Memory Pharmaceuticals starts bipolar disorder trial

By Elaine Rigoli

Tampa, Fla., Sept. 5 - Memory Pharmaceuticals Corp. said it dosed the first subject in a phase 2a trial of MEM 1003 in patients with acute mania in bipolar disorder, as part of its agreement with The Stanley Medical Research Institute (SMRI), which is providing funding support.

Under the agreement, Montvale, N.J.-based Memory Pharmaceuticals could receive up to $3.2 million from SMRI to fund a phase 2a clinical trial of MEM 1003 in bipolar disorder.

In December 2005, SMRI purchased 440,367 newly issued shares of the biopharmaceutical company's common stock at a price of $2.18 per share, constituting $960,000 of the total possible funding to Memory Pharmaceuticals under the agreement.

Memory Pharmaceuticals said it is eligible to receive up to an additional $2.24 million of funding from SMRI upon the achievement of milestones related to this phase 2a trial.

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

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