MEMORY PHARMACEUTICALS TO PRESENT AT BIO 2002 IN TORONTO JUNE 9-12, 2002
-Company expands facilities to accommodate progress of development programs-
Montvale, NJ, June 6, 2002 - Memory Pharmaceuticals Corp., a privately held company developing drugs for the treatment of cognitive disorders in neurological and psychiatric diseases and aging, is pleased to announce that the Company has been selected to participate in the Investor Forum at BIO 2002. Mr. Tony Scullion, Chief Executive Officer, will provide an update of the Company's discovery and development progress on Monday, June 10 at 3:30 PM in Room 802B. Memory Pharmaceuticals expects to initiate clinical trials for its first compound, MEM 1003 for the treatment of Mild Cognitive Impairment (MCI) and Vascular Dementia (VaD), by the end of 2002. A second compound, MEM 1414 for the treatment of MCI, Alzheimer's disease (AD) and Major Depression, is expected to enter clinical development in the first half of 2003.
In addition, James E. Barrett, Ph.D., Senior Vice President of Research and Development, will participate in "Off the Beaten Pathway: Charting New Territory in Therapeutic Development" on Tuesday, June 11 at 4:00 PM in Room 701A. In this panel discussion, Dr. Barrett will discuss the critical nature of identifying a clinically relevant pathway for therapeutic intervention. He will bring examples from the Company's groundbreaking work in the CNS pathways that relate to cognitive disorders associated with Alzheimer's, Parkinson's and other neurological diseases and conditions.
Expanded Facilities to Accommodate Program Progress
Memory Pharmaceuticals also announced that the Company has enhanced the physical infrastructure of its facilities, including an in-house Good Laboratory Practice (cGLP) laboratory, to support the progress of its drug discovery and development programs. The Company has added new chemistry facilities to complement its well-equipped laboratories for medicinal chemistry, high throughput screening, molecular biology, tissue culture, electrophysiology, behavior pharmacology, bioanalytics, pharmacokinetics, screening ADMET and safety pharmacology.
"The expansion of our research and development facilities demonstrates our strong commitment to advancing our drug discovery and development programs to address memory disorders associated with aging and many CNS diseases and conditions," said Tony Scullion, Chief Executive Officer of Memory Pharmaceuticals. "In addition to our two clinical development candidates, MEM 1003 and MEM 1414, we have also recently advanced our neuronal nicotinic alpha-7 receptor program, where we are optimizing compounds for drug candidate selection toward the latter half of this year." The Company's research objective is to discover and develop, or in-license, drugs for clinically relevant targets within specific memory pathways.
Mr. Scullion added, "The expansion of our facilities to 32,000 square feet, with an option for further expansion, is designed to accommodate the growth of our staff and strengthened management team, as well as our ongoing drug discovery and development efforts."
About Memory Pharmaceuticals
Memory Pharmaceuticals is a neuropharmaceutical company developing drugs for the treatment of cognitive disorders in neurological and psychiatric diseases and aging. Based on intellectual property developed by Nobel Laureate, Eric Kandel, M.D., the Company applies its COGNOSTICS technology to target validation, chemical hit and lead identification, lead optimization and nomination of clinical development candidates. Memory Pharmaceuticals has developed a diverse pipeline of drug discovery programs at various stages of research and development, based on in-house discovery efforts and in-licensing of promising drugs.