Roche’s exercise of its option triggers a $6 million milestone payment and entitles Memory to future payments upon the achievement of additional milestones and royalties on product sales, including a $17 million milestone payment upon the completion of the ongoing Phase IIa study in cognitive impairment associated with schizophrenia (CIAS). In addition, Memory Pharmaceuticals retains an option to co-promote MEM 3454 in the US.
Vaughn Kailian, president and CEO of Memory, said: “We have aggressively advanced MEM 3454 through early-stage clinical trials, including a positive Phase IIa trial in Alzheimer’s disease.
“We believe that Roche’s continued commitment to the program, together with its expertise in later-stage clinical development and commercialization, will provide the support and capabilities to realize the full potential of this compound.”