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Memory Pharmaceuticals Appoints Vaughn M. Kailian Interim President & Chief Executive Officer
Date:2/7/2008

MONTVALE, N.J., Feb. 7 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that Vaughn M. Kailian has been appointed interim President & Chief Executive Officer. In support of Mr. Kailian's appointment, four of the Company's largest shareholders, MPM Capital, Great Point Partners, Oxford Biosciences and Venrock, have agreed to a six-month lock-up agreement. Jim Sulat, who has served as the Company's President & Chief Executive Officer since 2005, has decided to step down from this position for personal family reasons and will serve as the Company's Chief Financial Officer on a part-time basis.

"Memory Pharmaceuticals is a company with an excellent pipeline of clinical and preclinical programs, a strong scientific foundation, a wealth of talent and great potential. I am excited about the opportunity to capitalize on these strengths as we work to maximize our assets and generate significant additional shareholder value," stated Vaughn Kailian. "I will work closely with the management team to review our programs and organizational structure to ensure that they are closely aligned with our goals and that we are well- positioned to achieve our vision for this Company. We expect this review to be completed shortly."

"Through his role as an investor in and a director at Memory Pharmaceuticals for the past two years, Vaughn is uniquely positioned to step in as interim Chief Executive Officer. Vaughn has earned a reputation as one of the most respected leaders in the biotech industry. The combination of his extensive executive experience and his track record in both the pharmaceutical and biotechnology industries makes him the obvious choice to lead Memory Pharmaceuticals during this transition. Vaug
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SOURCE Memory Pharmaceuticals Corp.
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