MONTVALE, N.J., Dec. 20 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp.
(Nasdaq: MEMY) today announced dosing of the first subject in a randomized,
double-blind, placebo-controlled Phase 2a clinical trial of MEM 3454, the
Company's lead nicotinic alpha-7 receptor partial agonist, in cognitive
impairment associated with schizophrenia (CIAS). The trial is designed to
assess the safety, tolerability and cognitive effects of three doses of MEM
3454 in patients with CIAS. There are currently no drugs approved to treat
CIAS.
"Cognitive impairment is a major component of schizophrenia that contributes to
patients' inability to function," stated Stephen R. Murray, M.D., Ph.D., Chief
Medical Officer of Memory Pharmaceuticals. "There is a strong rationale
supporting the utility of MEM 3454 in CIAS, including the efficacy findings
from our recently completed positive Phase 2a clinical trial of MEM 3454 in
Alzheimer's disease. Given these findings, we are excited to assess the
potential of MEM 3454 to improve cognitive impairments experienced by patients
with schizophrenia. We currently expect to complete this trial in the fourth
quarter of 2008."
The trial will enroll approximately 160 patients with stable schizophrenia who
are receiving atypical antipsychotic therapy. Subjects will be randomized to
receive 5 mg, 15 mg or 50 mg of MEM 3454 or placebo once daily for a period of
eight weeks. The primary objective of the trial is to assess the effectiveness
of MEM 3454 in CIAS using the MATRICS Consensus Cognitive Battery (MCCB).
Secondary objectives include measures of other symptoms of schizophrenia and
functional capacity.
Roche has an option to secure a worldwide, exclusive license to develop and
commercialize MEM 3454 upon the fulfillment of certain predefined events,
including the recently completed Phase 2a trial of MEM 3454 in Alzheimer's
disease. Roche is obligated to make a milestone payment to Memory
Pharmaceuticals at the time this option is exercised. In June 2007, Memory
Pharmaceuticals expanded its nicotinic alpha-7 receptor agonist agreement with
Roche to support this Phase 2a trial of MEM 3454 in CIAS. The expanded
agreement provides that Roche would have to make an additional milestone
payment upon completion of the Phase 2a CIAS trial to maintain its license to
MEM 3454. The additional milestone payment, if made, is expected to cover the
expenses related to the Phase 2a CIAS trial of MEM 3454.
MEM 3454 is a partial agonist of the nicotinic alpha-7 receptor, a highly
specialized receptor found in the central nervous system. 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. MEM
3454 is the Company's lead drug candidate from its nicotinic alpha-7 agonist
program.
About CIAS
Cognitive impairment is recognized as a major component of schizophrenia. The
condition is characterized by a reduction in patients' sensory-gating abilities
and working and verbal memory, which impacts the patient's ability to function
normally. Although there are drugs approved to treat the positive and negative
symptoms associated with schizophrenia, there are no currently available
treatments that address the cognitive deficits associated with the 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 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 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- 12/20/2007
/CONTACT: Jzaneen Lalani, General Counsel of Memory Pharmaceuticals
Corp., +1-201-802-7249; or Laura Perry of Stern Investor Relations, Inc.,
+1-212-362-1200, for Memory Pharmaceuticals Corp./
/Web site: http://www.memorypharma.com/
(MEMY)
CO: Memory Pharmaceuticals Corp.
ST: New Jersey
IN: HEA MTC BIO
SU: TRI
MV-FB
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7864 12/20/2007 16:43 EST http://www.prnewswire.com
