- Roche Elects to Retain Option to License the Lead Compound from the
Nicotinic Alpha-7 Alliance -
MONTVALE, N.J., Oct. 31 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that Roche has elected to maintain its
option to obtain an exclusive license for MEM 3454, the lead compound from the
companies' alliance focused on the discovery and clinical development of
nicotinic alpha-7 receptor agonists for the treatment of neurological and
psychiatric disorders. This decision was triggered by Memory Pharmaceuticals'
Phase 1 work on MEM 3454, which satisfied a set of criteria that was
pre-defined by Roche, and will result in a $2 million milestone payment to
Memory Pharmaceuticals.
"This second milestone payment under the option agreement underscores
Roche's continued commitment to MEM 3454, a compound which has the potential
to be a novel treatment for important central nervous system (CNS) disorders
such as Alzheimer's disease and schizophrenia," stated David A. Lowe, Ph.D.,
Chief Scientific Officer of Memory Pharmaceuticals. "We are pleased that Roche
recognizes the data that has emerged from our clinical program for MEM 3454,
demonstrating the drug candidate's safety profile and cognitive effects."
Under the terms of the nicotinic alpha-7 alliance, Memory Pharmaceuticals
is responsible for the development of MEM 3454 through Phase 2a clinical
trials. Roche has the right to obtain an exclusive license for MEM 3454
following the completion of Phase 2a clinical trials for that compound. Roche
maintains this right through the development process by making three payments
to Memory Pharmaceuticals upon its achievement of certain pre-established
development milestones.
Memory Pharmaceuticals and Roche are also collaborating on the development
of additional nicotinic alpha-7 receptor agonists. In February 2006, Memory
Pharmaceuticals granted to Roche an exclusive worldwide license to its
intellectual property on all nicotinic alpha-7 receptor compounds excluding
MEM 3454. Memory Pharmaceuticals will be responsible for conducting Phase 1
clinical trials on additional nicotinic alpha-7 receptor agonists, and Roche
will assume responsibility for later-stage development and commercialization.
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- 10/31/2006
/CONTACT: Michael Smith, Vice President, Business Development,
+1-201-802-7101; or Laura Perry, Stern Investor Relations, Inc.,
+1-212-362-1200 /
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.
ST: New Jersey
IN: BIO HEA MTC
SU:
DO
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2747 10/31/2006 16:05 EST http://www.prnewswire.com
