MONTVALE, N.J., Dec. 18 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced that it has closed the second tranche of
its previously announced $32.2 million financing. The second tranche of the
financing, which was approved by the Company's stockholders earlier today,
resulted in gross proceeds of approximately $5.5 million.
The first tranche of the financing closed in October 2006 and resulted in
gross proceeds of approximately $26.7 million. Memory Pharmaceuticals intends
to use the net proceeds from both tranches of the financing to advance its
clinical, preclinical and exploratory research programs and for other working
capital and general corporate purposes.
The securities sold in this private placement have not been registered
under the Securities Act of 1933, as amended, or state securities laws and may
not be offered or sold in the United States absent registration with the
Securities and Exchange Commission (SEC) or an applicable exemption from the
registration requirements. The shares were offered and sold only to qualified
institutional investors and a limited number of accredited investors. Memory
Pharmaceuticals has agreed to file a registration statement with the SEC
covering resale of the common stock issued in the private placement.
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- 12/18/2006
/CONTACT: Michael Smith, Vice President, Business Development,
+1-201-802-7101; or Lilian Stern, Stern Investor Relations, Inc.,
+1-212-362-1200/
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.
ST: New Jersey
IN: HEA MTC BIO
SU: FNC
DD
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7699 12/18/2006 17:53 EST http://www.prnewswire.com
