Memory Pharmaceuticals Initiates Phase 2a Trial Of MEM 1003 In Bipolar Disorder

Memory Pharmaceuticals Corp. (Nasdaq: MEMY) today announced the dosing of the first subject in a Phase 2a trial of MEM 1003 in patients with acute mania in bipolar disorder. The Company is conducting the trial as part of its
agreement with The Stanley Medical Research Institute (SMRI), which is
providing funding support for this Phase 2a clinical trial of MEM 1003.


The multicenter, double-blind, randomized, placebo-controlled study
will evaluate the safety and efficacy of MEM 1003 for the treatment of
acute mania in bipolar disorder. Approximately 60 subjects in the United
States will be enrolled in the trial and 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 will receive 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 clinical trial is the first large-scale controlled study of a
calcium channel blocker in bipolar disorder and is also an important
milestone for Memory Pharmaceuticals, as we expand our clinical experience
with MEM 1003 and explore the potential of this promising compound in this
indication," said Stephen R. Murray, M.D., Ph.D., Vice President of
Clinical Development. "In clinical practice, other calcium channel
modulators have shown promise in the treatment of bipolar disorder, but the
blood pressure lowering effects of these drugs have limited further
development. We believe that MEM 1003 has been optimized for central
nervous system activity and has the potential to improve the mood swings
characterized by this disorder at doses below those that will lower blood
pressure. We look forward to completing this trial in the first half of
2007."


Under the terms of the agreement with SMRI, Memory Pharmaceuticals
could receive up to $3.2 million from SMRI to fund a Phase 2a clinical
trial of MEM 1003 in bipolar disorder. In December 2005, SMRI purchased
440,367 newly issued shares of the Company's common stock at a price of
$2.18 per share, constituting $960,000 of the total possible funding to
Memory Pharmaceuticals under the agreement. Memory Pharmaceuticals is
eligible to receive up to an additional $2.24 million of funding from SMRI
upon the achievement of milestones related to this Phase 2a trial. These
funds 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
memorypharma.


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of developments occurring after the date of this press release.


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