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Memory Pharmaceuticals Reports First Quarter 2008 Financial Results
Date:5/14/2008

eriod in 2007. The change included $3.1 million in increased costs related to the development of R3487/MEM 3454 and R4996/MEM 63908, and a $0.9 million increase related to manufacturing and preclinical costs associated with the 5-HT6 antagonist program, offset by a $3.4 million decrease in costs associated with the clinical development of MEM 1003.

General and administrative expenses for the quarter ended March 31, 2008 were $2.9 million, compared to $2.3 million for the same period in 2007. The change included an increase of $0.2 million in personnel and personnel-related costs, a $0.2 million increase in legal fees, and a $0.2 million increase in outside services.

At March 31, 2008, the Company had cash, cash equivalents and marketable securities of approximately $27.5 million, compared to $38.2 million at the end of 2007. The Company continues to expect that its existing cash, cash equivalents, and marketable securities, together with payments expected to be made under its collaboration agreements, should be sufficient to fund operating expenses, scheduled debt obligations and capital equipment requirements into the first half of 2009.

First Quarter Highlights and Recent Developments

-- Roche Opt-in for R3487/MEM 3454. In May, Roche exercised its option to

license R3487/MEM 3454, Memory Pharmaceuticals' lead nicotinic alpha-7

receptor agonist, for further development and commercialization in

psychiatric and neurological disorders. The option exercise triggers a

$6.0 million milestone payment and entitles Memory Pharmaceuticals to

future payments upon the achievement of additional milestones and

royalties on product sales, including a $17.0 million milestone payment

upon the completion of the ongoing Phase 2a study in cognitive

impairment associated with schizophrenia. In addition, Memory

Pharmaceuticals retains an option to co-promote R3487/MEM 345
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SOURCE Memory Pharmaceuticals Corp.
Copyright©2008 PR Newswire.
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