Memory Pharmaceuticals Completes Enrollment For MEM 1003 Bipolar Trial

Memory
Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it has completed
enrollment in its ongoing Phase 2a trial of MEM 1003 in patients with acute
mania in bipolar disorder. The Company now expects to report top-line
results in the first quarter of 2007.



"Since enrolling our first subject in September of this year,
enrollment has proceeded rapidly which we believe reflects the interest of
our study investigators and clinicians in this area to evaluate novel
approaches for the treatment of bipolar disorder," said Stephen R. Murray,
M.D., Ph.D., Vice President of Clinical Development. "The results from this
proof-of-concept trial will provide valuable insights into the potential
efficacy of MEM 1003 to treat acute mania in bipolar disorder and will be
critical in shaping the development path for this drug candidate."



The multicenter, double-blind, randomized, placebo-controlled study is
evaluating the safety and efficacy of MEM 1003 for the treatment of acute
mania in bipolar disorder. Approximately 80 subjects have been randomized
to receive MEM 1003 or placebo for a 21-day treatment period, which is
followed by an optional open-label four-week treatment period. Subjects in
the MEM 1003 group are receiving 60 mg of MEM 1003 twice a day, with up to
two dose escalations, from 60 to 120 mg twice a day on the second day of
treatment and from 120 to 180 mg twice a day on the third day of treatment.
The primary outcome measure of the trial is the change in the Young Mania
Rating Scale (YMRS) at 21 days.



This trial is being conducted with support from the Stanley Medical
Research Institute (SMRI). Under the terms of the Company's agreement with
SMRI, Memory Pharmaceuticals could receive up to $3.2 million from SMRI to
fund its Phase 2a clinical trial of MEM 1003 in bipolar disorder. To date,
the Company has received from SMRI $960,000 as an investment in the
Company's Common Stock and $960,000 as a milestone payment. The balance of
the potential funding is also milestone based. All of the milestone
payments will be repayable to SMRI in the form of royalties, up to a
specified maximum amount, on any future sales of MEM 1003 for the treatment
of bipolar disorder or schizophrenia.



MEM 1003 is a neuronal L-type calcium channel modulator that Memory
Pharmaceuticals is developing for the treatment of Alzheimer's disease and
bipolar disorder. By blocking L-type calcium channels, MEM 1003 may
regulate the flow of calcium and reestablish normal levels of calcium,
which may correct or prevent the severe mood swings that characterize
bipolar disorder.



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
memorypharma.
















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.

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