The FlexLM license file directory for the software is sometimes not set to C:\PTW32\bin by default or set somewhere else by other software using FlexLM.
You can check if it is picking it up by opening Lmtools.exe -> Server Status Tab -> Perform Status Enquiry.
If the output indicates it is not able to locate the license file or the path is set somewhere else, the following will set the directory to the correct path:
C:\PTW32\bin\lmtools.exe -> Utilities -> for
Vendor Name put in: mdaxbbwc -> for the Path put in the directory for the
ptw32x.lic license file (C:\PTW32\bin\ptw32x.lic) -> Override Path and try
opening the software again.