Memory Pharmaceuticals is slashing more than half of its workforce as it restructures and focuses on clinical development. Half of those jobs will be cut immediately with the other half coming over the next six months.
In a release, Memory said that the realignment would leave the company able to support "ongoing and expected trials for its clinical-stage drug candidates." As part of the restructuring, the vice president of business development, Michael P. Smith, will take over as CFO.
"We are committed to the advancement of our pipeline, and this decision will ensure that we have the resources and human capital to execute our development strategies for our partnered and proprietary programs," stated CEO Vaughn M. Kailian. "We are focused on advancing our candidates through key clinical trials, such as our Phase II development program for MEM 3454 in cognitive impairment associated with schizophrenia and our Phase I program for MEM 63908, both of which are partnered with Roche. In addition, we look forward to initiating a Phase IIa trial for our lead PDE4 inhibitor, MEM 1414, commencing a Phase 1 program for MEM 68626, and continuing to collaborate with Amgen on the development of PDE10 inhibitors."
- read the Memory Pharmaceuticals release
ALSO: In a separate announcement, Memory Pharmaceuticals announced that it has amended its nicotinic alpha-7 receptor agonist agreement with Roche to expand the Phase II development program for R3487/MEM 3454 in cognitive impairment associated with schizophrenia. Roche will provide funding to Memory Pharmaceuticals, in advance, for all costs associated with the increase in enrollment and will accelerate a portion of the $17 million payment associated with the completion of the Phase II CIAS trial. Release