MEMORY PHARMACEUTICALS ANNOUNCES AGREEMENT WITH THE STANLEY MEDICAL RESEARCH INSTITUTE FOR DEVELOPMENT OF MEM 1003

A A

Memory Pharmaceuticals 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.

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.