dalcindo
16 years ago
Re: MEMY - TA and Chart
(A re-post from another board)
RTN,
You are very likely right about any further significant potential for move - That is, the price is not likely to surge as it did on prior week.
In addition, the RSI failed to go any higher. In fact, this week's move has been a screeching contrast to prior week momentum.
From a fundamental perspective, this may indicate that the train has arrived at its fundamental location and likely to resume a direction fueled by its coal-powered underlying fundamental data
From a technical perspective, I see that the price has rallied precisely up to a the downtrend channel's midline - This is one of many attempts (See chart's highlights validating the midline channel).
On a more technical speak, the RSI reached a significant inflection point (See: * in chart) corresponding to a price (See: * * in chart) that week that ranged from $0.48 to $0.60 (first week of DEC 2007), the high of which corresponds to this week's resistance and the low of which corresponds to this week's 45-EMA line (See: * * * in chart).
Although these observations may be taken as coincidence by the fundamentalist, all secondary indicators on that first week of DEC 2007 do point to a bullish reversal trend.
For instance, the 9,14-CCI as well as 9,14W% each turn into a bullish spread on that week and remains in an uptrend; CMF makes a sharp kink and remains up; PPO/ADX completes its pincher, and a shart reaction high is recorded on the A/D line.
At this point, again, I agree with you that the price is not likely to go any further for the moment, but it does look as if the trading zone provided by the corresponding RSI's inflection may keep PPS within the $0.48 to $0.60 range.
TA is just probability speak and speculative deeds; time is always judge.
(I appreciate your feedback, comment - Please, vote at bottom of this link: http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2140281 )
D.
Message In Reply To:
Memy wont move further
Memory selling to partner Roche for $50 million
Tuesday November 25, 6:49 am ET
Memory Pharmaceuticals selling to development partner Roche for $50 million in tender offer
MONTVALE, N.J. (AP) -- Memory Pharmaceuticals Corp. said Tuesday Swiss drug developer Roche will buy the biotech company for about $50 million, in a move to bulk up its development of potential Alzheimer's disease and schizophrenia treatments.
surf1944
16 years ago
Memory selling to partner Roche for $50 million
Tuesday November 25, 6:49 am ET
Memory Pharmaceuticals selling to development partner Roche for $50 million in tender offer
MONTVALE, N.J. (AP) -- Memory Pharmaceuticals Corp. said Tuesday Swiss drug developer Roche will buy the biotech company for about $50 million, in a move to bulk up its development of potential Alzheimer's disease and schizophrenia treatments.
Memory is already a partner with Roche on a midstage drug candidate aimed at treating Alzheimer's disease and schizophrenia, along with an early-stage compound aimed at Alzheimer's disease.
"The innovative work carried out by the scientists at Memory Pharmaceuticals will be fully integrated into Roche's research and development portfolio with the aim of providing new hope for patients and caregivers affected by devastating diseases such as Alzheimer's," said William Burns, chief executive of Roche Pharmaceuticals, in a statement.
Under the deal, Roche will start a tender offer to buy Memory shares for 61 cents apiece in cash, more than three times the value of shares, which closed at 15 cents Monday. Directors, officers and shareholders holding about 29.5 percent of the company's outstanding stock have already agreed to tender their shares.
After the tender offer, Roche will acquire any remaining outstanding shares through a second step merger.
Roche already owns about 55.9 percent of South San Francisco, Calif.-based biotechnology company Genentech Inc., which makes the blockbuster cancer drug Avastin. The Swiss company's $89 per share, or $43.7 billion, buyout offer was rejected in August as too low. Most analysts expect Roche to eventually buy Genentech, but have said the company's mix of blockbuster treatments make it worth at least $100 per share.
surf1944
16 years ago
Memory Pharmaceuticals Realigns Workforce to Support Development Programs
Wednesday September 17, 4:05 pm ET
Roche will end up buying what is left of MEMY
- Michael P. Smith Promoted to CFO -
MONTVALE, N.J., Sept. 17 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced that it is implementing a reduction in its workforce designed to reduce its costs and direct its resources toward its clinical development programs. As part of this plan, the Company's workforce will be reduced by approximately 55% across all areas of the business. The cost reductions associated with the eliminated positions will allow the Company to continue to execute its development strategy and support its key programs as planned, including the ongoing and expected trials for its clinical-stage drug candidates.
The Company also announced that Michael P. Smith, Vice President of Business Development, will become Chief Financial Officer, replacing James R. Sulat. Mr. Sulat will remain with the Company through a transition period.
"We are committed to the advancement of our pipeline, and this decision will ensure that we have the resources and human capital to execute our development strategies for our partnered and proprietary programs," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We are focused on advancing our candidates through key clinical trials, such as our Phase 2 development program for MEM 3454 in cognitive impairment associated with schizophrenia and our Phase 1 program for MEM 63908, both of which are partnered with Roche. In addition, we look forward to initiating a Phase 2a trial for our lead PDE4 inhibitor, MEM 1414, commencing a Phase 1 program for MEM 68626, and continuing to collaborate with Amgen on the development of PDE10 inhibitors."
Under the workforce reduction plan, approximately 50% of the affected positions will be eliminated immediately and the remainder will be eliminated over the next six months.
Mr. Kailian continued, "We greatly appreciate the significant contributions of those employees affected by this decision, particularly those employees who have been with Memory through its growth from an early-stage research organization to the clinical-stage development company it is today."
Mr. Smith joined Memory Pharmaceuticals in 2006 as Vice President, Business Development. From 2004 to 2006, he served as the Vice President of Business Development of QLT, Inc. Prior to that, Mr. Smith held several senior positions at Chiron Corporation, including Manager, Corporate Finance and Business Development and Director, Corporate Development. From 1996 to 1998, he served as Finance/Business Development Manager for Ascent Logic Corporation. Previously, Mr. Smith was a Senior Associate at Watson Wyatt Worldwide Consulting. Mr. Smith received a B.S. from the University of Virginia and an M.B.A. from the University of California at Berkeley.
surf1944
16 years ago
Memory Pharmaceuticals and Roche Expand R3487/MEM 3454 Development Program
Wednesday September 17, 4:15 pm ET
- Amendment Results in Accelerated Payments of $8.5 Million -
MONTVALE, N.J., Sept. 17 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced that it has amended its nicotinic alpha-7 receptor agonist agreement with Roche to expand the Phase 2 development program for R3487/MEM 3454 in cognitive impairment associated with schizophrenia (CIAS). Memory Pharmaceuticals is currently conducting a Phase 2 trial of R3487/MEM 3454 in CIAS, and the companies have agreed to expand the study to allow for an increase in the target number of patients enrolled in the trial to up to approximately 212 patients, which will provide for a more robust data set and increase the potential for the study to facilitate advancing the compound into a pivotal trial. In addition, Roche has notified Memory Pharmaceuticals that it intends to initiate a Phase 2 trial of R3487/MEM 3454 in Alzheimer's disease starting either at the end of this year or at the beginning of 2009.
Under the terms of the amendment, Roche will provide funding to Memory Pharmaceuticals, in advance, for all costs associated with the increase in enrollment and will accelerate a portion of the $17.0 million payment associated with the completion of the Phase 2 CIAS trial as follows: $3.5 million in connection with entering into this amendment and $5.0 million upon the completion of enrollment for the CIAS trial. The payment of the remaining $8.5 million will become due 30 days following the availability of top-line data from the Phase 2 CIAS trial, which is now expected in the second quarter of 2009.
"Our CIAS trial is the first major trial evaluating a nicotinic alpha-7 receptor agonist in this indication, and this amendment reflects our joint desire to ensure that the study is appropriately powered to generate a data set that, if the results are positive, will establish a path forward for a pivotal trial," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "Enrollment in the CIAS trial has gone well, and we expect the expansion of the trial to continue on that trend. Most importantly, this announcement, coupled with the plan to commence a further trial in Alzheimer's disease later this year, underscores the collective excitement of Roche and Memory about the potential of R3487/MEM 3454 in both of these debilitating diseases."
The Phase 2 trial is in patients with stable schizophrenia who are receiving atypical antipsychotic therapy. Subjects in the study are randomized to receive 5 mg, 15 mg or 50 mg of R3487/MEM 3454 or placebo once daily for a period of eight weeks. The primary objective of the trial is to assess the effectiveness of R3487/MEM 3454 in CIAS using the MATRICS Consensus Cognitive Battery (MCCB). Secondary objectives include measures of other symptoms of schizophrenia and functional capacity.
About R3487/MEM 3454
R3487/MEM 3454 is a partial agonist of the nicotinic alpha-7 receptor, a highly specialized receptor found in the central nervous system. In a recently completed Phase 2a study in Alzheimer's disease patients, R3487/MEM 3454 demonstrated a statistically significant effect on multiple measures of cognition. In May 2008, Roche exercised its option to license R3487/MEM 3454 for future development and commercialization.
surf1944
16 years ago
Memory Pharmaceuticals Reports Second Quarter 2008 Financial Results
Wednesday August 13, 6:05 am ET
MONTVALE, N.J., Aug. 13 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today reported its financial results for the second quarter ended June 30, 2008.
"The clear highlight of the quarter was Roche's decision to license R3487/MEM 3454, which underscored the potential of our nicotinic alpha-7 program, strengthened our financial position and validated our CNS drug development capabilities. Equally important was the progress we reported with our two proprietary programs, including the positive pro-cognitive and anti-inflammatory data for MEM 1414 and the nomination of MEM 68626 as our lead 5-HT6 antagonist development candidate with potential applicability in cognition or obesity," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We plan to build on this momentum in the second half of the year and remain on track to complete our Phase 2a trial for MEM 3454 in CIAS and our Phase 1 program for MEM 63908 and announce results from both trials in the fourth quarter. We are also preparing to initiate a biomarker study funded by Roche for MEM 3454, a Phase 2a trial for MEM 1414 and a Phase 1 program for MEM 68626 before year-end."
Financial Results
For the quarter ended June 30, 2008, the Company reported a net loss of $12.4 million, or $0.17 per share, compared to a net loss of $10.7 million, or $0.15 per share, for the same period in 2007. For the six months ended June 30, 2008, the Company reported a net loss of $25.9 million, or $0.35 per share, compared to $19.6 million, or $0.27 per share, for the same period in 2007.
For the quarter ended June 30, 2008, the Company reported revenue of $0.9 million, compared to revenue of $2.7 million for the same period in 2007. For the six months ended June 30, 2008, revenue was $1.7 million, compared to revenue of $5.4 million for the same period in 2007. The decrease in revenue for both periods is a result of the conclusion of the research and development funding portion of the Company's collaboration with Amgen related to the development of PDE10 inhibitors, partially offset by increased milestone payments and research and development funding from Roche related to the nicotinic alpha-7 receptor agonist program.
Research and development expenses for the quarter ended June 30, 2008 were $10.3 million, lower than the $11.3 million reported for the same period in 2007, due primarily to a $0.7 million decrease in personnel-related costs. For the six months ended June 30, 2008, research and development expenses were $21.2 million compared to $21.1 million in the same period in 2007. The increase was due primarily to $2.6 million in increased costs associated with the clinical trials for the nicotinic alpha-7 agonist program and a $1.6 million increase in the preclinical activities for the Company's 5-HT6 antagonist program, partially offset by a $4.0 million decrease in clinical and manufacturing costs for MEM 1003 and a $0.3 million decrease in personnel- related costs.
General and administrative expenses for the quarter ended June 30, 2008 were $2.6 million, unchanged from the same period in 2007. For the six months ended June 30, 2008, general and administrative expenses were $5.5 million compared to $4.8 million for the same period in 2007. The increase was due primarily to an increase of $0.5 million in legal fees and $0.4 million in outside services.
At June 30, 2008, the Company had cash and cash equivalents of approximately $22.1 million, compared to $38.2 million at the end of 2007. The Company continues to expect 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.
Second Quarter Highlights and Recent Developments
-- Roche Opt-in for R3487/MEM 3454. In May, Roche exercised its option to license R3487/MEM 3454, Memory Pharmaceuticals' lead nicotinic alpha-7 receptor agonist, for further development and commercialization. In connection with the option exercise, Memory Pharmaceuticals received a $6.0 million milestone payment and is entitled to future payments upon the achievement of additional milestones and royalties on product sales, including a $17.0 million milestone payment upon the completion of the ongoing Phase 2a study in cognitive impairment associated with schizophrenia. In addition, Memory Pharmaceuticals retains an option to co-promote R3487/MEM 3454 in the United States.
-- Initiated a MAD Phase 1 Study for R4996/MEM 63908. The Company continued to progress its Phase 1 program for R4996/MEM 63908, a nicotinic alpha-7 receptor agonist. During the quarter, the Company completed a food interaction study in healthy adult male volunteers and a randomized, placebo- controlled single dose study in elderly male and female volunteers, and commenced a randomized, placebo-controlled multiple ascending dose (MAD) study in healthy and elderly male and female volunteers. The Company expects to announce top-line results from this entire Phase 1 program in the fourth quarter of 2008.
-- Reported Pro-Cognitive and Anti-Inflammatory Data for MEM 1414. In May, Memory Pharmaceuticals reported the results of a clinical study of MEM 1414 on quantitative EEG (qEEG), a biomarker of central nervous system activity. In the randomized, double-blind, placebo-controlled, cross-over study, 500 mg and 750 mg doses produced a statistically significant increase in both the absolute and relative power of the EEG signal in the alpha frequency. In addition, the Company reported positive preclinical data for MEM 1414 in models of inflammation.
-- Nominated MEM 68626 as a Development Candidate. Memory Pharmaceuticals nominated MEM 68626 as the lead development candidate from its proprietary 5-HT6 antagonist program. MEM 68626 is a novel, potent and selective antagonist of the 5-HT6 receptor that has demonstrated efficacy in multiple preclinical models of cognition and obesity and has a favorable safety and toxicology profile in in vivo studies, with no cardiovascular or genetic toxicity issues. In addition, the compound's pharmacokinetic profile suggests the potential for once-daily, oral dosing.
-- Presented Preclinical Data for MEM 68626 at ICAD 2008. In July, Memory Pharmaceuticals presented preclinical data for MEM 68626 in a poster presentation at the 2008 Alzheimer's Association International Conference on Alzheimer's Disease (ICAD). 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.
-- Presented Plan to Nasdaq. In April, the Company received written notification from the Nasdaq Stock Market, that, as of December 31, 2007, the Company was not in compliance with the minimum $10.0 million stockholders' equity requirement set forth in Marketplace Rule 4450(a)(3). In June, Memory Pharmaceuticals received written notification from the Nasdaq Stock Market that, because the Company had not regained compliance with the $1.00 bid price requirement set forth in Marketplace Rule 4450(a)(5), its securities were subject to delisting from the NASDAQ Global Market, unless the Company requested a hearing. The Company requested a hearing before the Nasdaq Listing Qualifications Panel, which automatically stayed the delisting of its securities until the Panel issues a decision following the hearing. On July 31, 2008, Memory Pharmaceuticals appeared before the Nasdaq Listing Qualifications Panel and presented its plan to achieve and sustain compliance with the continued listing requirements of the Nasdaq Stock Market. The plan is currently under review by the Nasdaq Listing Qualifications Panel.
surf1944
16 years ago
Memory Pharmaceuticals Presents Positive Preclinical Data for MEM 68626 at ICAD 2008
Wednesday July 30, 4:28 pm ET
MONTVALE, N.J., July 30 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today presented preclinical data for MEM 68626, its lead 5-HT6 antagonist drug candidate, at the 2008 Alzheimer's Association International Conference on Alzheimer's Disease (ICAD) in Chicago. 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 (MCI). In addition, the data suggests the potential for once-daily oral dosing with a favorable safety and toxicology profile.
"We are extremely pleased with the data emerging from our proprietary 5- HT6 antagonist program. MEM 68626 produces a robust effect in key models of cognition with a favorable safety and pharmacokinetic profile, providing a strong rationale for clinical development in a cognition indication," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We look forward to advancing this program into the clinic by year-end."
The results were presented in a poster titled "Characterization of serotonin 5-HT6 receptor antagonists as putative drugs for age-related mild cognitive impairment and Alzheimer's disease." The data included the following:
-- MEM 68626 significantly enhanced object recognition in young rats, demonstrating improvements in both acquisition and consolidation memory processes in a model of episodic memory.
-- In a model of spatial reference memory, MEM 68626 restored cognitive function in aged-impaired rats, and this effect was maintained with longer- term dosing.
-- The data suggests that MEM 68626 was active in the cortical and hippocampal areas of the brain, critical regions that are compromised in Alzheimer's disease and MCI.
-- Pharmacokinetic studies of MEM 68626 demonstrated that the compound achieved plasma and brain exposure levels sufficient for once-a-day dosing.
Memory Pharmaceuticals also presented a poster titled "Working Memory Deficits in rTg4510 Tau Transgenic Mice," which was selected as a "Hot Topics" presentation.
About MEM 68626
MEM 68626 is a novel, potent and selective antagonist of the 5-HT6 receptor, a validated target for the treatment of cognitive disorders. The compound has demonstrated efficacy in multiple preclinical models of cognition and obesity and has a favorable safety and toxicology profile in animal studies. MEM 68626 is the lead compound in Memory Pharmaceuticals' 5-HT6 antagonist program.
surf1944
16 years ago
It will happen with MEMY in time, just not sure when. They have issues with sub $1 as well as market size/cap:
Memory Pharmaceuticals Receives Anticipated NASDAQ Staff Determination Letter
Monday June 9, 6:05 am ET
- Company to Request a Hearing -
MONTVALE, N.J., June 9 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced that on June 6, 2008 it received a letter from the NASDAQ Listing Qualifications Department notifying the Company that, because it has not regained compliance with the $1.00 bid price requirement set forth in Marketplace Rule 4450(a)(5), its securities are subject to delisting from The NASDAQ Global Market, unless the Company requests a hearing. The Company intends to request a hearing before the NASDAQ Listing Qualifications Panel, which will automatically stay the delisting of the Company's securities until the Panel issues a decision following the hearing.
At the hearing, the Company expects to present its plan to achieve and sustain compliance with all requirements for continued listing, including the minimum stockholders' equity requirement. As set forth in the Company's proxy statement dated May 19, 2008 relating to its 2008 Annual Meeting of Stockholders, the Company is requesting stockholder approval to effect a reverse stock split to remedy the bid price deficiency. As previously announced, the Company has also been notified by NASDAQ that it is currently below the $10.0 million stockholders' equity requirement for continued listing on The NASDAQ Global Market.
surf's up......crikey
surf1944
17 years ago
Memory Pharmaceuticals Highlights Progress with Key Programs at its R&D Day
Friday May 16, 12:00 pm ET
MONTVALE, N.J., May 16 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today announced progress with several key development programs at its R&D Day meeting with the investment community. The Company reported new clinical data for MEM 1414, its lead PDE4 inhibitor, demonstrating the compound's CNS activity in humans. In addition, the Company has nominated MEM 68626 as the lead development candidate from its 5-HT6 antagonist program, and separately confirmed its 2008 development goals for its pipeline.
"We are extremely excited about the progress we have made in advancing our programs," said Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "MEM 1414 produced a robust CNS signal in a human quantitative EEG study. In addition, using human whole blood assays, we have identified plasma concentrations required for anti-inflammatory activity. These data, combined with previous pharmacokinetic and safety data obtained in Phase 1 clinical trials for MEM 1414, will guide dosing for a proof-of-concept trial in either a cognition or respiratory indication, which we expect to initiate by the end of 2008."
Mr. Kailian continued, "Further, we are pleased to report that we have nominated MEM 68626 as the lead compound in our 5-HT6 antagonist program. MEM 68626 has demonstrated strong preclinical efficacy data in cognition and has a favorable safety and pharmacokinetic profile, which we believe offers advantages over other compounds in development. We look forward to advancing MEM 68626 into the clinic this year."
MEM 1414 - Potential in Cognition and Inflammation
Memory Pharmaceuticals reported the results of a clinical study of MEM 1414 on quantitative EEG (qEEG), a biomarker of central nervous system (CNS) activity. The randomized, double-blind, placebo-controlled, cross-over study enrolled twelve healthy volunteers and evaluated three doses of MEM 1414 (250, 500 and 750 mg). In the study, the 500 and 750 mg doses produced a statistically significant increase in both the absolute and relative power of the EEG signal in the alpha frequency. In addition, the 250 mg dose produced a strong trend on certain electrodes. Effects were consistent with previous preclinical data and with the pharmacokinetic profile of MEM 1414, and supplement the preclinical data in models of inflammation. In these models, MEM 1414 demonstrated robust anti-inflammatory effects and suppressed cytokine release from human whole blood. Together, this data package supports both pro-cognitive and anti-inflammatory indications and provides guidance for dosing in future clinical trials.
MEM 68626 - Lead 5-HT6 Antagonist
MEM 68626 was nominated as the lead development candidate in the Company's 5-HT6 antagonist program. MEM 68626 is a novel, potent and selective antagonist of the 5-HT6 receptor, a validated target for the treatment of cognitive disorders. The compound has demonstrated efficacy in multiple preclinical models of cognition and obesity and has a favorable safety and toxicology profile in in vivo studies, with no cardiovascular or genetic toxicity issues. In addition, MEM 68626 has superior pharmaceutical-like properties and the compound's pharmacokinetic profile suggests the potential for once-daily, oral dosing.
2008 Program Goals
The Company confirmed its development goals for 2008:
-- Initiate a biomarker study for R3487/MEM 3454 this summer, with results
expected by early 2009
-- Complete and report top-line results for its Phase 2a trial of
R3487/MEM 3454 in cognitive impairment associated with schizophrenia
(CIAS) in the fourth quarter
-- Complete and report top-line results for its Phase 1 program of
R4996/MEM 63908 in the fourth quarter
-- Initiate a Phase 2a trial for MEM 1414 by year-end
-- Initiate a Phase 1 trial for MEM 68626 by year-end.
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.
http://biz.yahoo.com/prnews/080516/nyf065.html?.v=101
surf1944
17 years ago
On May 16, 2008, Memory Pharmaceuticals Corp. (the "Registrant") issued a press release announcing that it presented its progress with several key development programs at its R&D Day meeting with the investment community held on May 16, 2008. The Registrant reported new clinical data for MEM 1414, its lead PDE4 inhibitor, demonstrating the compound's central nervous system (CNS) activity in humans. In addition, the Registrant reported that it has nominated MEM 68626 as the lead development candidate from its 5-HT6 antagonist program.
- The Registrant reported the results of a clinical study of MEM 1414 on quantitative EEG (qEEG), a biomarker of CNS activity. The randomized, double-blind, placebo-controlled, cross-over study enrolled twelve healthy volunteers and evaluated three doses of MEM 1414 (250, 500 and 750 mg). In the study, the 500 and 750 mg doses produced a statistically significant increase in both the absolute and relative power of the EEG signal in the alpha frequency. In addition, the 250 mg dose produced a strong trend on certain electrodes. Effects were consistent with previous preclinical data and with the pharmacokinetic profile of MEM 1414, and supplement the preclinical data in models of inflammation. In these models, MEM 1414 demonstrated robust anti-inflammatory effects and suppressed cytokine release from human whole blood. Together, this data package supports both pro-cognitive and anti-inflammatory indications and provides guidance for dosing in future clinical trials.
- The Registrant reported that MEM 68626 has been nominated as the lead development candidate in the Registrant's 5-HT6 antagonist program. MEM 68626 is a novel, potent and selective antagonist of the 5-HT6 receptor, a validated target for the treatment of cognitive disorders. The compound has demonstrated efficacy in multiple preclinical models of cognition and obesity and has a favorable safety and toxicology profile in in vivo studies, with no cardiovascular or genetic toxicity issues. In addition, MEM 68626 has superior pharmaceutical-like properties and the compound's pharmacokinetic profile suggests the potential for once-daily, oral dosing.
The press release that includes these announcements is attached hereto as Exhibit 99.1 and incorporated herein by reference.
surf1944
17 years ago
Memory Pharmaceuticals Reports First Quarter 2008 Financial Results
Wednesday May 14, 6:05 am ET
MONTVALE, N.J., May 14 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) today reported its financial results for the first quarter ended March 31, 2008.
"We had a productive start to 2008, reporting significant progress with our collaborations and refocusing our operations to advance four high-value programs," said Vaughn M. Kailian, President and Chief Executive Officer. "Roche's recent decision to license R3487/MEM 3454 highlights the potential of the compound, provides a development path forward for our lead nicotinic alpha-7 receptor agonist, strengthens our financial profile and certainly validates our expertise in CNS drug development. We remain on track to achieve the following 2008 goals for each of our four major development programs: completing and announcing top-line results for our Phase 2a trial of R3487/MEM 3454 in cognitive impairment in schizophrenia and our Phase 1 program for R4996/MEM 63908, initiating a Phase 2a trial for MEM 1414, and advancing our 5-HT6 antagonist program into the clinic."
Financial Results
For the quarter ended March 31, 2008, the Company reported a net loss of $13.4 million, or $0.18 per share, compared to a net loss of $8.9 million, or $0.13 per share, for the same period in 2007.
For the quarter ended March 31, 2008, the Company reported revenue of $0.8 million, compared to revenue of $2.7 million for the same period in 2007. The decrease in revenue is a result of the conclusion of the research and development funding portion of the Company's collaboration with Amgen related to the development of PDE10 inhibitors.
Research and development expenses for the quarter ended March 31, 2008 were $11.0 million compared to $9.9 million for the same period in 2007. The change included $3.1 million in increased costs related to the development of R3487/MEM 3454 and R4996/MEM 63908, and a $0.9 million increase related to manufacturing and preclinical costs associated with the 5-HT6 antagonist program, offset by a $3.4 million decrease in costs associated with the clinical development of MEM 1003.
General and administrative expenses for the quarter ended March 31, 2008 were $2.9 million, compared to $2.3 million for the same period in 2007. The change included an increase of $0.2 million in personnel and personnel-related costs, a $0.2 million increase in legal fees, and a $0.2 million increase in outside services.
At March 31, 2008, the Company had cash, cash equivalents and marketable securities of approximately $27.5 million, compared to $38.2 million at the end of 2007. The Company continues to expect that its existing cash, cash equivalents, and marketable securities, 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.
http://biz.yahoo.com/prnews/080514/nyw038.html?.v=101
surf1944
17 years ago
Memory Pharmaceuticals to Host R&D Day on May 16, 2008
Monday May 12, 6:05 am ET
MONTVALE, N.J., May 12 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News), today announced that it will host an R&D Day for the investment community on Friday, May 16, 2008 in New York City. Presentations will begin at 9:00 a.m. EDT and will focus on the Company's progress with its nicotinic alpha-7 receptor agonist collaboration with Roche and its PDE4 inhibitor and 5-HT6 antagonist programs.
Interested parties may access a live webcast of the presentation and accompanying slides by visiting the Investor Relations section of Memory Pharmaceuticals' website at http://www.memorypharma.com. An archived version of the webcast will be available at the same location through May 23, 2008.
For more information on the R&D Day, please e-mail rdday@memorypharma.com.
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.
For More Information:
Jzaneen Lalani Laura Perry
General Counsel LMP Investor Relations
(201) 802-7249 (646) 719-1055
surf1944
17 years ago
Roche Exercises its Option to Further Develop and Commercialize Memory Pharmaceuticals' Nicotinic Alpha-7 Agonist, MEM 3454
Friday May 2, 6:05 am ET
-Memory Receives $6 Million Milestone Payment-
-Memory to Host Conference Call at 9:00 a.m. EDT Today-
MONTVALE, N.J. and BASEL, Switzerland, May 2 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. (Nasdaq: MEMY - News) and Roche (SWX: ROG - News) today announced that Roche has exercised its option to further develop and commercialize Memory Pharmaceuticals' lead nicotinic alpha-7 agonist drug candidate, MEM 3454, for neurological and psychiatric disorders. Roche's exercise of its option for MEM 3454 triggers a $6 million milestone payment and entitles Memory Pharmaceuticals to future payments upon the achievement of additional milestones and royalties on product sales, including a $17 million milestone payment upon the completion of the ongoing Phase 2a study in cognitive impairment associated with schizophrenia (CIAS). In addition, Memory Pharmaceuticals retains an option to co-promote MEM 3454 in the United States.
"We are excited that Roche shares our enthusiasm for MEM 3454 and its potential to address the cognitive deficits associated with debilitating CNS disorders," stated Vaughn M. Kailian, President and Chief Executive Officer of Memory Pharmaceuticals. "We have aggressively advanced MEM 3454 through early-stage clinical trials, including a positive Phase 2a trial in Alzheimer's disease. We believe that Roche's continued commitment to the program, together with its expertise in later-stage clinical development and commercialization, will provide the support and capabilities to realize the full potential of this compound."
In a recently completed Phase 2a study in Alzheimer's disease patients, MEM 3454 demonstrated a statistically significant effect on multiple measures of cognition. The compound is currently being evaluated in a Phase 2a trial in CIAS, with top-line results expected in the fourth quarter of 2008. The trial is expected to enroll approximately 160 patients and is designed to assess the safety, tolerability and cognitive effects of three doses of MEM 3454 in patients with CIAS. In addition, Memory Pharmaceuticals and Roche recently expanded their schizophrenia development program for MEM 3454 to include a biomarker study, which will be funded by Roche. Memory Pharmaceuticals expects to initiate the biomarker trial this summer, with results expected by early 2009.
MEM 3454 is a partial agonist of the nicotinic alpha-7 receptor, a highly specialized receptor found in the central nervous system. Compounds acting on this receptor could be beneficial in the treatment of Alzheimer's disease and schizophrenia, as well as other psychiatric and neurological disorders.
Conference Call Information
Memory Pharmaceuticals will hold a conference call today, May 2, 2008 at 9:00 a.m. EDT to discuss this announcement. 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: Friday, May 2, 2008
Time: 9:00 a.m. EDT
Telephone (U.S.): 866.314.4483
Telephone (international): 617.213.8049
Participant Passcode: 38691567
Webcast: http://www.memorypharma.com under the
"Investors" section
An audio replay of the conference call will be available from 11:00 a.m. EDT on Friday, May 2, 2008, until Friday, May 9, 2008. To access the replay, please dial 888.286.8010 (U.S.) or 617.801.6888 (international) and enter passcode number 95627100. An audio replay of the conference call will also be available under the "Investors" section of the Company's website during the same period.
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