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

s. In July, Memory Pharmaceuticals presented preclinical data for MEM 68626, its lead 5-HT6 antagonist, in a poster presentation at the 2008 Alzheimer's Association International Conference on Alzheimer's Disease. The results demonstrate that MEM 68626 is effective in models of cognition that are considered predictive of efficacy in Alzheimer's disease and mild cognitive impairment.

The Company also reported that six abstracts related to the Company's clinical and preclinical programs have been accepted for poster presentations at the 38th Annual Meeting of the Society for Neuroscience in Washington, D.C. from November 15 - 19, 2008. The abstracts include additional preclinical data for R3487/MEM 3454, new preclinical data for MEM 68626 and data from its collaboration with Amgen focused on the development of PDE10 inhibitors.

-- Raised $2.0 Million under SMRI Equity Financing Agreement. In August, Memory Pharmaceuticals raised $2.0 million in the third and final tranche of its June 2007 equity financing agreement with an investment group led by The Stanley Medical Research Institute (SMRI).

-- Realigned Workforce to Support Development Programs. In September, the Company implemented a reduction in its workforce designed to reduce its costs and direct its resources toward its clinical programs. The cost reductions associated with the eliminated positions will help the Company to continue to execute its development strategy and support its key programs, including the ongoing and expected trials for its clinical-stage drug candidates.

-- Transferred to the NASDAQ Capital Market and Granted Extension to Comply with NASDAQ Listing Requirements. In October, the NASDAQ Listing Qualifications Panel transferred the listing for the Company's common stock from The NASDAQ Global Market to The NASDAQ Capital Market and granted the Company until December 3, 2008 to comply with the NASDAQ Capital Market minimum market capitalization requirement of $35 m
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SOURCE Memory Pharmaceuticals Corp.
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