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Memory Pharmaceuticals Regains Compliance with NASDAQ Market Capitalization Requirement
Date:12/16/2008

MONTVALE, N.J., Dec. 16 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that the NASDAQ Listing and Hearing Review Council has determined that the Company has demonstrated compliance with The NASDAQ Capital Market requirement for market value of listed securities. As a result, the Company's securities will continue to trade on The NASDAQ Capital Market pending a determination by the NASDAQ Listing Qualifications Panel regarding the Company's compliance with the minimum bid price requirement.

In October 2008, NASDAQ temporarily suspended its minimum bid price requirement due to extraordinary market conditions. As part of this temporary suspension, the Panel granted Memory Pharmaceuticals until February 2, 2009 to regain compliance with the minimum bid price requirement.

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 materiall
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SOURCE Memory Pharmaceuticals Corp.
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