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

4 in the

United States.

-- Expanded Development Program for R3487/MEM 3454 in Schizophrenia. In

February, Memory Pharmaceuticals announced that it plans to conduct a

clinical study of R3487/MEM 3454 on two biomarkers of schizophrenia,

P50 sensory gating and mismatch negativity, in patients with

schizophrenia. External costs of the biomarker study, and additional

formulation and manufacturing activities for R3487/MEM 3454, will be

funded by Roche. The Company expects to begin the study this summer,

with data available by early 2009.

-- Expanded PDE10 Collaboration with Amgen. In March, the Company

extended the preclinical research portion of its collaboration with

Amgen focused on the development of PDE10 inhibitors for certain

neurological and psychiatric disorders. Memory Pharmaceuticals agreed

to commit and fund certain preclinical research resources and provide

increased access to its screening technologies to the collaboration for

an additional twelve months. In exchange, Memory Pharmaceuticals will

receive increased milestone payments upon the achievement of certain

predefined development events for the program. The parties also

expanded the scope of compounds eligible for higher tier royalties

under the agreement.

-- Refocused Operations. In March, Memory Pharmaceuticals realigned its

operations and reallocated its resources to refocus its near-term and

mid-term efforts on four major development and clinical programs. The

Company reduced its workforce and research discovery efforts and

shifted its resources toward development activities with two partnered

programs, its nicotinic alpha-7 receptor agonist collaboration with

Roche and the PDE10 collaboration with Amgen, and two proprietary

programs, its PDE4 inhibit
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SOURCE Memory Pharmaceuticals Corp.
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