-Memory Receives $6 Million Milestone Payment-
-Memory to Host Conference Call at 9:00 a.m. EDT Today-
MONTVALE, N.J. and BASEL, Switzerland, May 2 /PRNewswire-FirstCall/ -- Memory
Pharmaceuticals Corp. (Nasdaq: MEMY) and Roche (SWX: ROG) today announced that
Roche has exercised its option to further develop and commercialize Memory
Pharmaceuticals' lead nicotinic alpha-7 agonist drug candidate, MEM 3454, for
neurological and psychiatric disorders. Roche's exercise of its option for MEM
3454 triggers a $6 million milestone payment and entitles Memory
Pharmaceuticals to future payments upon the achievement of additional
milestones and royalties on product sales, including a $17 million milestone
payment upon the completion of the ongoing Phase 2a study in cognitive
impairment associated with schizophrenia (CIAS). In addition, Memory
Pharmaceuticals retains an option to co-promote MEM 3454 in the United States.
"We are excited that Roche shares our enthusiasm for MEM 3454 and its potential
to address the cognitive deficits associated with debilitating CNS disorders,"
stated Vaughn M. Kailian, President and Chief Executive Officer of Memory
Pharmaceuticals. "We have aggressively advanced MEM 3454 through early-stage
clinical trials, including a positive Phase 2a trial in Alzheimer's disease. We
believe that Roche's continued commitment to the program, together with its
expertise in later-stage clinical development and commercialization, will
provide the support and capabilities to realize the full potential of this
compound."
In a recently completed Phase 2a study in Alzheimer's disease patients, MEM 3454
demonstrated a statistically significant effect on multiple measures of
cognition. The compound is currently being evaluated in a Phase 2a trial in
CIAS, with top-line results expected in the fourth quarter of 2008. The trial
is expected to enroll approximately 160 patients and is designed to assess the
safety, tolerability and cognitive effects of three doses of MEM 3454 in
patients with CIAS. In addition, Memory Pharmaceuticals and Roche recently
expanded their schizophrenia development program for MEM 3454 to include a
biomarker study, which will be funded by Roche. Memory Pharmaceuticals expects
to initiate the biomarker trial this summer, with results expected by early
2009.
MEM 3454 is a partial agonist of the nicotinic alpha-7 receptor, a highly
specialized receptor found in the central nervous system. Compounds acting on
this receptor could be beneficial in the treatment of Alzheimer's disease and
schizophrenia, as well as other psychiatric and neurological disorders.
Conference Call Information
Memory Pharmaceuticals will hold a conference call today, May 2, 2008 at 9:00
a.m. EDT to discuss this announcement. The conference call will also be
broadcast live from the "Investors" section of the Company's website. Memory
Pharmaceuticals' senior management will host the conference call. Investors and
other interested parties may access the call as follows:
Date: Friday, May 2, 2008
Time: 9:00 a.m. EDT
Telephone (U.S.): 866.314.4483
Telephone (international): 617.213.8049
Participant Passcode: 38691567
Webcast: http://www.memorypharma.com under the
"Investors" section
An audio replay of the conference call will be available from 11:00 a.m. EDT on
Friday, May 2, 2008, until Friday, May 9, 2008. To access the replay, please
dial 888.286.8010 (U.S.) or 617.801.6888 (international) and enter passcode
number 95627100. An audio replay of the conference call will also be available
under the "Investors" section of the Company's website during the same period.
About the Company
Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused on
developing innovative drugs for the treatment of debilitating CNS disorders,
many of which exhibit significant impairment of memory and other cognitive
functions, including Alzheimer's disease and schizophrenia. For additional
information, please visit our website at http://www.memorypharma.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject to risks and
uncertainties. All statements, other than statements of historical facts,
regarding management's expectations, beliefs, goals, plans or Memory
Pharmaceuticals' prospects, future financial position, future revenues and
projected costs should be considered forward-looking. Readers are cautioned
that actual results may differ materially from projections or estimates due to
a variety of important factors, including the outcome of clinical trials of
Memory Pharmaceuticals' drug candidates and whether they demonstrate these
candidates' safety and effectiveness; the risks and uncertainties associated
with: obtaining additional financing to support Memory Pharmaceuticals' R&D and
clinical activities and operations; obtaining regulatory approvals to conduct
clinical trials and to commercialize Memory Pharmaceuticals' drug candidates;
Memory Pharmaceuticals' ability to enter into and maintain collaborations with
third parties for its drug development programs; Memory Pharmaceuticals'
dependence on its collaborations and its license relationships; achieving
milestones under Memory Pharmaceuticals' collaborations; Memory
Pharmaceuticals' dependence on preclinical and clinical investigators,
preclinical and clinical research organizations, manufacturers and consultants;
protecting the intellectual property developed by or licensed to Memory
Pharmaceuticals; and Memory Pharmaceuticals' ability to maintain listing on the
Nasdaq Global Market. These and other risks are described in greater detail in
Memory Pharmaceuticals' filings with the Securities and Exchange Commission.
Memory Pharmaceuticals may not actually achieve the goals or plans described in
its forward-looking statements, and investors should not place undue reliance
on these statements. Memory Pharmaceuticals disclaims any intent or obligation
to update any forward-looking statements as a result of developments occurring
after the date of this press release.
SOURCE Memory Pharmaceuticals Corp.
-0- 05/02/2008
/CONTACT: Jzaneen Lalani, General Counsel of Memory Pharmaceuticals
Corp., +1-201-802-7249; or Laura Perry of LMP Investor Relations Inc.,
+1-646-719-1055, for Memory Pharmaceuticals Corp./
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.; Roche
ST: New Jersey, Switzerland
IN: MTC HEA
SU: CCA CON PDT TRI
TY-CT
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6225 05/02/2008 06:05 EDT http://www.prnewswire.com
