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Memory Pharmaceuticals Provides Update on NASDAQ Listing Status
Date:10/28/2008

MONTVALE, N.J., Oct. 28 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it has received notice from the NASDAQ Listing Qualifications Panel that the listing of the Company's common stock will be transferred from The NASDAQ Global Market to The NASDAQ Capital Market effective with the opening of trading on October 28, 2008. The Company's shares will continue to trade under the ticker "MEMY."

The Panel has also notified the Company that it has until October 31, 2008 to comply with the NASDAQ Capital Market minimum market capitalization requirement of $35 million or the alternative requirement of $2.5 million in stockholders' equity in order to remain listed. The Company has requested an extension to December 3, 2008 to comply with this requirement and to achieve its plan previously provided to the Panel. However, there can be no assurance that the Company will be granted this extension by the Panel.

The NASDAQ Capital Market is one of the three market tier designations for NASDAQ-listed stocks and operates in substantially the same manner as The NASDAQ Global Market. Securities listed on The NASDAQ Capital Market must satisfy all applicable qualification requirements for NASDAQ securities, and companies listed on The NASDAQ Capital Market must meet certain financial requirements and adhere to NASDAQ's corporate governance standards.

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
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SOURCE Memory Pharmaceuticals Corp.
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