This excerpt taken from the TPTX 8-K filed Jan 6, 2006.
LICENSE OF PHENSERINE TO DAEWOONG
NEW YORK, NY January 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 Alzheimers disease (AD).
The financial terms of the deal are confidential, but include royalty payments to Axonyx based on sales of Phenserine by Daewoong in the South Korean market.
This license arrangement is part of the Companys previously announced strategy to identify partners that are able and willing to commit the necessary financial resources to Phenserines further development and marketing approval.
We are excited about this license agreement which is our first for Phenserine. We expect Daewoong to build on the significant clinical data we have generated as they continue the development of Phenserine, stated Gosse Bruinsma, M.D., President and CEO of Axonyx.