Memory Pharmaceuticals Corp (MEMY)

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Memory Pharmaceuticals Highlights Progress with Key Programs at its R&D Day
Friday May 16, 12:00 pm ET

MONTVALE, N.J., May 16 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced progress with several key development programs at its R&D Day meeting with the investment community. The Company reported new clinical data for MEM 1414, its lead PDE4 inhibitor, demonstrating the compound's CNS activity in humans. In addition, the Company has nominated MEM 68626 as the lead development candidate from its 5-HT6 antagonist program, and separately confirmed its 2008 development goals for its pipeline.

"We are extremely excited about the progress we have made in advancing our programs," said Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "MEM 1414 produced a robust CNS signal in a human quantitative EEG study. In addition, using human whole blood assays, we have identified plasma concentrations required for anti-inflammatory activity. These data, combined with previous pharmacokinetic and safety data obtained in Phase 1 clinical trials for MEM 1414, will guide dosing for a proof-of-concept trial in either a cognition or respiratory indication, which we expect to initiate by the end of 2008."

Mr. Kailian continued, "Further, we are pleased to report that we have nominated MEM 68626 as the lead compound in our 5-HT6 antagonist program. MEM 68626 has demonstrated strong preclinical efficacy data in cognition and has a favorable safety and pharmacokinetic profile, which we believe offers advantages over other compounds in development. We look forward to advancing MEM 68626 into the clinic this year."

MEM 1414 - Potential in Cognition and Inflammation

Memory Pharmaceuticals reported the results of a clinical study of MEM 1414 on quantitative EEG (qEEG), a biomarker of central nervous system (CNS) activity. The randomized, double-blind, placebo-controlled, cross-over study enrolled twelve healthy volunteers and evaluated three doses of MEM 1414 (250, 500 and 750 mg). In the study, the 500 and 750 mg doses produced a statistically significant increase in both the absolute and relative power of the EEG signal in the alpha frequency. In addition, the 250 mg dose produced a strong trend on certain electrodes. Effects were consistent with previous preclinical data and with the pharmacokinetic profile of MEM 1414, and supplement the preclinical data in models of inflammation. In these models, MEM 1414 demonstrated robust anti-inflammatory effects and suppressed cytokine release from human whole blood. Together, this data package supports both pro-cognitive and anti-inflammatory indications and provides guidance for dosing in future clinical trials.

MEM 68626 - Lead 5-HT6 Antagonist

MEM 68626 was nominated as the lead development candidate in the Company's 5-HT6 antagonist program. MEM 68626 is a novel, potent and selective antagonist of the 5-HT6 receptor, a validated target for the treatment of cognitive disorders. The compound has demonstrated efficacy in multiple preclinical models of cognition and obesity and has a favorable safety and toxicology profile in in vivo studies, with no cardiovascular or genetic toxicity issues. In addition, MEM 68626 has superior pharmaceutical-like properties and the compound's pharmacokinetic profile suggests the potential for once-daily, oral dosing.


2008 Program Goals
The Company confirmed its development goals for 2008:
-- Initiate a biomarker study for R3487/MEM 3454 this summer, with results
expected by early 2009
-- Complete and report top-line results for its Phase 2a trial of
R3487/MEM 3454 in cognitive impairment associated with schizophrenia
(CIAS) in the fourth quarter
-- Complete and report top-line results for its Phase 1 program of
R4996/MEM 63908 in the fourth quarter
-- Initiate a Phase 2a trial for MEM 1414 by year-end
-- Initiate a Phase 1 trial for MEM 68626 by year-end.


About the Company

Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused on developing innovative drugs for the treatment of debilitating CNS disorders, many of which exhibit significant impairment of memory and other cognitive functions, including Alzheimer's disease and schizophrenia. For additional information, please visit our website at http://www.memorypharma.com.

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