MONTVALE, N.J., Nov. 13 /PRNewswire-FirstCall/ -- Memory
Pharmaceuticals Corp. (NASDAQ:MEMY), today reported its financial
results for the third quarter ended September 30, 2008. "Our
results reflect continued clinical progress on our programs and our
commitment to translate that progress into innovative therapies,"
stated Vaughn M. Kailian, President and Chief Executive Officer of
Memory Pharmaceuticals. "We expanded our agreement with Roche to
enhance our ongoing Phase 2 trial for R3487/MEM 3454 in cognitive
impairment associated with schizophrenia, or CIAS, resulting in
accelerated milestone payments to Memory. We have been pleased with
the pace of enrollment in the Phase 2 CIAS trial, and we expect to
achieve our enrollment goal for the trial shortly, which will
trigger a $5.0 million payment from Roche. During the quarter, we
also achieved a milestone related to the Phase 2 CIAS trial under
our equity financing agreement with SMRI, triggering an additional
investment by the firm. In addition, we completed the final study
in our Phase 1 program for R4996/MEM 63908 and are on track to
report top-line results from the entire program before year-end."
Financial Results For the quarter ended September 30, 2008, the
Company reported a net loss of $8.9 million, or $0.11 per share,
compared to a net loss of $6.2 million, or $0.09 per share, for the
same period in 2007. For the nine months ended September 30, 2008,
the Company reported a net loss of $34.8 million, or $0.46 per
share, compared to a net loss of $25.7 million, or $0.36 per share,
for the same period in 2007. For the quarter ended September 30,
2008, the Company reported revenue of $4.3 million, compared to
revenue of $5.0 million for the same period in 2007. For the nine
months ended September 30, 2008, revenue was $6.0 million, compared
to revenue of $10.4 million for the same period in 2007. The
decrease in both periods primarily reflects revenues from Amgen
related to the PDE10 inhibitor program and from SMRI related to the
MEM 1003 program which were recognized in 2007 but not in 2008.
This was partially offset by increased milestone payments and
research and development funding from Roche and the acceleration of
deferred revenue recognition as a result of the change in the
estimated period of our continuing performance in connection with
the nicotinic alpha-7 agonist program. For the quarter ended
September 30, 2008, research and development expenses were $10.3
million, compared to $9.0 million for the quarter ended September
30, 2007. For the nine months ended September 30, 2008, research
and development expenses were $31.6 million, compared to $30.1
million the for same period in 2007. The increase in both periods
is due primarily to increased costs associated with advancing the
Company's nicotinic alpha-7 receptor agonist, 5-HT6 antagonist and
PDE4 inhibitor programs as well as increased costs related to the
Company's restructurings, offset by decreased administrative costs
and costs associated with the MEM 1003 program. General and
administrative expenses were $2.3 million for both of the
three-month periods ended September 30, 2008 and 2007. For the nine
months ended September 30, 2008, general and administrative
expenses were $7.7 million compared to $7.1 million for the nine
months ended September 30, 2007. The increase in the nine-month
period was due primarily to an increase in legal and patent fees.
At September 30, 2008, the Company had cash and cash equivalents of
approximately $14.0 million, compared to $38.2 million at the end
of 2007. The Company expects that its existing cash and cash
equivalents, together with payments expected to be made under its
collaboration agreements, should be sufficient to fund operating
expenses, scheduled debt obligations and capital equipment
requirements into the first half of 2009. Third Quarter Highlights
and Recent Developments -- Expanded Development Program for
R3487/MEM 3454 with Roche. In September 2008, Memory
Pharmaceuticals and Roche amended their nicotinic alpha-7 receptor
agonist agreement, resulting in accelerated milestone payments to
the Company. The companies agreed to expand the ongoing Phase 2
study of R3487/MEM 3454 in cognitive impairment associated with
schizophrenia (CIAS) to provide for a more robust data set and
increase the potential for the study to facilitate advancing the
compound into a pivotal trial. The Company received $3.5 million in
connection with the amendment and will receive $5.0 million upon
the enrollment of the 212th patient in the trial, which is expected
to occur in November 2008. An additional $8.5 million will become
due 30 days following the availability of top-line data from the
Phase 2 CIAS trial. In addition, Roche has agreed to fund all
internal and external costs associated with expanding the trial. --
Received Key U.S. Patent for R3487/MEM 3454 and R4996/MEM 63908. In
October, Memory Pharmaceuticals announced the issuance of U.S.
Patent No. 7,429,664, which provides composition of matter patent
protection for a series of nicotinic alpha-7 receptor agonists
including R3487/MEM 3454 and R4996/MEM 63908. The term of the
patent extends until at least 2025, which does not reflect any
potential patent term extensions. -- Completed Phase 1 Program for
R4996/MEM 63908. In September, the Company completed its Phase 1
multiple ascending dose study of R4996/MEM 63908 in healthy
volunteers. The trial is the fourth and final study in the
Company's Phase 1 program for the compound. The Company expects to
announce top-line results from the entire Phase 1 program in the
fourth quarter of 2008. -- Presentations at Scientific Meetings. In
July, Memory Pharmaceuticals presented preclinical data for MEM
68626, its lead 5-HT6 antagonist, in a poster presentation at the
2008 Alzheimer's Association International Conference on
Alzheimer's Disease. The results demonstrate that MEM 68626 is
effective in models of cognition that are considered predictive of
efficacy in Alzheimer's disease and mild cognitive impairment. The
Company also reported that six abstracts related to the Company's
clinical and preclinical programs have been accepted for poster
presentations at the 38th Annual Meeting of the Society for
Neuroscience in Washington, D.C. from November 15 - 19, 2008. The
abstracts include additional preclinical data for R3487/MEM 3454,
new preclinical data for MEM 68626 and data from its collaboration
with Amgen focused on the development of PDE10 inhibitors. --
Raised $2.0 Million under SMRI Equity Financing Agreement. In
August, Memory Pharmaceuticals raised $2.0 million in the third and
final tranche of its June 2007 equity financing agreement with an
investment group led by The Stanley Medical Research Institute
(SMRI). -- Realigned Workforce to Support Development Programs. In
September, the Company implemented a reduction in its workforce
designed to reduce its costs and direct its resources toward its
clinical programs. The cost reductions associated with the
eliminated positions will help the Company to continue to execute
its development strategy and support its key programs, including
the ongoing and expected trials for its clinical-stage drug
candidates. -- Transferred to the NASDAQ Capital Market and Granted
Extension to Comply with NASDAQ Listing Requirements. In October,
the NASDAQ Listing Qualifications Panel transferred the listing for
the Company's common stock from The NASDAQ Global Market to The
NASDAQ Capital Market and granted the Company until December 3,
2008 to comply with the NASDAQ Capital Market minimum market
capitalization requirement of $35 million or the alternative
requirement of $2.5 million in stockholders' equity in order to
remain listed. Conference Call and Webcast Information Memory
Pharmaceuticals will hold a conference call on November 13, 2008,
at 9:00 a.m. EST to discuss the Company's third quarter 2008
financial results. The conference call will also be broadcast live
from the "Investors" section of the Company's website. Memory
Pharmaceuticals' senior management will host the conference call.
Investors and other interested parties may access the call as
follows: Date: Thursday, November 13, 2008 Time: 9:00 a.m. EST
Telephone (U.S.): 866. 543.6407 Telephone (international): 617.213.
8898 Participant Passcode: 22960486 Webcast:
http://www.memorypharma.com/ under the "Investors" section An audio
replay of the conference call will be available from 11:00 a.m. EST
on Thursday, November 13, 2008, until Thursday, November 20, 2008.
To access the replay, please dial 888.286.8010 (U.S.) or
617.801.6888 (international) and enter pass code number 92102882.
An audio replay of the conference call will also be available under
the "Investors" section of the Company's website during the same
period. About the Company Memory Pharmaceuticals Corp., a
biopharmaceutical company, is focused on developing innovative
drugs for the treatment of debilitating CNS disorders, many of
which exhibit significant impairment of memory and other cognitive
functions, including Alzheimer's disease and schizophrenia. For
additional information, please visit our website at
http://www.memorypharma.com/. 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
outcome of clinical trials of Memory Pharmaceuticals' drug
candidates and whether they demonstrate these candidates' safety
and effectiveness; the risks and uncertainties associated with:
obtaining additional financing to support Memory Pharmaceuticals'
R&D and clinical activities and operations; 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
relationships; achieving milestones under Memory Pharmaceuticals'
collaborations; Memory Pharmaceuticals' dependence on preclinical
and clinical investigators, preclinical and clinical research
organizations, manufacturers and consultants; protecting the
intellectual property developed by or licensed to Memory
Pharmaceuticals; and Memory Pharmaceuticals' ability to maintain
listing on the Nasdaq Capital Market. 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. CONDENSED STATEMENTS OF
OPERATIONS (in thousands - except share and per share information)
(unaudited) Three Months Ended Nine Months Ended September 30,
September 30, 2008 2007 2008 2007 Revenue $ 4,339 $ 5,026 $ 6,038 $
10,444 Operating expenses: Research and development 10,324 8,988
31,558 30,096 General and administrative 2,273 2,259 7,725 7,104
Total operating expenses 12,597 11,247 39,283 37,200 Loss from
operations (8,258) (6,221) (33,245) (26,756) Other (expense) income
(159) - (130) - Interest income (expense) income, net (524) 39
(1,416) 1,030 Loss before income taxes (8,940) (6,182) (34,791)
(25,726) Income taxes - (3) - 3 Net loss $ (8,940)$ (6,179)$
(34,791) $ (25,729) Basic and diluted net loss per share of common
stock $ (0.11)$ (0.09)$ (0.46) $ (0.36) Basic and diluted weighted
average number of shares of common stock outstanding 79,373,261
72,610,018 75,076,961 71,617,983 MEMORY PHARMACEUTICALS CORP.
CONDENSED BALANCE SHEETS (in thousands) (unaudited) September 30,
December 31, 2008 2007 ASSETS Cash and cash equivalents $ 14,024 $
38,201 Other current assets 8,349 1,417 Restricted cash 505 505
Deferred financing costs 296 519 Property and equipment, net 4,696
5,868 Total assets $ 27,870 $ 46,510 LIABILITIES AND STOCKHOLDERS'
(DEFICIT) EQUITY Current liabilities (excluding deferred revenue) $
17,986 $ 8,789 Equipment notes payable, less current portion 8 66
Loan payable 7,129 10,831 Deferred revenue 22,576 18,051 Other
non-current liabilities 736 506 Total liabilities 48,435 38,243
Stockholders' (deficit) equity (20,565) 8,267 Total liabilities and
stockholders' equity $ 27,870 $ 46,510 DATASOURCE: Memory
Pharmaceuticals Corp. CONTACT: Jzaneen Lalani, General Counsel of
Memory Pharmaceuticals Corp., +1-201-802-7249 Web site:
http://www.memorypharma.com/
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