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Memory Pharmaceuticals Receives Audit Opinion Containing Going Concern Qualification
Date:3/28/2008

MONTVALE, N.J., March 28 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today reported that the Company's independent registered public accounting firm included an explanatory paragraph in their opinion on the Company's financial statements included in the recently filed Annual Report on Form 10-K for the year ended December 31, 2007, relating to the Company's ability to continue as a going concern. The Company discusses this matter, including its plans to address future financing needs, in Note 1 to the financial statements included in its Form 10-K.

This announcement is being made in compliance with NASDAQ Marketplace Rule 4350(b)(1)(B), which requires separate disclosure in a press release regarding the receipt of an auditor opinion that contains a going concern explanatory paragraph. This announcement does not represent any change or amendment to the Company's 2007 financial statements or to its Annual Report on Form 10-K.

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.

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
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SOURCE Memory Pharmaceuticals Corp.
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