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Memory Pharmaceuticals Reports Third Quarter 2008 Financial Results
Date:11/13/2008

MONTVALE, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY), today reported its financial results for the third quarter ended September 30, 2008.

"Our results reflect continued clinical progress on our programs and our commitment to translate that progress into innovative therapies," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We expanded our agreement with Roche to enhance our ongoing Phase 2 trial for R3487/MEM 3454 in cognitive impairment associated with schizophrenia, or CIAS, resulting in accelerated milestone payments to Memory. We have been pleased with the pace of enrollment in the Phase 2 CIAS trial, and we expect to achieve our enrollment goal for the trial shortly, which will trigger a $5.0 million payment from Roche. During the quarter, we also achieved a milestone related to the Phase 2 CIAS trial under our equity financing agreement with SMRI, triggering an additional investment by the firm. In addition, we completed the final study in our Phase 1 program for R4996/MEM 63908 and are on track to report top-line results from the entire program before year-end."

Financial Results

For the quarter ended September 30, 2008, the Company reported a net loss of $8.9 million, or $0.11 per share, compared to a net loss of $6.2 million, or $0.09 per share, for the same period in 2007. For the nine months ended September 30, 2008, the Company reported a net loss of $34.8 million, or $0.46 per share, compared to a net loss of $25.7 million, or $0.36 per share, for the same period in 2007.

For the quarter ended September 30, 2008, the Company reported revenue of $4.3 million, compared to revenue of $5.0 million for the same period
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SOURCE Memory Pharmaceuticals Corp.
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