MONTVALE, N.J., July 17 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. today announced that it has achieved a set of defined preclinical milestones in its collaboration with Roche for the discovery and development of nicotinic alpha-7 receptor agonists for the treatment of neurological and psychiatric disorders, triggering a commitment from Roche to provide approximately $2.3 million in research funding during 2007. The milestone was related to progress in the preclinical development of MEM 63908, the second named development candidate in the Company’s nicotinic alpha-7 agonist program.
“Roche’s commitment to the nicotinic alpha-7 agonist collaboration is reflected in the progress we have made with the preclinical development of MEM 63908,” said David A. Lowe, Ph.D., Chief Scientific Officer of Memory Pharmaceuticals. “Roche has confirmed that MEM 63908 represents a promising development candidate, and we look forward to working with our partner to move this compound into the clinic and identifying and optimizing other lead candidates from the nicotinic alpha-7 agonist program.”
MEM 63908 is a partial agonist of the nicotinic alpha-7 receptor and belongs to a family of novel nicotinic alpha-7 receptor agonists that are being developed under the companies’ collaboration. A number of lines of evidence suggest that partial agonists at the nicotinic alpha-7 receptor could have a variety of uses in addressing important diseases of the central nervous system, including Alzheimer’s disease and schizophrenia.
Under the terms of the companies’ 2006 nicotinic alpha-7 receptor agonist collaboration agreement, Memory Pharmaceuticals granted Roche an exclusive worldwide license to its intellectual property on nicotinic alpha-7 receptor agonist compounds. In addition to the approximately $2.3 million in research funding for 2007, Memory Pharmaceuticals will be eligible to receive milestone payments upon the achievement of development, regulatory and sales events for drug candidates that progress under the collaboration. MEM 3454 remains under the terms of the original 2003 option agreement with Roche.
About the Company
Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused on developing innovative drugs for the treatment of debilitating CNS disorders such as Alzheimer’s disease, schizophrenia, depression and bipolar disorder. For additional information, please visit our website at http://www.memorypharma.com .
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or Memory Pharmaceuticals’ prospects, future financial position, future revenues and projected costs should be considered forward-looking. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, including the risks and uncertainties associated with: obtaining additional financing to support Memory Pharmaceuticals’ R&D and clinical activities and operations; conducting preclinical and clinical trials of Memory Pharmaceuticals’ drug candidates that demonstrate these candidates’ safety and effectiveness; obtaining regulatory approvals to conduct clinical trials and to commercialize Memory Pharmaceuticals’ drug candidates; Memory Pharmaceuticals’ ability to enter into and maintain collaborations with third parties for its drug development programs; Memory Pharmaceuticals’ dependence on its collaborations and its license relationship with Bayer; achieving milestones under Memory Pharmaceuticals’ collaborations; Memory Pharmaceuticals’ dependence on third-party preclinical or clinical research organizations, manufacturers and consultants; and protecting the intellectual property developed by or licensed to Memory Pharmaceuticals. These and other risks are described in greater detail in Memory Pharmaceuticals’ filings with the Securities and Exchange Commission. Memory Pharmaceuticals may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Memory Pharmaceuticals disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.
Memory Pharmaceuticals Corp.
CONTACT: Jzaneen Lalani, Vice President, Legal Affairs, MemoryPharmaceuticals Corp., +1-201-802-7249, or Laura Perry of Stern InvestorRelations, Inc., +1-212-362-1200, for Memory Pharmaceuticals Corp.
Web site: http://www.memorypharma.com/
