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Memory Pharmaceuticals Receives NASDAQ Decisions
Date:12/3/2008

MONTVALE, N.J., Dec. 3 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that, on December 3, 2008, the Company received notification from the NASDAQ Listing Qualifications Panel (the "Panel") that the Panel has determined to delist the Company's securities from The NASDAQ Capital Market. However, the Company was also notified today that the NASDAQ Listing and Hearing Review Council (the "Review Council") has called for review the Panel's December 3, 2008 decision and has determined to stay the Panel's decision pending further action by the Review Council. As a result, the Company's securities will continue to trade on The NASDAQ Capital Market pending further consideration of this matter by the Review Council.

As announced on October 31, 2008, the Company requested and was granted an extension by the Panel, through December 3, 2008, to comply with the minimum market capitalization requirement of $35 million or the alternative requirement of $2.5 million in stockholders' equity for continued listing on The NASDAQ Capital Market. On December 1, 2008, the Company requested an extension of the December 3, 2008 deadline to enable the Company and its merger partner, Roche, to fully pursue the parties' proposed merger transaction as announced on November 25, 2008. The Panel determined that it could not grant the Company's request, citing a lack of authority under the NASDAQ Marketplace Rules to grant the Company an extension beyond December 3, 2008.

The Review Council called the Company's matter for review in order to consider the Panel's decision. In its notification, the Review Council requested that the Company submit any additional information that the Company wishes the Review Council to consider in its review by December 29, 2008. There can be no assurance that, subsequent to co
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SOURCE Memory Pharmaceuticals Corp.
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