Memory Pharmaceuticals' Nicotinic Alpha-7 Agonist, MEM 3454 : Roche Exercises its Option to Further Develop and Commercialize it

May 2, 2008- Memory Pharmaceuticals Corp. (Nasdaq: MEMY) and Roche (SWX: ROG) 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... Memory Pharmaceuticals' Press Release -