NEW YORK--(BUSINESS WIRE)--Jan. 4, 2006--Axonyx Inc. (NASDAQ: AXYX) announced today that it has granted to Daewoong Pharmaceutical Company Ltd. (Daewoong) an exclusive license for the use of Phenserine in the South Korean market. Under the terms of the agreement Daewoong, at its own costs, undertakes to pursue the product development and regulatory work necessary for a New Drug Application (NDA) (or its equivalent) in South Korea with respect to Phenserine for the treatment of Alzheimer’s disease (AD).
