MONTVALE, N.J., June 9 Memory PharmaceuticalsCorp. (Nasdaq: MEMY) today announced that on June 6, 2008 it received a letterfrom the NASDAQ Listing Qualifications Department notifying the Company that,because it has not regained compliance with the $1.00 bid price requirementset forth in Marketplace Rule 4450(a)(5), its securities are subject todelisting from The NASDAQ Global Market, unless the Company requests ahearing. The Company intends to request a hearing before the NASDAQ ListingQualifications Panel, which will automatically stay the delisting of theCompany's securities until the Panel issues a decision following the hearing.
At the hearing, the Company expects to present its plan to achieve andsustain compliance with all requirements for continued listing, including theminimum stockholders' equity requirement. As set forth in the Company's proxystatement dated May 19, 2008 relating to its 2008 Annual Meeting ofStockholders, the Company is requesting stockholder approval to effect areverse stock split to remedy the bid price deficiency. As previouslyannounced, the Company has also been notified by NASDAQ that it is currentlybelow the $10.0 million stockholders' equity requirement for continued listingon The NASDAQ Global Market.
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 statements of historicalfacts, regarding management's expectations, beliefs, goals, plans or MemoryPharmaceuticals' prospects, future financial position, future revenues andprojected costs should be considered forward-looking. Readers are cautionedthat actual results may differ materially from projections or estimates due toa variety of important factors, including the outcome of clinical trials ofMemory Pharmaceuticals' drug candidates and whether they demonstrate thesecandidates' safety and effectiveness; the risks and uncertainties associatedwith: obtaining additional financing to support Memory Pharmaceuticals' R&Dand clinical activities and operations; obtaining regulatory approvals toconduct clinical trials and to commercialize Memory Pharmaceuticals' drugcandidates; Memory Pharmaceuticals' ability to enter into and maintaincollaborations with third parties for its drug development programs; MemoryPharmaceuticals' dependence on its collaborations and its licenserelationships; achieving milestones under Memory Pharmaceuticals'collaborations; Memory Pharmaceuticals' dependence on preclinical and clinicalinvestigators, preclinical and clinical research organizations, manufacturersand consultants; protecting the intellectual property developed by or licensedto Memory Pharmaceuticals; and Memory Pharmaceuticals' ability to maintainlisting on the Nasdaq Global Market. These and other risks are described ingreater detail in Memory Pharmaceuticals' filings with the Securities andExchange Commission. Memory Pharmaceuticals may not actually achieve the goalsor plans described in its forward-looking statements, and investors should notplace undue reliance on these statements. Memory Pharmaceuticals disclaims anyintent or obligation to update any forward-looking statements as a result ofdevelopments occurring after the date of this press release.
SOURCE Memory Pharmaceuticals Corp.