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January 13, 2006

Pharma company announces agreement to develop treatment for bipolar disorder

In a Press/Marketing release, Memory Pharmaceuticals Corp. announced that it has entered into an agreement with The Stanley Medical Research Institute to develop MEM 1003, the company's neuronal L-type calcium channel modulator, as a treatment for bipolar disorder. Under the terms of the agreement, Memory Pharmaceuticals is eligible to receive up to $3.2 million from SMRI to fund the clinical development of MEM 1003 and will use these funds to support a Phase IIa trial of MEM 1003 in acute mania in bipolar disorder, which is scheduled to commence in the first half of 2006. Memory Pharmaceuticals also is currently conducting a Phase IIa clinical trial of MEM 1003 in Alzheimer disease.

As part of the agreement, SMRI has 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 funding being provided to the company under the agreement. In addition, SMRI received a 5-year warrant for the purchase of up to 154,128 additional shares of common stock at an exercise price of $2.62 per share.

The company will receive the remaining $2.24 million of funding upon the achievement of milestones related to the Phase IIa trial in bipolar disorder. These funds will be repayable to SMRI in the form of royalties, up to a specified maximum amount, on future sales of MEM 1003 for the treatment of bipolar disorder or schizophrenia.

"Abnormal calcium levels are thought to be involved in conditions such as Alzheimer disease and bipolar disorder. MEM 1003 regulates calcium abnormalities and therefore has a solid rationale as a novel potential therapeutic for such disorders," said David A. Lowe, PhD, chief scientific officer of Memory Pharmaceuticals.

"The Stanley Medical Research Institute collaborates with academic and corporate partners to advance the clinical development of promising treatments for bipolar disorder and schizophrenia," said Michael Knable, executive director of SMRI. "MEM 1003 represents a promising approach to the treatment of bipolar disorder, and we are pleased to be working with Memory Pharmaceuticals to take MEM 1003 into a proof-of-concept trial in bipolar disorder."

MEM 1003 is a neuronal L-type calcium channel modulator that Memory Pharmaceuticals is developing for the treatment of Alzheimer 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.

Memory Pharmaceuticals Corp. is a biopharmaceutical company.

The Stanley Medical Research Institute funds research for severe mental illness.


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