Memory is to receive $6 million under its alliance with Roche.
Roche exercised its option to develop and commercialize Memory Pharmaceuticals’ lead nicotinic alpha-7 agonist drug candidate, MEM 3454, for neurological and psychiatric disorders. The decision triggered a $6 million milestone fee to Memory Pharmaceuticals.
Roche will make future success-based payments including $17 million for the completion of the ongoing Phase IIa study in cognitive impairment associated with schizophrenia. Memory Pharmaceuticals will also earn royalties and holds an option to copromote MEM 3454 in the U.S.
“We have aggressively advanced MEM 3454 through early-stage clinical trials including a positive Phase IIa trial in Alzheimer’s disease,” reports Vaughn M. Kailian, president and CEO of Memory Pharmaceuticals. The companies recently expanded their schizophrenia development program for MEM 3454 to include a biomarker study.