Memory shares plunge as lead drug fails trial

Shares of Memory Pharmaceuticals plunged this morning after researchers announced that its lead drug failed to achieve any of its endpoints in a mid-stage study for mania in bipolar patients. The volunteers in the MEM 1003 trial were studied to see if they achieved a 50 percent improvement on a standard mania scale. No serious side effects were recorded, but that was cold comfort to investors. Memory shares quickly lost about a third of their value in early trading. MEM 1003 is also being studied as a therapy for Alzheimer's. Memory was a 2003 Fierce 15 winner.

- check out Memory's press release
- read the AP report on Memory Pharmaceuticals