-Trial Initiation Triggers $2.0 Million Milestone Payment from Roche-
MONTVALE, N.J., Aug. 29 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) today announced the dosing of the first subject in the
single ascending dose (SAD) study of its Phase 1 clinical program of R4996/MEM
63908, a partial agonist of the nicotinic alpha-7 receptor. Compounds acting
on this receptor could be beneficial in the treatment of Alzheimer's disease
and schizophrenia, as well as other psychiatric and neurological disorders.
"We are excited to advance R4996/MEM 63908 into clinical studies and
further explore the potential of nicotinic alpha-7 receptor agonists in
multiple CNS indications," said Stephen Murray, M.D., Ph.D., Chief Medical
Officer. "Together with our partner Roche, we have built a leading position
in the development of nicotinic alpha-7 receptor agonists, and the advancement
of R4996/MEM 63908 into the clinic reflects our continued progress with our
Nicotinic Alpha-7 Agonist Program."
The randomized, double-blind, placebo-controlled study will evaluate the
safety, tolerability and pharmacokinetics of ascending doses of R4996/MEM
63908 in healthy adult male volunteers. The study will be conducted in
Montreal, Canada under a Clinical Trial Application that Memory
Pharmaceuticals filed with Health Canada. As part of the Phase 1 clinical
program for R4996/MEM 63908, the Company is planning to conduct a food
interaction study in healthy adult male volunteers and a randomized, placebo-
controlled single dose study in elderly male and female volunteers. The
Company expects to complete the SAD study in the first quarter of 2008.
R4996/MEM 63908 is being developed as part of the Company's nicotinic
alpha-7 receptor collaboration with Roche. Under the terms of the Company's
agreement with Roche, the initiation of the Phase 1 trial for R4996/MEM 63908
triggers a $2.0 million milestone payment from Roche.
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 and depression. 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 outcome of clinical trials of
Memory Pharmaceuticals' drug candidates and whether they demonstrate these
candidates' safety and effectiveness; the risks and uncertainties associated
with: obtaining additional financing to support Memory Pharmaceuticals' R&D
and clinical activities and operations; 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
relationships; achieving milestones under Memory Pharmaceuticals'
collaborations; Memory Pharmaceuticals' dependence on preclinical and clinical
investigators, preclinical and 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- 08/29/2007
/CONTACT: Jzaneen Lalani, General Counsel, +1-201-802-7249; or Laura
Perry of Stern Investor Relations, Inc., +1-212-362-1200, both for Memory
Pharmaceuticals Corp./
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.
ST: New Jersey
IN: HEA MTC BIO
SU: TRI
FB-CA
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5019 08/29/2007 16:05 EDT http://www.prnewswire.com
