Memory Pharmaceuticals Announces Departure of Dr. Axel Unterbeck

Press Release:

Memory Pharmaceuticals Announces Departure of Dr. Axel Unterbeck

Press Release
News Article March 2005

MONTVALE, N.J., March 15 /PRNewswire-FirstCall/ -- Memory Pharmaceuticals Corp. today announced that Dr. Axel Unterbeck, its President and Co-founder, has resigned effective April 1, 2005 to pursue other opportunities. In addition, Dr. Unterbeck will step down from the Company's Board of Directors at that time. Dr. Unterbeck will continue to work with the Company as a consultant until the end of September 2005.

In connection with Dr. Unterbeck's departure, Tony Scullion, Memory Pharmaceuticals' Chief Executive Officer, will assume the role of President. In addition, Memory Pharmaceuticals' Board of Directors has elected Dr. David Lowe, the Company's Chief Scientific Officer, to the Board effective April 1, 2005.

"Axel, as Co-founder of the Company, has made very significant contributions in building Memory Pharmaceuticals' central nervous system (CNS) discovery organization. His vision and dedication over the past seven years, have contributed greatly to the Company's evolution to the productive CNS research and development engine we have today. We wish him every success in the future," commented Mr. Scullion.

Dr. Unterbeck stated, "Since it was founded in 1998, Memory Pharmaceuticals has made tremendous progress in translating its expertise in CNS into a diverse pipeline of novel drug candidates. It has been extremely rewarding to see Memory Pharmaceuticals' transition into a development stage company."

"We thank Axel for his years of service and valuable contributions to the Company," stated Jonathan Fleming, Chairman of the Board. "We are pleased to welcome David to the Board. David has been responsible for the Company's strategic and operational R&D activities since he joined the Company in October, and his leadership and expertise are of great importance to Memory Pharmaceuticals going forward."

Dr. Lowe joined Memory Pharmaceuticals in October 2004 from Fidelity Biosciences Group, a division of Fidelity Investments that invests private equity in the biosciences industry. Dr. Lowe served as Executive Vice President and Chief Scientific Officer of Fidelity Biosciences and as the President and Chief Executive Officer of EnVivo Pharmaceuticals Inc., a privately-held drug-discovery company financed by Fidelity Biosciences. Dr. Lowe has over twenty years of senior R&D management experience, including with Sandoz Ltd, which is now Novartis, Bayer AG and most recently with Roche Bioscience, where he served as the Vice President and Therapeutic Area Head, Central Nervous System (CNS).

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