This communication shall not constitute an offer to sell or thesolicitation of an offer to sell or the solicitation of an offer tobuy any securities, nor shall there be any sale of securities in anyjurisdiction in which such offer, solicitation or sale would beunlawful prior to registration or qualification under the securitieslaws of any such jurisdiction. No offering of securities shall be madeexcept by means of a prospectus meeting the requirements of Section 10of the Securities Act of 1933, as amended.

Participants in the Solicitation

Axonyx Inc. and its directors and executive officers andTorreyPines Therapeutics, Inc. and its directors and executiveofficers may be deemed to be participants in the solicitation ofproxies from the stockholders of Axonyx Inc. in connection with theproposed transaction. Information regarding the special interests ofthese directors and executive officers in the merger transaction willbe included in the proxy statement/prospectus referred to above.Additional information regarding the directors and executive officersof Axonyx Inc. is also included in Axonyx's Annual Report on Form 10-Kfor the year ended December 31, 2005, which was filed with the SEC onMarch 16, 2006. This document is available free of charge at the SEC'sweb site (www.sec.gov) and from Investor Relations at Axonyx at theaddress described above.

About TorreyPines Therapeutics

TorreyPines Therapeutics, Inc. is a biopharmaceutical company thatdiscovers and develops small molecule drugs to treat diseases anddisorders of the central nervous system. Led by an accomplishedmanagement team, TorreyPines is leveraging novel drug targets andtechnologies to deliver new therapies for migraine; chronic pain,including neuropathic pain; and Alzheimer's disease. Its therapies areintended to offer significant advantages over current therapies.Further information is available at www.torreypinestherapeutics.com.

About Axonyx

Axonyx Inc. is a U.S.-based biopharmaceutical company engaged inthe acquisition and development of proprietary pharmaceuticalcompounds for the treatment of CNS disorders. Axonyx currently hasthree compounds in development for Alzheimer's disease, namelyPhenserine - a potential symptomatic and disease progression treatmentof mild to moderate Alzheimer's disease (AD), Posiphen(TM) - apotential disease progression treatment for AD now in Phase I, andBisNorCymserine (BNC) - a potential symptomatic treatment of severe ADnow in pre-Investigational New Drug (IND) stage. Additionalinformation can be found at www.axonyx.com.

This press release contains forward-looking statements orpredictions, including statements regarding the potential closing ofthe proposed merger between Axonyx and TorreyPines Therapeutics, thetrading of the combined company's stock on the Nasdaq Stock Market,the amount of cash expected to be held by the combined company atclosing, the timing for anticipated occurrence of key milestonesrelated to each company's product candidates, the characteristics andpossible uses of the product candidates of each of Axonyx andTorreyPines Therapeutics, the expected advantages of combining Axonyxand TorreyPines Therapeutics, and the expected timing of closing ofthe merger. Actual results may differ materially from the aboveforward-looking statements due to a number of important factors,including the possibility that the proposed transaction withTorreyPines Therapeutics may not ultimately close for any of a numberof reasons, including, but not limited to, Axonyx not obtainingshareholder approval of the issuance of shares and warrants in themerger, the change in control resulting from the merger or the reversesplit of Axonyx common stock; TorreyPines Therapeutics not obtainingshareholder approval of the merger, the possibility that NASDAQ willnot approve the listing of the combined company's shares for tradingon the NASDAQ Stock Market or that the combined company will not beable to meet the continued listing requirements after the closing ofthe merger; that Axonyx and TorreyPines Therapeutics will foregobusiness opportunities while the merger is pending; that prior to theclosing of the proposed transaction, the businesses of the companies,including the retention of key employees, may suffer due touncertainty; and even in the event the transaction is completed, thatcombining Axonyx and TorreyPines Therapeutics may not result in astronger company, that the technologies and clinical programs of thetwo companies may not be compatible and that the parties may be unableto successfully execute their integration strategies or realize theexpected benefits of the merger.

This press release may contain forward-looking statements orpredictions. These statements represent our judgment to date, and aresubject to risks and uncertainties that could materially affect theCompany, including those risks and uncertainties described in thedocuments Axonyx files from time to time with the SEC, specificallyAxonyx's annual report on Form 10-K. Specifically, with respect to ourdrug candidates Phenserine, Posiphen(TM) and BisNorCymserine, Axonyxcannot assure that: any preclinical studies or clinical trials,whether ongoing or conducted in the future, will prove successful, andif successful, that the results can be replicated; safety and efficacyprofiles of any of its drug candidates will be established, or ifestablished, will remain the same, be better or worse in futureclinical trials, if any; pre-clinical results related to cognition andthe regulation of beta-APP will be substantiated by ongoing or futureclinical trials, if any, or that any of its drug candidates will beable to improve the signs or symptoms of their respective clinicalindication or slow the progression of Alzheimer's disease; any of itsdrug candidates will support an NDA filing, will be approved by theFDA or its equivalent, or if approved, will prove competitive in themarket; or that Axonyx will have or obtain the necessary financing tosupport its drug development programs. Axonyx cannot assure that itwill be successful with respect to identifying a (sub-) licensingpartner for any of its compounds. Axonyx undertakes no obligation topublicly release the result of any revisions to such forward-lookingstatements that may be made to reflect events or circumstances afterthe date hereof or to reflect the occurrence of unanticipated events.