Memory Pharmaceuticals Q2 net income increases to $1.6 million from loss of $8.4 million

By Lisa Kerner

Charlotte, N.C., Aug. 9 - Memory Pharmaceuticals Corp. reported net income for the three months ended June 30 of $1.6 million, or $0.04 per share, up from a net loss of $8.4 million, or $0.40 per share, for the comparable period in 2005.

Revenue for the quarter was up at $1.9 million, from $ 2.5 million for the second quarter of 2005.

At June 30, Memory had cash, cash equivalents and marketable securities of approximately $32.1 million, compared to $44.1 million at Dec. 31, 2005.

For the six months ended June 30, the company reported a net loss of $6.6 million, or $0.17 per share, up from a net loss of $16.9 million, or $0.81 per share, reported in the prior-year period.

Revenue for the first half of 2006 was down slightly at $4.7 million, from $4.9 million for the first half of 2005.

Memory believes its existing cash, cash equivalents, and marketable securities, together with payments from collaboration agreements, will be sufficient to fund operating expenses, repayment of equipment notes and capital equipment requirements through the first quarter of 2007.

"Since the beginning of the year, we have focused on advancing our clinical-stage pipeline into important proof-of-concept studies," president and chief executive officer Jim Sulat said in a company news release.

"We are progressing our phase 2a trial for MEM 1003 in Alzheimer's disease, we expect to begin dosing in a phase 2a trial for that same drug candidate in bipolar disorder shortly and our goal is to initiate a phase 2a trial for MEM 3454, our lead nicotinic alpha-7 partial agonist, by the end of the year."

In addition, Memory achieved a key preclinical milestone related to its MEM 63908 program, leading to additional funding from Roche for the company's nicotinic alpha-7 program in 2007.

Montvale, N.J.-based Memory is a biopharmaceutical company developing drug candidates for the treatment of central nervous system conditions.

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