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

ped by or licensed to Memory Pharmaceuticals; and Memory Pharmaceuticals ability to maintain listing on the Nasdaq Global Market. These and other risks are described in greater detail in Memory Pharmaceuticals' filings with the Securities and Exchange Commission. Memory Pharmaceuticals may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Memory Pharmaceuticals disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

MEMORY PHARMACEUTICALS CORP.

CONDENSED STATEMENTS OF OPERATIONS

(in thousands - except per share information)

(unaudited)

Three Three

Months Months

Ended Ended

March 31, March 31,

2008 2007

Revenue $752 $2,690

Operating expenses:

Research and development 10,982 9,851

General and administrative 2,874 2,253

Total operating expenses 13,856 12,104

Loss from operations (13,104) (9,414)

Other income 24 -

Interest income (expense), net (365) 551

Loss before income taxes (13,445) (8,863)

Income tax expense - - '/>"/>

SOURCE Memory Pharmaceuticals Corp.
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