Memory Pharmaceuticals Refocuses to Advance Development and Clinica...(and clinical activities and business dev...)

initiatives.

-- Focus on Key Development Activities. The Company plans to dedicate the

majority of its resources and investments to support continued

development of key partnered and proprietary programs:

-- Nicotinic Alpha-7 Receptor Agonist Collaboration with Roche. MEM

3454, the lead compound in the Company's nicotinic alpha-7 receptor

agonist collaboration with Roche, demonstrated a statistically

significant effect on multiple measures of cognition in a recent

Phase 2a study in Alzheimer's disease. Memory Pharmaceuticals is

currently evaluating the compound as a treatment for cognitive

impairment associated with schizophrenia (CIAS) in a Phase 2a trial

and expects to report top-line data from that trial in the fourth

quarter of 2008. In addition, the Company expects to initiate a

biomarker study for MEM 3454 in schizophrenia this summer, with

results expected by early 2009. The biomarker study will be funded

by Roche.

-- Memory Pharmaceuticals also expects to complete its Phase 1 program

for MEM 63908 and report top-line results in the fourth quarter of

2008.

-- PDE10 Inhibitor Collaboration with Amgen. The Company has amended

its collaboration with Amgen focused on the development of PDE10

inhibitors for certain neurological and psychiatric disorders.

Memory Pharmaceuticals has agreed to commit and fund certain

preclinical research resources and provide increased access to its

screening technologies to the collaboration over the next twelve

months. In exchange, Memory Pharmaceuticals will receive increased

milestone payments upon the achievement of certain predefined

development events for the progr
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