MONTVALE, N.J., June 1, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that the initiation of its Phase 2a
clinical trial of MEM 3454, the Company's lead nicotinic alpha-7 receptor
partial agonist, in Alzheimer's disease has been delayed. This delay is based
on feedback from the U.S. Food and Drug Administration (FDA) concerning the
potential for impurities in the clinical material that the Company proposed
for use in the Phase 2a trial. The Phase 2a trial of MEM 3454 was originally
expected to commence in June 2006 and is now expected to commence later this
year.
"We are committed to resolving this issue as rapidly as possible," stated
Jim Sulat, President and Chief Executive Officer of Memory Pharmaceuticals.
"We are currently exploring the use of a batch of MEM 3454 that we have
already produced using a different manufacturing process than that originally
proposed for the Phase 2a clinical trial. We believe this change may address
the agency's concerns. Our decision to proceed with a proof-of-concept trial
for MEM 3454 was based on the safety and pharmacokinetic results of the Phase
1 trial of MEM 3454, coupled with the positive cognitive data generated in
that trial, and we are looking forward to resolving the agency's concerns so
that we can advance MEM 3454 into the next phase of its development as quickly
as possible."
About the Company
Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused on
developing innovative drugs for the treatment of debilitating CNS disorders
such as Alzheimer's disease, schizophrenia, depression and bipolar disorder.
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 risks and uncertainties
associated with: obtaining additional financing to support Memory
Pharmaceuticals' R&D and clinical activities and operations; conducting
preclinical and clinical trials of Memory Pharmaceuticals' drug candidates
that demonstrate these candidates' safety and effectiveness; 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 relationship with Bayer; achieving milestones under Memory
Pharmaceuticals' collaborations; Memory Pharmaceuticals' dependence on third-
party preclinical or clinical research organizations, manufacturers and
consultants; and protecting the intellectual property developed by or licensed
to Memory Pharmaceuticals. 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.
Jzaneen Lalani, Vice President, Legal Affairs, +1-201-802-7249; Laura Perry, Stern
Investor Relations, Inc., +1-212-362-1200
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