Memory Pharmaceuticals Reports Fourth Quarter and Full Year 2007 Financi...(pment requirements into the first half o...),Health

Fourth Quarter Highlights and Recent Developments

-- Nicotinic Alpha-7 Receptor Agonist Program

MEM 3454. In November 2007, Memory Pharmaceuticals reported positive

top-line results from its Phase 2a trial of MEM 3454, a nicotinic

alpha-7 receptor agonist, in Alzheimer's disease, demonstrating a

statistically significant effect on multiple measures of cognition.

In December 2007, the Company commenced a Phase 2a trial of MEM 3454

in cognitive impairment associated with schizophrenia (CIAS). The

trial is expected to enroll approximately 160 patients and is designed

to assess the safety, tolerability and cognitive effects of three

doses of MEM 3454 in patients with CIAS. The Company plans to

announce top-line results from this trial in the fourth quarter of

2008.

In February 2008, Memory Pharmaceuticals announced that it plans to

conduct a clinical study of MEM 3454 on two biomarkers of

schizophrenia, P50 sensory gating and mismatch negativity, in patients

with schizophrenia. The biomarker study, and additional formulation

and manufacturing activities for MEM 3454, will be funded by Roche.

The Company expects to begin the study this summer, with data

available by early 2009.

R4996/MEM 63908. Memory Pharmaceuticals reported today that it has

completed the single ascending dose (SAD) portion of its Phase 1 study

for R4996/MEM 63908, a partial agonist of the nicotinic alpha-7

receptor. The randomized, double-blind, placebo-controlled study

evaluated the safety, tolerability and pharmacokinetics of ascending

doses of R4996/MEM 63908 in healthy adult male volunteers. As part of

the Phase 1 clinical program for R4996/MEM 63908, the Company is now