As part of this plan, the company’s workforce will be reduced by approximately 55% across all areas of the business. The cost reductions associated with the eliminated positions will allow the company to continue to execute its development strategy and support its key programs as planned, including the ongoing and expected trials for its clinical-stage drug candidates.
The company has also announced that Michael Smith, vice president of business development, will become CFO, replacing James Sulat. Mr Sulat will remain with the company through a transition period.
Under the workforce reduction plan, approximately 50% of the affected positions will be eliminated immediately and the remainder will be eliminated over the next six months.
Vaughn Kailian, president and CEO of Memory Pharmaceuticals, said: “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 I program for MEM 68626, and continuing to collaborate with Amgen on the development of PDE10 inhibitors.”