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Memory Pharmaceuticals Highlights Progress with Key Programs at its R&D Day

Saturday, May 17, 2008 General News J E 4
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MONTVALE, N.J., May 16 Memory PharmaceuticalsCorp. (Nasdaq: MEMY) today announced progress with several key developmentprograms at its R&D Day meeting with the investment community. The Companyreported new clinical data for MEM 1414, its lead PDE4 inhibitor,demonstrating the compound's CNS activity in humans. In addition, the Companyhas nominated MEM 68626 as the lead development candidate from its 5-HT6antagonist program, and separately confirmed its 2008 development goals forits pipeline.

"We are extremely excited about the progress we have made in advancing ourprograms," said Vaughn M. Kailian, President and Chief Executive Officer ofMemory Pharmaceuticals. "MEM 1414 produced a robust CNS signal in a humanquantitative EEG study. In addition, using human whole blood assays, we haveidentified plasma concentrations required for anti-inflammatory activity.These data, combined with previous pharmacokinetic and safety data obtained inPhase 1 clinical trials for MEM 1414, will guide dosing for a proof-of-concepttrial in either a cognition or respiratory indication, which we expect toinitiate by the end of 2008."

Mr. Kailian continued, "Further, we are pleased to report that we havenominated MEM 68626 as the lead compound in our 5-HT6 antagonist program. MEM68626 has demonstrated strong preclinical efficacy data in cognition and has afavorable safety and pharmacokinetic profile, which we believe offersadvantages over other compounds in development. We look forward to advancingMEM 68626 into the clinic this year."

MEM 1414 - Potential in Cognition and Inflammation

Memory Pharmaceuticals reported the results of a clinical study of MEM1414 on quantitative EEG (qEEG), a biomarker of central nervous system (CNS)activity. The randomized, double-blind, placebo-controlled, cross-over studyenrolled twelve healthy volunteers and evaluated three doses of MEM 1414 (250,500 and 750 mg). In the study, the 500 and 750 mg doses produced astatistically significant increase in both the absolute and relative power ofthe EEG signal in the alpha frequency. In addition, the 250 mg dose produceda strong trend on certain electrodes. Effects were consistent with previouspreclinical data and with the pharmacokinetic profile of MEM 1414, andsupplement the preclinical data in models of inflammation. In these models,MEM 1414 demonstrated robust anti-inflammatory effects and suppressed cytokinerelease from human whole blood. Together, this data package supports bothpro-cognitive and anti-inflammatory indications and provides guidance fordosing in future clinical trials.

MEM 68626 - Lead 5-HT6 Antagonist

MEM 68626 was nominated as the lead development candidate in the Company's5-HT6 antagonist program. MEM 68626 is a novel, potent and selectiveantagonist of the 5-HT6 receptor, a validated target for the treatment ofcognitive disorders. The compound has demonstrated efficacy in multiplepreclinical models of cognition and obesity and has a favorable safety andtoxicology profile in in vivo studies, with no cardiovascular or genetictoxicity issues. In addition, MEM 68626 has superior pharmaceutical-likeproperties and the compound's pharmacokinetic profile suggests the potentialfor once-daily, oral dosing.

About the Company

Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused ondeveloping innovative drugs for the treatment of debilitating CNS disorders,many of which exhibit significant impairment of memory and other cognitivefunctions, including Alzheimer's disease and schizophrenia. For additionalinformation, please visit our website at http://www.memorypharma.com.

Safe Harbor Statement

This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995 that are subject torisks and uncertainties. All statements, other than statem
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