Memory Pharmaceuticals Announces Release Of Clinical Hold On MEM 3454

Memory
Pharmaceuticals Corp. (Nasdaq: MEMY) today announced that the U.S. Food and
Drug Administration (FDA) has completed its review of the investigational
new drug application (IND) for MEM 3454 and has informed the Company that
the clinical hold on the development of this drug candidate has been
released. The Company now plans to commence its previously-announced Phase
2a clinical trial for MEM 3454 in Alzheimer's disease during the first
quarter of 2007.



"Memory has worked diligently with the FDA since this trial was placed
on clinical hold in October, and we are pleased that we will now be able to
move forward with the proof-of-concept trial for this important drug
candidate," stated Jim Sulat, President and Chief Executive Officer of
Memory Pharmaceuticals. "Given the safety and pharmacokinetic results of
the Phase 1 trial for MEM 3454 and the positive cognitive data generated in
that trial, we believe that MEM 3454 may offer a new approach for the
treatment of debilitating central nervous system disorders."



About the Company



Memory Pharmaceuticals Corp., a biopharmaceutical company, is focused
on developing innovative drugs for the treatment of debilitating CNS
disorders such as Alzheimer's disease, schizophrenia, depression and
bipolar disorder. For additional information, please visit our website at
memorypharma/.



Safe Harbor Statement



This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that are
subject to risks and uncertainties. All statements, other than statements
of historical facts, regarding management's expectations, beliefs, goals,
plans or Memory Pharmaceuticals' prospects, future financial position,
future revenues and projected costs should be considered forward-looking.
Readers are cautioned that actual results may differ materially from
projections or estimates due to a variety of important factors, including
the risks and uncertainties associated with: obtaining additional financing
to support Memory Pharmaceuticals' R&D and clinical activities and
operations; conducting preclinical and clinical trials of Memory
Pharmaceuticals' drug candidates that demonstrate these candidates' safety
and effectiveness; obtaining regulatory approvals to conduct clinical
trials and to commercialize Memory Pharmaceuticals' drug candidates; Memory
Pharmaceuticals' ability to enter into and maintain collaborations with
third parties for its drug development programs; Memory Pharmaceuticals'
dependence on its collaborations and its license relationship with Bayer;
achieving milestones under Memory Pharmaceuticals' collaborations; Memory
Pharmaceuticals' dependence on third- party preclinical or clinical
research organizations, manufacturers and consultants; and protecting the
intellectual property developed by or licensed to Memory Pharmaceuticals.
These and other risks are described in greater detail in Memory
Pharmaceuticals' filings with the Securities and Exchange Commission.
Memory Pharmaceuticals may not actually achieve the goals or plans
described in its forward-looking statements, and investors should not place
undue reliance on these statements. Memory Pharmaceuticals disclaims any
intent or obligation to update any forward-looking statements as a result
of developments occurring after the date of this press release.


Memory Pharmaceuticals Corp.

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