Memory's MEM 3454 earns milestone from Roche

The USA's Memory Pharmaceuticals has elected to maintain its option to obtain an exclusive license for MEM 3454, the lead compound from the companies' alliance focused on the discovery and clinical development of nicotinic alpha-7 receptor agonists for the treatment of neurological and psychiatric disorders.

This decision was triggered by Memory's Phase I findings on the drug, which satisfied a set of criteria that was predefined by the Swiss drug major, and will result in a $2.0 million milestone payment. Under the terms of their alliance, the US firm is responsible for the development of MEM 3454 through Phase IIa trials. Roche has the right to obtain an exclusive license following the completion of these studies and maintains this right through the development process by making three payments to Memory upon its achievement of certain pre-established development milestones.