Navigation Links
Memory Pharmaceuticals Closes Second Tranche of Equity Financing with The Stanley Medical Research Institute
Date:6/24/2008

- Results in Proceeds of $2 Million -

MONTVALE, N.J., June 24 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it has secured $2 million through the sale of approximately 4.7 million shares of common stock under its equity financing agreement with an investment group led by The Stanley Medical Research Institute (SMRI). Memory Pharmaceuticals exercised its option to complete the second tranche following the achievement of a predefined milestone related to the Phase 2a trial of MEM 3454 in cognitive impairment associated with schizophrenia (CIAS). Under the terms of the June 2007 financing agreement, the shares were priced at a 17% premium to the average closing sale price of the Company's common stock for the ten days immediately prior to the Company's achievement of the specified milestone. Memory Pharmaceuticals has the option, in its discretion, to sell the third and final $2 million of common stock upon the achievement of an additional milestone related to the Phase 2a trial of MEM 3454 in CIAS.

"We are extremely pleased with the progress of our Phase 2a trial of MEM 3454 in CIAS and that we have been able to translate our achievements into an opportunity to raise additional capital at favorable terms," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We value SMRI's continued support as we explore MEM 3454 in this important indication, and we look forward to completing this trial and reporting top-line results in the fourth quarter of this year."

About the Company

Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused on developing innovative drugs for the treatment of debilitating CNS disorders, many of which exhibit significant impairment of memory and other cognitive functions, including Alzheimer's disease and schizophrenia. For additional information, please visit our website at http://www.memorypharma.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or Memory Pharmaceuticals' prospects, future financial position, future revenues and projected costs should be considered forward-looking. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, including the outcome of clinical trials of Memory Pharmaceuticals' drug candidates and whether they demonstrate these candidates' safety and effectiveness; the risks and uncertainties associated with: obtaining additional financing to support Memory Pharmaceuticals' R&D and clinical activities and operations; obtaining regulatory approvals to conduct clinical trials and to commercialize Memory Pharmaceuticals' drug candidates; Memory Pharmaceuticals' ability to enter into and maintain collaborations with third parties for its drug development programs; Memory Pharmaceuticals' dependence on its collaborations and its license relationships; achieving milestones under Memory Pharmaceuticals' collaborations; Memory Pharmaceuticals' dependence on preclinical and clinical investigators, preclinical and clinical research organizations, manufacturers and consultants; protecting the intellectual property developed 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.


'/>"/>
SOURCE Memory Pharmaceuticals Corp.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Hebrew University research on octopuses sheds light on memory
2. Sleep Apnea Linked to Memory Loss
3. Memory loss linked to common sleep disorder
4. Nutrition 21 Launches Iceland Health(R) Advanced Memory Formula via Direct Response Channel
5. Smoking Tied to Memory Loss in Middle Age
6. Drinking polyphenol-rich Concord grape juice may improve memory in older adults
7. Discovery of cell linked to learning and memory
8. Memory lane: Older persons with more schooling spend fewer years with cognitive loss
9. Moral philosopher questions memory manipulation
10. When It Comes to Memory, Its All About Location
11. Common Chemotherapy Drug Linked to Memory Problems
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/18/2017)... ... ... A recent video posting of a new fidget product gathered online momentum as ... stress and anxiety. No one was more surprised than Think Ink Pen founders ... successful Kickstarter campaign raising $67,000 on the popular crowdfunding platform. “We’ve been in ...
(Date:1/18/2017)... ... January 18, 2017 , ... Visually ... number one doctor-recommended OTC antiperspirant, Certain Dri. , Excessive sweating and hyperhidrosis are ... Dri created this infographic to explain the seven types of hyperhidrosis. This visual ...
(Date:1/18/2017)... (PRWEB) , ... January 18, ... ... specialty pharmacy industry’s leading journal and most-read publication among specialty pharmacists and ... Medical Center through its Strategic Alliance Partnership (SAP) program, announced Brian Haug, ...
(Date:1/18/2017)... ... January 18, 2017 , ... PrideStaff, a national, ... Franchise Development, Paula Turner Pizarro, was recently featured on Fox Business Network's Worldwide ... of top business leaders from across the globe, provides viewers an opportunity to ...
(Date:1/18/2017)... ... ... At Hallmark Nameplate, their commitment to quality is what sets them apart. The company ... is another way they are making constant strides to provide all customers with the ... ISO 13485 Certification is a major accomplishment for Hallmark Nameplate and will allow the ...
Breaking Medicine News(10 mins):
(Date:1/19/2017)... 2017   Synthetic Biologics, Inc. (NYSE ... designed to preserve the microbiome to protect and ... to initiate a Phase 2b/3 adaptive pivotal trial ... lactone designed to reduce methane production by certain ... to treat the underlying cause of irritable bowel ...
(Date:1/18/2017)... PAUL, Minn. , Jan. 18, 2017 /PRNewswire-USNewswire/ ... developer of medical devices using neuroblocking technology to ... today announced the pricing of an underwritten public ... million, prior to deducting underwriting discounts and commissions ... The offering is comprised of Class A Units, ...
(Date:1/18/2017)... PHILADELPHIA , Jan. 18, 2017 The Philadelphia ... three companies developing medical devices for children. The Consortium ... to receive seed grants of $50,000 each. The ... amplifies weak nerve signals, a hand-operated rapid blood delivery system ... ears in babies. ...
Breaking Medicine Technology: