- Amgen Also Increases Research Funding Commitment for Collaboration -
MONTVALE, N.J., Sept. 28 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that it has achieved a $2.0 million
milestone related to its PDE10 collaboration with Amgen, a strategic alliance
entered into in October 2005 focused on the development of PDE10 inhibitors as
potential treatments for certain neurological and psychiatric disorders. The
achievement of the milestone was triggered by preclinical work on PDE10
inhibitors, which satisfied a set of criteria that was pre-defined by Amgen.
Separately, Memory Pharmaceuticals announced that Amgen will increase its
research funding commitment for the second year of the PDE10 collaboration.
Under the terms of the collaboration, Amgen committed $3.3 million in research
funding over the first twelve months. Amgen is increasing its research
funding commitment for the second year of the collaboration to $3.9 million.
"The achievement of this milestone and the increase in research funding
reflect the productivity of this collaboration and the progress we are making
with our partner Amgen in advancing the PDE10 program towards identifying
clinical candidates," said David A. Lowe, Ph.D., Chief Scientific Officer.
"We continue to work with Amgen to identify lead candidates as treatments for
serious neurological and psychiatric disorders."
The collaboration is focused on the optimization of lead compounds that
the Company has identified and that have demonstrated effectiveness in the
selective inhibition of PDE10 activity in several animal models. Under the
terms of the agreement, Memory Pharmaceuticals could receive additional
significant milestone payments for the successful achievement of research,
development, approval and sales events for compounds that progress under the
collaboration. In addition, Memory Pharmaceuticals is eligible to receive
royalties that will increase with increasing sales levels on worldwide sales
of marketed products from the collaboration.
PDE10 is a class of phosphodiesterases that degrades cAMP and cGMP,
molecules that are responsible for improving the function of many different
cells in the body, including neurons. By inhibiting PDE10 activity, levels of
cAMP and cGMP are increased within neurons, and the ability of these neurons
to function properly is thereby improved. PDE10 has been shown to be present
at high levels in neurons in areas of the brain that are closely associated
with many neurological and psychiatric disorders.
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- 09/28/2006
/CONTACT: Jzaneen Lalani, Vice President, Legal Affairs of Memory
Pharmaceuticals, +1-201-802-7249; or Laura Perry of Stern Investor Relations,
Inc., +1-212-362-1200, for Memory Pharmaceuticals/
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.; Amgen
ST: New Jersey
IN: HEA MTC BIO
SU: JVN
RM
-- NYTH155 --
0286 09/28/2006 16:30 EDT http://www.prnewswire.com
