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Memory Pharmaceuticals Corp. (MEMY) is “One to Watch”

Memory Pharmaceuticals (MEMY.PK) is a biopharmaceutical company focused on developing drugs for the treatment of debilitating central nervous system disorders. This New Jersey-based company was founded in 1998 by Nobel Laureate prize winner Dr. Eric Kandel. Memory Pharmaceuticals is working on disorders which exhibit significant impairment of memory and other cognitive functions, including neurological diseases associated with aging such as Alzheimer’s disease, and also certain psychiatric disorders such as schizophrenia, bipolar disorder, and depression.

The company’s products for the treatment of Alzheimer’s disease comprise MEM1414, a Phase 1 clinical stage product; Mem1917, a preclinical completed product; and MEM63908, a preclinical stage product. It is also developing MEM3454, a Phase IIa product for the treatment of Alzheimer’s and/or schizophrenia. MEM3454 is a partial agonist of the nicotinic alpha-7 receptor, a highly specialized receptor found in the central nervous system. Compounds acting on this receptor could be beneficial in the treatment of Alzheimer’s disease, schizophrenia, and other psychiatric and neurological disorders.

On May 2nd, Memory Pharmaceuticals announced that Roche (RHHBY.PK) of Switzerland has exercised its option to further develop and commercialize MEM3454 for neurological and psychiatric disorders. Roche’s exercise of its option triggers a $6 million milestone payment and entitles Memory Pharma to future payments upon the achievement of additional milestones. The company is also entitled to royalties on product sales, including a $17 million milestone payment upon the completion of the ongoing Phase IIa study in cognitive impairment associated with schizophrenia. Memory Pharma expects to initiate the biomarker trial this summer with results anticipated by early 2009.

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