- Company to Receive Approximately $2.3M in Funding From Roche in 2007 -
MONTVALE, N.J., July 17 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that it has achieved a set of defined
preclinical milestones in its collaboration with Roche for the discovery and
development of nicotinic alpha-7 receptor agonists for the treatment of
neurological and psychiatric disorders, triggering a commitment from Roche to
provide approximately $2.3 million in research funding during 2007. The
milestone was related to progress in the preclinical development of MEM 63908,
the second named development candidate in the Company's nicotinic alpha-7
agonist program.
"Roche's commitment to the nicotinic alpha-7 agonist collaboration is
reflected in the progress we have made with the preclinical development of MEM
63908," said David A. Lowe, Ph.D., Chief Scientific Officer of Memory
Pharmaceuticals. "Roche has confirmed that MEM 63908 represents a promising
development candidate, and we look forward to working with our partner to move
this compound into the clinic and identifying and optimizing other lead
candidates from the nicotinic alpha-7 agonist program."
MEM 63908 is a partial agonist of the nicotinic alpha-7 receptor and
belongs to a family of novel nicotinic alpha-7 receptor agonists that are
being developed under the companies' collaboration. A number of lines of
evidence suggest that partial agonists at the nicotinic alpha-7 receptor could
have a variety of uses in addressing important diseases of the central nervous
system, including Alzheimer's disease and schizophrenia.
Under the terms of the companies' 2006 nicotinic alpha-7 receptor agonist
collaboration agreement, Memory Pharmaceuticals granted Roche an exclusive
worldwide license to its intellectual property on nicotinic alpha-7 receptor
agonist compounds. In addition to the approximately $2.3 million in research
funding for 2007, Memory Pharmaceuticals will be eligible to receive milestone
payments upon the achievement of development, regulatory and sales events for
drug candidates that progress under the collaboration. MEM 3454 remains under
the terms of the original 2003 option agreement with Roche.
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.
-0- 07/17/2006
/CONTACT: Jzaneen Lalani, Vice President, Legal Affairs, Memory
Pharmaceuticals Corp., +1-201-802-7249, or Laura Perry of Stern Investor
Relations, Inc., +1-212-362-1200, for Memory Pharmaceuticals Corp./
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.; Roche
ST: New Jersey
IN: BIO HEA MTC
SU: TRI
AH
-- NYM036 --
3629 07/17/2006 06:30 EDT http://www.prnewswire.com
