MONTVALE, N.J., Dec 11, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that the U.S. Food and Drug
Administration (FDA) has completed its review of the investigational new drug
application (IND) for MEM 3454 and has informed the Company that the clinical
hold on the development of this drug candidate has been released. The Company
now plans to commence its previously-announced Phase 2a clinical trial for MEM
3454 in Alzheimer's disease during the first quarter of 2007.
"Memory has worked diligently with the FDA since this trial was placed on
clinical hold in October, and we are pleased that we will now be able to move
forward with the proof-of-concept trial for this important drug candidate,"
stated Jim Sulat, President and Chief Executive Officer of Memory
Pharmaceuticals. "Given the safety and pharmacokinetic results of the Phase 1
trial for MEM 3454 and the positive cognitive data generated in that trial, we
believe that MEM 3454 may offer a new approach for the treatment of
debilitating central nervous system 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.
Michael Smith, Vice President, Business Development, Memory Pharmaceuticals Corp.,
+1-201-802-7101; or Lilian Stern of Stern Investor Relations, Inc. for Memory
Pharmaceuticals Corp., +1-212-362-1200
http://www.memorypharma.com/
