Roche Makes Initial Payment to Retain Option to License Drug

Memory Pharmaceuticals today announced that it has received a $2.0 million milestone payment from Roche related to the companies' Nicotinic Alpha-7 Collaboration, a 2003 strategic alliance focused on the development of nicotinic alpha-7 receptor agonists for the treatment of neurological and psychiatric disorders. Roche elected to make this first milestone payment in order to maintain its option to obtain an exclusive license for MEM 3454, Memory Pharmaceuticals' lead drug candidate in the Nicotinic Alpha-7 Agonist program.

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