MONTVALE, NJ (December 15, 2004) – Memory Pharmaceuticals Corp. announced that Dennis M. Keane, chief financial officer, has resigned effective December 24 to spend more time with his family.

Keane is expected to work with the company as a consultant through the completion of the company’s year-end 2004 audit.

Joseph M. Donabauer, controller and principal accounting officer, has been appointed to vice president, and will oversee the company’s finance functions until Keane’s successor is named.

“I want to thank Dennis for his many contributions to the company,” said Tony Scullion, chief executive officer of Memory. “I, Joe Donabauer and the rest of the finance team, wish Dennis and his family all the best in the future.”

Donabauer has more than 20 years of financial management experience. He has served as Memory’s controller since 2002 and the company’s principal accounting officer since December 2003. Prior to joining Memory, Donabauer held senior financial management positions including controller of the New Jersey operations at Genzyme Biosurgery (formerly Biomatrix Inc.). Prior to joining Genzyme, Donabauer held financial management positions at Hoffman-La Roche and Reckitt & Colman (now Reckitt Benckiser).

Memory Pharmaceuticals, a biopharmaceutical company, is focused on developing drugs for the treatment of debilitating central nervous system disorders such as Alzheimer’s disease, depression, schizophrenia, vascular dementia, mild cognitive impairment, and memory impairments associated with aging.