Memory Pharmaceuticals Closes Second Tranche of Equity Financing With The Stanley Medical...

Posted on: Tuesday, 24 June 2008, 06:03 CDT MONTVALE, N.J., June 24 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. today announced that it has secured $2 million through the sale of approximately 4.7 million shares of common stock under its equity financing agreement with an investment group led by The Stanley Medical Research Institute (SMRI). Memory Pharmaceuticals exercised its option to complete the second tranche following the achievement of a predefined milestone related to the Phase 2a trial of MEM 3454 in cognitive impairment associated with schizophrenia (CIAS). Under the terms of the June 2007 financing agreement, the shares were priced at a 17% premium to the average closing sale price of the Company's common stock for the ten days immediately prior to the Company's achievement of the specified milestone.... [read full story]