MONTVALE, N.J., Nov. 27 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that it has completed enrollment in its
ongoing Phase 2a trial of MEM 1003 in patients with acute mania in bipolar
disorder. The Company now expects to report top-line results in the first
quarter of 2007.
"Since enrolling our first subject in September of this year, enrollment
has proceeded rapidly which we believe reflects the interest of our study
investigators and clinicians in this area to evaluate novel approaches for the
treatment of bipolar disorder," said Stephen R. Murray, M.D., Ph.D., Vice
President of Clinical Development. "The results from this proof-of-concept
trial will provide valuable insights into the potential efficacy of MEM 1003
to treat acute mania in bipolar disorder and will be critical in shaping the
development path for this drug candidate."
The multicenter, double-blind, randomized, placebo-controlled study is
evaluating the safety and efficacy of MEM 1003 for the treatment of acute
mania in bipolar disorder. Approximately 80 subjects have been randomized to
receive MEM 1003 or placebo for a 21-day treatment period, which is followed
by an optional open-label four-week treatment period. Subjects in the MEM
1003 group are receiving 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 trial is being conducted with support from the Stanley Medical
Research Institute (SMRI). Under the terms of the Company's agreement with
SMRI, Memory Pharmaceuticals could receive up to $3.2 million from SMRI to
fund its Phase 2a clinical trial of MEM 1003 in bipolar disorder. To date,
the Company has received from SMRI $960,000 as an investment in the Company's
Common Stock and $960,000 as a milestone payment. The balance of the
potential funding is also milestone based. All of the milestone payments 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 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- 11/27/2006
/CONTACT: Michael Smith, Vice President, Business Development,
+1-201-802-7101; 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: HEA BIO MTC FIN
SU: TRI
RN
-- NYM083 --
6104 11/27/2006 06:30 EST http://www.prnewswire.com
