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December 29, 2005 Stock Pick: Memory Pharmaceuticals Corp. (MEMY)

Stock Price: $2.24

Memory Pharmaceuticals Corp. is a biopharmaceutical company focused on the development of drug candidates for the treatment of central nervous system (CNS) conditions that exhibit significant impairment of memory and other cognitive functions. Drugs in development by the company are targeted to treat conditions such as Alzheimer's disease, dementia, and mild-cognitive impairment.

The company just received a cash infusion for the cevelopment of its leading drug candidate -- MEM 1003, a treatment for certain mental disorders. Preliminary results showed safety and tolerability in an early Alzheimer's study. The financer, Stanley Medical Research Institute bought 440,367 MEMY shares for $2.18 each. Total investment by Stanley Medical Research could reach $3.2 million. MEMY jumped to $2.54 on this news and is now back down to a buying point.

Insiders have been buying up MEMY shares. Much of the insider purchasing action happened on September 23rd of this year. Six directors within the company purchased shares as well as the chairman, CEO, and one 10% owner. Total value of these purchases is over $8.4 million. This is significant and should not be overlooked. There is something great going on in the company and the insiders are showing it through their purchases.

Technically, MEMY is at the start of a an uptrend. A double bottom was formed in November and December as well as MEMY's MACD just crossing into the positive. The 50 day moving average is acting as support for the current price. Expect MEMY to move above $2.50 within the next 5 - 10 trading days.

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