Roche to develop Memory's candidate
Swiss drug major Roche will exercise its option to develop and commercialize US firm Memory Pharmaceuticals' drug candidate, MEM 3454, for the treatment of neurological and psychiatric disorders (Marketletters passim).
The move triggers a $6.0 million payment for Memory and will entitle it to further milestones and royalties. This will include a $17.0 million payment on the completion of the current Phase IIa trials.
A recent mid-stage trial on the candidate discovered it had a statistically-significant effect in treating multiple measures of Alzheimer's disease (Marketletter March 19, 2007). The currently-underway trial is testing the drug's efficacy, safety and tolerability in treating patients suffering from schizophrenia. Roche is also funding a linked biomarker trial for the same indication.
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