TPTX » Topics » (11) New Accounting Pronouncement

This excerpt taken from the TPTX 10-Q filed Nov 9, 2006.

(11) New Accounting Pronouncement

          In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48), which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. We do not expect the adoption of FIN 48 to have a material impact on our financial reporting, and we are currently evaluating the impact, if any, the adoption of FIN 48 will have on our disclosure requirements.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

          This Quarterly Report on Form 10-Q contains “forward-looking” statements, as defined in the Private Securities Litigation Reform Act of 1995 that are based on current expectations, estimates and projections. Statements that are not historical facts, including statements about our beliefs and expectations, are forward-looking statements. These statements involve potential risks and uncertainties; therefore, actual results may differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. We do not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

          Because the business combination of TPTX and Axonyx was not completed until October 3, 2006, the discussion of historical financial condition and results of operations addresses the interim financial statements of Axonyx and does not address the financial condition or results of operations of TPTX. For additional financial information on TPTX please see the selected historical consolidated financial data of TPTX, the selected unaudited pro forma condensed financial date of the combined company, and other materials filed with, or incorporated by reference into, Amendment No. 1 to our Form S-4 filed on August 25, 2006 with the Securities and Exchange Commission, or SEC.

          We refer you to the Axonyx Inc. Annual Report on Form 10-K for the year ended December 31, 2005 filed with the SEC, where the risks set forth below and others are more fully described, as well as Amendment No. 1 to the Form S-4 filed on August 25, 2006.

          Specifically, with respect to our drug candidates, we cannot assure our stockholders that: any preclinical studies or clinical trials will prove successful, and if successful, that the results could be replicated; safety and efficacy profiles of any of our drug candidates will be established, or if established, will remain the same, be better or worse in future clinical trials, if any; any of our drug candidates will support a New Drug Application, or NDA, filing, will be approved by the United States Food and Drug Administration, or FDA, or if approved, will prove competitive in the market; we will be able to successfully out-license any of our drug candidates; we will be able to successfully in-license any additional compounds, or that we will obtain the necessary financing to support our drug development program.

          We do not undertake to discuss matters relating to our ongoing clinical trials or our regulatory strategies beyond those which have already been made public or discussed herein.

This excerpt taken from the TPTX 10-Q filed Aug 8, 2006.

(8) New Accounting Pronouncement

                 In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109” (FIN 48), which prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. FIN 48 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective for fiscal years beginning after December 15, 2006. The Company does not expect the adoption of FIN 48 to have a material impact on our financial reporting, and the Company is currently evaluating the impact, if any, the adoption of FIN 48 will have on our disclosure requirements.

EXCERPTS ON THIS PAGE:

10-Q
Nov 9, 2006
10-Q
Aug 8, 2006
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