Stanley Medical Research to fund development of Memory's MEM 1003 for bipolar disorder

By E. Janene Geiss

Philadelphia, Dec. 20 - Memory Pharmaceuticals Corp. announced Tuesday that it 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 the research institute to fund the clinical development of MEM 1003 and will use the money to support a phase 2a trial of MEM 1003 in acute mania in bipolar disorder, which is scheduled to begin in the first half of 2006, according to a company news release.

As part of the agreement, the institute has purchased 440,367 newly issued shares of the company's common stock at a price of $2.18 per share, constituting $960,000 of the total funding being provided to the company under the agreement.

In addition, the institute received a five-year warrant for the purchase of up to 154,128 additional shares of common stock at an exercise price of $2.62 per share.

The company said it will receive the remaining $2.24 million of funding upon the achievement of milestones related to the phase 2a trial in bipolar disorder.

These funds will be repayable to the institute in the form of royalties, up to a specified maximum amount, on future sales of MEM 1003 for the treatment of bipolar disorder or schizophrenia.

"Abnormal calcium levels are thought to be involved in conditions such as Alzheimer's disease and bipolar disorder. MEM 1003 regulates calcium abnormalities and therefore has a solid rationale as a novel potential therapeutic for such disorders," said David A. Lowe, chief scientific officer of Memory Pharmaceuticals, in the release.

MEM 1003 is a neuronal L-type calcium channel modulator that Memory is developing for the treatment of Alzheimer's disease and bipolar disorder. By blocking L-type calcium channels, MEM 1003 may regulate the flow of calcium and re-establish normal levels of calcium, which may correct or prevent the severe mood swings that characterize bipolar disorder, officials said.

Memory also announced Tuesday top-line data from its phase 1b safety and tolerability study of MEM 1003 for the treatment of Alzheimer's disease. (See related story elsewhere in this newsletter).

The Stanley Medical Research Institute, based in Bethesda, Md., is the largest private source of research funding for severe mental illness.

Memory is a Montvale, N.J., biopharmaceutical company focused on developing innovative drugs for the treatment of debilitating CNS disorders such as Alzheimer's disease, schizophrenia, depression, bipolar disorder, vascular dementia, mild cognitive impairment, Parkinson's disease and memory impairments associated with aging.

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