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Memory Pharmaceuticals Reports First Quarter 2008 Financial Results

or and 5-HT6 antagonist programs. The

Company expects the savings from these initiatives to be in the range

of $2-3 million on an annualized basis.

-- Receipt of Nasdaq Notification. On April 2, 2008, the Company received

written notification from Nasdaq that, as of December 31, 2007, the

Company was not in compliance with the minimum $10.0 million

stockholders' equity requirement for continued listing under

Marketplace Rule 4450(a)(3). As required by Nasdaq, the Company has

submitted a plan to achieve and sustain compliance with all of The

Nasdaq Global Market listing requirements and the time frame required

to complete that plan.

Conference Call and Webcast Information

Memory Pharmaceuticals will hold a conference call on May 14, 2008, at 9:00 a.m. EDT to discuss the Company's first quarter 2008 financial results. The conference call will also be broadcast live from the "Investors" section of the Company's website. Memory Pharmaceuticals' senior management will host the conference call. Investors and other interested parties may access the call as follows:

Date: Wednesday, May 14, 2008

Time: 9:00 a.m. EDT

Telephone (U.S.): 866.356.4441

Telephone (international): 617.597.5396

Participant Passcode: 80809977

Webcast: under the

"Investors" section

An audio replay of the conference call will be available from 11:00 a.m. EDT on Wednesday, May 14, 2008, until Wednesday, May 21, 2008. To access the replay, please dial 888.286.8010 (U.S.) or 617.801.6888 (international) and enter passcode number 14991737. An audio replay of the conference call will also be available under the "Investors" section of the Company's website

SOURCE Memory Pharmaceuticals Corp.
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