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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.


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SOURCE Memory Pharmaceuticals Corp.
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