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Roche Exercises its Option to Further Develop and Commercialize Memory Pharmaceuticals' Nicotinic Alpha-7 Agonist, MEM 3454
Date:5/2/2008

-Memory Receives $6 Million Milestone Payment-

-Memory to Host Conference Call at 9:00 a.m. EDT Today-

MONTVALE, N.J. and BASEL, Switzerland, May 2 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) and Roche (SWX: ROG) today announced that Roche has exercised its option to further develop and commercialize Memory Pharmaceuticals' lead nicotinic alpha-7 agonist drug candidate, MEM 3454, for neurological and psychiatric disorders. Roche's exercise of its option for MEM 3454 triggers a $6 million milestone payment and entitles Memory Pharmaceuticals to future payments upon the achievement of additional milestones and royalties on product sales, including a $17 million milestone payment upon the completion of the ongoing Phase 2a study in cognitive impairment associated with schizophrenia (CIAS). In addition, Memory Pharmaceuticals retains an option to co-promote MEM 3454 in the United States.

"We are excited that Roche shares our enthusiasm for MEM 3454 and its potential to address the cognitive deficits associated with debilitating CNS disorders," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We have aggressively advanced MEM 3454 through early-stage clinical trials, including a positive Phase 2a trial in Alzheimer's disease. We believe that Roche's continued commitment to the program, together with its expertise in later-stage clinical development and commercialization, will provide the support and capabilities to realize the full potential of this compound."

In a recently completed Phase 2a study in Alzheimer's disease patients, MEM 3454 demonstrated a statistically significant effect on multiple measures of cognition. The compoun
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SOURCE Memory Pharmaceuticals Corp.
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