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Memory Pharmaceuticals Refocuses to Advance Development and Clinical Programs

-Expands PDE10 Collaboration with Amgen-

-Company to Host Conference Call at 9:00 A.M. EDT-

MONTVALE, N.J., March 12 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it has realigned its operations, reallocated its resources and extended the preclinical research portion of its PDE10 collaboration with Amgen. The Company will focus its near-term and mid- term efforts on two partnered programs, its nicotinic alpha-7 receptor agonist collaboration with Roche and the PDE10 collaboration with Amgen, and two proprietary programs, its PDE4 inhibitor and 5-HT6 antagonist programs.

"After conducting a thorough review of our pipeline, opportunities and financial resources, we have decided to focus on those areas where we can most optimally apply our expertise to create significant clinical and shareholder value," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "Consequently, we have reduced our discovery research effort in favor of progressing our four major programs."

In connection with this new operational focus, the Company implemented the following initiatives.
-- Reallocation of Resources. Memory Pharmaceuticals has realigned its

workforce to support its key development and clinical programs. The

Company has reduced its overall efforts dedicated to discovery

research, while maintaining its capabilities in CNS drug discovery to

support long-term growth. The Company's overall headcount has been

reduced by 20% and the Company has shifted its resources toward

development activities. The new structure will support the Company's


SOURCE Memory Pharmaceuticals Corp.
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