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Memory Pharmaceuticals Receives Nasdaq Notification Related to Minimum Bid Price
Date:12/6/2007

MONTVALE, N.J., Dec. 6 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) announced today that on December 5, 2007 it received notice from The Nasdaq Stock Market that for the past 30 business days the Company has not met the $1.00 minimum closing bid price requirement for continued listing on the Nasdaq Global Market, as required by Marketplace Rule 4450(a)(5).

The notification letter has no effect at this time on the listing of Memory Pharmaceuticals' common stock on the Nasdaq Global Market and the Company will continue to trade on the Nasdaq Global Market under the symbol MEMY. The notification letter states that Memory Pharmaceuticals will be afforded 180 calendar days, or until June 2, 2008, to regain compliance with the minimum closing bid price requirement. To regain compliance, the closing bid price of the Company's common stock must meet or exceed $1.00 per share for at least 10 consecutive business days.

If the Company is unable to regain compliance by June 2, 2008, Nasdaq will provide written notification to the Company that its common stock is subject to delisting. The Company may also elect to apply to transfer its common stock from the Nasdaq Global Market to the Nasdaq Capital Market if it satisfies all requirements, other than the minimum bid price requirement, for initial inclusion in this market. If the Company makes such an election and its transfer application is approved, the Company will be eligible to regain compliance with the minimum closing bid price requirement until 180 days after the end of the first 180 day period. If, at the conclusion of either or both of the 180-day periods, Memory Pharmaceuticals has not achieved compliance, it may appeal Nasdaq's det
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SOURCE Memory Pharmaceuticals Corp.
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