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Memory Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Financial Results
Date:3/6/2008

- Completes SAD Portion of the Phase 1 Program for R4996/MEM 63908 -

MONTVALE, N.J., March 6 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY), a biopharmaceutical company focused on the discovery and development of innovative drug candidates for the treatment of a broad range of central nervous system (CNS) conditions, today reported its financial results for the fourth quarter and year ended December 31, 2007.

"We have made significant progress with our clinical and business development efforts in recent months, highlighted by our positive Phase 2a data for MEM 3454 in Alzheimer's disease, the expansion of our schizophrenia development program for MEM 3454 with our partner Roche, and the completion of our single ascending dose Phase 1 study for R4996/MEM 63908," said Vaughn M. Kailian, President & Chief Executive Officer. "During 2008, we look forward to building on this progress as we advance our clinical programs. We expect to complete our ongoing Phase 2a trial for MEM 3454 in cognitive impairment associated with schizophrenia and report top-line data from the study, complete the remaining studies in our Phase 1 program for R4996/MEM 63908, and initiate a biomarker study for MEM 3454 in schizophrenia."

Financial Results

For the quarter ended December 31, 2007, the Company reported a net loss of $9.6 million, or $0.13 per share, compared to a net loss of $14.7 million, or $0.23 per share, for the same period in 2006. For the year ended December 31, 2007, the Company reported a net loss of $35.3 million, or $0.49 per share, compared to a net loss of $31.1 million, or $0.70 per share, in 2006.

For the quarter ended December 31, 2007, the Company reported revenue of $1.1 million, com
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SOURCE Memory Pharmaceuticals Corp.
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