MONTVALE, N.J., Sept. 5 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced the dosing of the first subject in a
Phase 2a trial of MEM 1003 in patients with acute mania in bipolar disorder.
The Company is conducting the trial as part of its agreement with The Stanley
Medical Research Institute (SMRI), which is providing funding support for this
Phase 2a clinical trial of MEM 1003.
The multicenter, double-blind, randomized, placebo-controlled study will
evaluate the safety and efficacy of MEM 1003 for the treatment of acute mania
in bipolar disorder. Approximately 60 subjects in the United States will be
enrolled in the trial and randomized to receive MEM 1003 or placebo for a
21-day treatment period, which will be followed by an optional open-label
four-week treatment period. Subjects in the MEM 1003 group will receive 60 mg
of MEM 1003 twice a day, with up to two dose escalations, from 60 to 120 mg
twice a day on the second day of treatment and from 120 to 180 mg twice a day
on the third day of treatment. The primary outcome measure of the trial is
the change in the Young Mania Rating Scale (YMRS) at 21 days.
"This clinical trial is the first large-scale controlled study of a
calcium channel blocker in bipolar disorder and is also an important milestone
for Memory Pharmaceuticals, as we expand our clinical experience with MEM 1003
and explore the potential of this promising compound in this indication," said
Stephen R. Murray, M.D., Ph.D., Vice President of Clinical Development. "In
clinical practice, other calcium channel modulators have shown promise in the
treatment of bipolar disorder, but the blood pressure lowering effects of
these drugs have limited further development. We believe that MEM 1003 has
been optimized for central nervous system activity and has the potential to
improve the mood swings characterized by this disorder at doses below those
that will lower blood pressure. We look forward to completing this trial in
the first half of 2007."
Under the terms of the agreement with SMRI, Memory Pharmaceuticals could
receive up to $3.2 million from SMRI to fund a Phase 2a clinical trial of
MEM 1003 in bipolar disorder. In December 2005, SMRI purchased 440,367 newly
issued shares of the Company's common stock at a price of $2.18 per share,
constituting $960,000 of the total possible funding to Memory Pharmaceuticals
under the agreement. Memory Pharmaceuticals is eligible to receive up to an
additional $2.24 million of funding from SMRI upon the achievement of
milestones related to this Phase 2a trial. These funds will be repayable to
SMRI in the form of royalties, up to a specified maximum amount, on any future
sales of MEM 1003 for the treatment of bipolar disorder or schizophrenia.
MEM 1003 is a neuronal L-type calcium channel modulator that Memory
Pharmaceuticals is developing for the treatment of Alzheimer's disease and
bipolar disorder. By blocking L-type calcium channels, MEM 1003 may regulate
the flow of calcium and reestablish normal levels of calcium, which may
correct or prevent the severe mood swings that characterize bipolar disorder.
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
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- 09/05/2006
/CONTACT: Jzaneen Lalani, Vice President, Legal Affairs, +1-201-802-7249;
or Laura Perry of Stern Investor Relations, Inc., +1-212-362-1200 /
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.; Stanley Medical Research Institute; SMRI
ST: New Jersey
IN: MTC HEA BIO
SU: TRI
BB
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8701 09/05/2006 06:30 EDT http://www.prnewswire.com
