Memory Pharmaceuticals announces more than $5 million license deal with Amgen

By E. Janene Geiss

Philadelphia, Oct. 17 - Memory Pharmaceuticals Corp. announced Monday that it has entered into a collaborative and license agreement with Amgen to develop PDE10 inhibitors as therapeutics to potentially treat neurological and psychiatric disorders.

Under the collaboration, Memory Pharmaceuticals will receive a $5 million upfront payment and could also receive "significant milestone" payments for the successful achievement of research, development, approval and sales events for compounds that progress under the collaboration, according to a news release.

Memory also is eligible to receive royalties that will increase with increasing sales of marketed products, officials said. Over the next two years, the company also could receive research funding of $5.1 million, the release said.

PDE10 is a class of phosphodiesterases that degrades cAMP and cGMP, molecules responsible for improving the function of many different cells in the body, including neurons.

"PDE10 is a very compelling target for treating certain central nervous system disorders, and we are delighted to have Amgen as a partner in our effort to aggressively pursue this target and address the pervasive unmet needs of patients with these disorders," Memory's president and chief executive officer Jim Sulat said in the release.

Memory Pharmaceuticals is a Montvale, N.J.-based biopharmaceutical company focused on developing drugs for the treatment of central nervous disorders such as Alzheimer's disease, schizophrenia, depression and Parkinson's disease, among others.

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