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
|SOURCE Memory Pharmaceuticals Corp.|
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