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

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.