Memory Pharmaceuticals Earns Milestone Payment For Phase 2a Trial Of MEM 1003 In Bipolar Disorder

Memory
Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that it had earned a
milestone payment of $960,000 from the Stanley Medical Research Institute
(SMRI) related to the ongoing Phase 2a trial of MEM 1003 in patients with
acute mania in bipolar disorder. This first milestone payment under the
agreement was triggered by a set of criteria, pre-defined by SMRI,
regarding progress of the trial.



"We are pleased to have earned our first milestone payment from SMRI,
and we are particularly pleased by enrollment in this trial to date," said
Stephen R. Murray, M.D., Ph.D., Vice President of Clinical Development. "As
we announced recently, we have increased the number of subjects in the
trial from 60 to 80 to improve the power of the trial to detect the effect
of MEM 1003 on the mood swings characterized by this disorder. We continue
to look forward to completing this trial in the near future."



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. Subjects are being randomized to receive MEM
1003 or placebo for a 21-day treatment period, which will be 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.



Under the terms of the 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. In December 2005, SMRI purchased
newly issued shares of the Company's common stock, constituting $960,000 of
the funding to Memory Pharmaceuticals under the agreement. After the
$960,000 milestone announced today, Memory Pharmaceuticals is eligible to
receive up to an additional $1.28 million of funding from SMRI upon the
achievement of further milestones related to this Phase 2a trial. 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.



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