Memory Pharmaceuticals Provides Update on PDE4 Collaboration With Roche

Memory Pharmaceuticals has announced that Roche has decided not to pursue further development of MEM 1414 and MEM 1917 on its own, and that the two companies have commenced discussions to determine the future of these two compounds.

The collaboration continues to work on PDE4 inhibitor back-up compounds. Under the 2002 collaboration, Roche received a worldwide, exclusive license to any product candidate from Memory Pharmaceuticals' PDE4 inhibitor program.

Under an August 2004 extension of the collaboration agreement, Roche has committed to a minimum of 18 months' funding of the company's PDE4 research efforts in the amount of $5.25 million.