Memory refocuses on lead programs

Memory Pharmaceuticals is retooling its operations to focus less on drug discovery research a near-term and mid- term efforts. In particular, the company is extending the preclinical research part of its PDE10 deal with Amgen for neurological and psychiatric disorders. It will also focus on its nicotinic alpha-7 receptor agonist program with Roche along with two proprietary programs for Alzheimer's and other indications.

"After conducting a thorough review of our pipeline, opportunities and financial resources, we have decided to focus on those areas where we can most optimally apply our expertise to create significant clinical and shareholder value," said Memory's President and CEO Vaughn M. Kailian. Memory made our list of the worst pharma stocks of 2007.

- see Memory's release