Roche has exercised its option to further develop and commercialize Memory Pharmaceuticals' drug candidate, MEM 3454, for various neurological and psychiatric disorders. Memory gets a $6 million milestone payment and will be eligible for a $17 million once an ongoing Phase IIa study in cognitive impairment associated with schizophrenia (CIAS) is completed. Back in November, Memory Pharmaceuticals announced a positive Phase II proof-of-concept trial of MEM 3454 in 80 patients with Alzheimer's disease.
"We are excited that Roche shares our enthusiasm for MEM 3454 and its potential to address the cognitive deficits associated with debilitating CNS disorders," stated Vaughn M. Kailian, Memory's CEO. "We have aggressively advanced MEM 3454 through early-stage clinical trials, including a positive Phase IIa trial in Alzheimer's disease. We believe that Roche's continued commitment to the program, together with its expertise in later-stage clinical development and commercialization, will provide the support and capabilities to realize the full potential of this compound."
- check out this release
Memory's Alzheimer's drug aces Phase II
Memory's Alzheimer's drug flunks Phase II
Memory shares plunge as lead drug fails trial
Big pharma sees big payback for Alzheimer's research
Study shows that Alzheimer's drugs don't work