Memory Pharmaceuticals Achieves Enrollment Goal for Phase 2 Study of MEM 3454 in Cognitive Impairment Associated With Sch...( -Triggers $5 Million Payment from Roc...),Health

-Triggers $5 Million Payment from Roche-

MONTVALE, N.J., Nov. 19 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it has achieved the enrollment goal for its Phase 2 trial of R3487/MEM 3454, its lead alpha-7 nicotinic receptor agonist, in cognitive impairment associated with schizophrenia (CIAS). The Company has randomized 212 patients in the Phase 2 trial, triggering a $5.0 million payment from its partner Roche. Memory Pharmaceuticals expects to report top-line results from the trial by the end of April 2009.

"This is the one of the first major studies evaluating a nicotinic alpha-7 receptor agonist in schizophrenia and we are pleased to have reached this important milestone for this program," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We are focused on completing this trial and look forward to releasing the study results regarding the potential of R3487/MEM 3454 to address the cognitive deficits associated with the disorder."

The trial is designed to include approximately 212 patients with stable schizophrenia who are receiving atypical antipsychotic therapy. Subjects in the study are randomized to receive 5 mg, 15 mg or 50 mg of R3487/MEM 3454 or placebo once daily for a period of eight weeks. The primary objective of the trial is to assess the effectiveness of R3487/MEM 3454 in CIAS using the MATRICS Consensus Cognitive Battery (MCCB). Secondary objectives include assessing the effectiveness of the drug to improve other symptoms of schizophrenia and functional capacity.

R3487/MEM 3454 is being developed in partnership with Roche. Under the terms of the agreement, a payment from Roche to the Company of $8.5 million will become due 30 days after the availability of top-line data from th
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