The study is evaluating the safety and efficacy of MEM 1003 for the treatment of acute mania in bipolar disorder.
“We are particularly pleased by enrollment in this trial to date,” said Stephen Murray, vice president of clinical development. “As we announced recently, we have increased the number of subjects in the trial from 60 to 80 to improve the power of the trial to detect the effect of MEM 1003 on the mood swings characterized by this disorder.”
Under the terms of the agreement, Memory Pharmaceuticals could receive up to $3.2 million from SMRI to fund its phase IIa clinical trial of MEM 1003. In December 2005, SMRI purchased newly issued shares of the company's common stock, constituting $960,000 of the funding to Memory Pharmaceuticals under the agreement. After this $960,000 milestone, Memory Pharmaceuticals is eligible to receive up to an additional $1.28 million of funding from SMRI.
MEM 1003 is a neuronal L-type calcium channel modulator that Memory Pharmaceuticals is developing for the treatment of Alzheimer's disease and bipolar disorder. By blocking L-type calcium channels, MEM 1003 may regulate the flow of calcium and reestablish normal levels of calcium, which may correct or prevent the severe mood swings that characterize bipolar disorder.