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

in 2007. For the nine months ended September 30, 2008, revenue was $6.0 million, compared to revenue of $10.4 million for the same period in 2007. The decrease in both periods primarily reflects revenues from Amgen related to the PDE10 inhibitor program and from SMRI related to the MEM 1003 program which were recognized in 2007 but not in 2008. This was partially offset by increased milestone payments and research and development funding from Roche and the acceleration of deferred revenue recognition as a result of the change in the estimated period of our continuing performance in connection with the nicotinic alpha-7 agonist program.

For the quarter ended September 30, 2008, research and development expenses were $10.3 million, compared to $9.0 million for the quarter ended September 30, 2007. For the nine months ended September 30, 2008, research and development expenses were $31.6 million, compared to $30.1 million the for same period in 2007. The increase in both periods is due primarily to increased costs associated with advancing the Company's nicotinic alpha-7 receptor agonist, 5-HT6 antagonist and PDE4 inhibitor programs as well as increased costs related to the Company's restructurings, offset by decreased administrative costs and costs associated with the MEM 1003 program.

General and administrative expenses were $2.3 million for both of the three-month periods ended September 30, 2008 and 2007. For the nine months ended September 30, 2008, general and administrative expenses were $7.7 million compared to $7.1 million for the nine months ended September 30, 2007. The increase in the nine-month period was due primarily to an increase in legal and patent fees.

At September 30, 2008, the Company had cash and cash equivalents of approximately $14.0 million, compared to $38.2 million at the end of 2007. The Company expects that its existing cash and cash equivalents, together with payments expected to be made under its collaboration agreem
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SOURCE Memory Pharmaceuticals Corp.
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