Memory Pharmaceuticals Closes Second Tranche of Equity Financing with The Stanley Medical Research Institute
Tuesday June 24, 6:05 am ET
- Results in Proceeds of $2 Million -
MONTVALE, N.J., June 24 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced that it has secured $2 million through the sale of approximately 4.7 million shares of common stock under its equity financing agreement with an investment group led by The Stanley Medical Research Institute (SMRI). Memory Pharmaceuticals exercised its option to complete the second tranche following the achievement of a predefined milestone related to the Phase 2a trial of MEM 3454 in cognitive impairment associated with schizophrenia (CIAS). Under the terms of the June 2007 financing agreement, the shares were priced at a 17% premium to the average closing sale price of the Company's common stock for the ten days immediately prior to the Company's achievement of the specified milestone. Memory Pharmaceuticals has the option, in its discretion, to sell the third and final $2 million of common stock upon the achievement of an additional milestone related to the Phase 2a trial of MEM 3454 in CIAS.
"We are extremely pleased with the progress of our Phase 2a trial of MEM 3454 in CIAS and that we have been able to translate our achievements into an opportunity to raise additional capital at favorable terms," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We value SMRI's continued support as we explore MEM 3454 in this important indication, and we look forward to completing this trial and reporting top-line results in the fourth quarter of this year."
surf's up......crikey
