MONTVALE, N.J., Dec. 6 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals
Corp. (Nasdaq: MEMY) announced today that on December 5, 2007 it received
notice from The Nasdaq Stock Market that for the past 30 business days the
Company has not met the $1.00 minimum closing bid price requirement for
continued listing on the Nasdaq Global Market, as required by Marketplace Rule
4450(a)(5).
The notification letter has no effect at this time on the listing of
Memory Pharmaceuticals' common stock on the Nasdaq Global Market and the
Company will continue to trade on the Nasdaq Global Market under the symbol
MEMY. The notification letter states that Memory Pharmaceuticals will be
afforded 180 calendar days, or until June 2, 2008, to regain compliance with
the minimum closing bid price requirement. To regain compliance, the closing
bid price of the Company's common stock must meet or exceed $1.00 per share
for at least 10 consecutive business days.
If the Company is unable to regain compliance by June 2, 2008, Nasdaq will
provide written notification to the Company that its common stock is subject
to delisting. The Company may also elect to apply to transfer its common
stock from the Nasdaq Global Market to the Nasdaq Capital Market if it
satisfies all requirements, other than the minimum bid price requirement, for
initial inclusion in this market. If the Company makes such an election and
its transfer application is approved, the Company will be eligible to regain
compliance with the minimum closing bid price requirement until 180 days after
the end of the first 180 day period. If, at the conclusion of either or both
of the 180-day periods, Memory Pharmaceuticals has not achieved compliance, it
may appeal Nasdaq's determination to delist its securities.
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 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; the outcome of
clinical trials of Memory Pharmaceuticals' drug candidates and whether they
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 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- 12/06/2007
/CONTACT: Jzaneen Lalani, General Counsel for Memory Pharmaceuticals
Corp., +1-201-802-7249; or Laura Perry of Stern Investor Relations, Inc. for
Memory Pharmaceuticals Corp., +1-212-362-1200/
/Web site: http://www.memorypharma.com /
(MEMY)
CO: Memory Pharmaceuticals Corp.
ST: New Jersey
IN: MTC HEA
SU:
TY-CL
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