Memory Pharmaceuticals Realigns Workforce to Support Development Programs
Wednesday September 17, 4:05 pm ET
Roche will end up buying what is left of MEMY
- Michael P. Smith Promoted to CFO -
MONTVALE, N.J., Sept. 17 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced that it is implementing a reduction in its workforce designed to reduce its costs and direct its resources toward its clinical development programs. As part of this plan, the Company's workforce will be reduced by approximately 55% across all areas of the business. The cost reductions associated with the eliminated positions will allow the Company to continue to execute its development strategy and support its key programs as planned, including the ongoing and expected trials for its clinical-stage drug candidates.
The Company also announced that Michael P. Smith, Vice President of Business Development, will become Chief Financial Officer, replacing James R. Sulat. Mr. Sulat will remain with the Company through a transition period.
"We are committed to the advancement of our pipeline, and this decision will ensure that we have the resources and human capital to execute our development strategies for our partnered and proprietary programs," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We are focused on advancing our candidates through key clinical trials, such as our Phase 2 development program for MEM 3454 in cognitive impairment associated with schizophrenia and our Phase 1 program for MEM 63908, both of which are partnered with Roche. In addition, we look forward to initiating a Phase 2a trial for our lead PDE4 inhibitor, MEM 1414, commencing a Phase 1 program for MEM 68626, and continuing to collaborate with Amgen on the development of PDE10 inhibitors."
Under the workforce reduction plan, approximately 50% of the affected positions will be eliminated immediately and the remainder will be eliminated over the next six months.
Mr. Kailian continued, "We greatly appreciate the significant contributions of those employees affected by this decision, particularly those employees who have been with Memory through its growth from an early-stage research organization to the clinical-stage development company it is today."
Mr. Smith joined Memory Pharmaceuticals in 2006 as Vice President, Business Development. From 2004 to 2006, he served as the Vice President of Business Development of QLT, Inc. Prior to that, Mr. Smith held several senior positions at Chiron Corporation, including Manager, Corporate Finance and Business Development and Director, Corporate Development. From 1996 to 1998, he served as Finance/Business Development Manager for Ascent Logic Corporation. Previously, Mr. Smith was a Senior Associate at Watson Wyatt Worldwide Consulting. Mr. Smith received a B.S. from the University of Virginia and an M.B.A. from the University of California at Berkeley.
surf's up......crikey
