INVESTOR NOTICE: MURRAY, FRANK & SAILER LLP ANNOUNCES A SHAREHOLDER CLASS ACTION HAS BEEN FILED AGAINST AXONYX, INC. - AXYX

New York, NY (PrimeZone) February 22, 2005 - Murray, Frank & Sailer LLP announces that a class action lawsuit was filed in the United States District Court for the Southern District of New York on behalf of all securities purchasers of Axonyx, Inc. (“Axonyx” or the “Company”) (Nasdaq: AXYX) between June 26, 2003 and February 4, 2005, inclusive (the “Class Period”).

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The complaint charges Axonyx, Marvin Hausman and Gosse Bruinsma with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company’s only viable drug candidate, Phenserine, a acetylcholinesterase (“AChE”) inhibitor, failed to curb symptoms of Alzheimer’s disease; (2) that the Company knew or recklessly disregarded the fact that Phenserine failed to partially block the effects of AChE, an enzyme that breaks down a neurotransmitter in the brain important for memory and cognition; (3) that as a consequence of the foregoing, the Company would not be able to commercialize Phenserine, currently its only potential source of revenue; and (4) that as a result the Company's positive statements about the development and potential approval of Phenserine were lacking in all reasonable basis when made.

On February 7, 2005, Axonyx announced that Phenserine did not achieve significant efficacy in Phase III Alzheimer’s Disease trial. The news shocked the market. Shares of Axonyx fell $3.04 per share, or 62.68 percent, on February 7, 2005, to close at $1.81 per share.

Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than thirty years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.

If you purchased or otherwise acquired Axonyx securities between June 26, 2003 and February 4, 2005, and sustained damages, you may, no later than April 18, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff’s counsel Eric J. Belfi or Aaron D. Patton of Murray, Frank & Sailer LLP.