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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000930413-06-007881.txt : 20061113
<SEC-HEADER>0000930413-06-007881.hdr.sgml : 20061113
<ACCEPTANCE-DATETIME>20061113141022
ACCESSION NUMBER:		0000930413-06-007881
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061108
FILED AS OF DATE:		20061113
DATE AS OF CHANGE:		20061113

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MEMORY PHARMACEUTICALS CORP
		CENTRAL INDEX KEY:			0001062216
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000

	BUSINESS ADDRESS:	
		STREET 1:		100 PHILIPS PARKWAY
		CITY:			MONTVALE
		STATE:			NJ
		ZIP:			07645
		BUSINESS PHONE:		2018027100

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JAY JEFFREY R
		CENTRAL INDEX KEY:			0001239607

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50642
		FILM NUMBER:		061207808

	BUSINESS ADDRESS:	
		STREET 1:		WHITNEY & CO.
		STREET 2:		177 BROAD STREET
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06901
		BUSINESS PHONE:		203-971-3300

	MAIL ADDRESS:	
		STREET 1:		GREAT POINT PARTNERS, LLC
		STREET 2:		2 PICKWICK PLAZA, SUITE 450
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GREAT POINT PARTNERS LLC
		CENTRAL INDEX KEY:			0001281446
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-50642
		FILM NUMBER:		061207809

	MAIL ADDRESS:	
		STREET 1:		2 PICKWICK PLAZA
		STREET 2:		STE 450
		CITY:			GREENWICH
		STATE:			CT
		ZIP:			06830
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>c45212_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-11-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001062216</issuerCik>
        <issuerName>MEMORY PHARMACEUTICALS CORP</issuerName>
        <issuerTradingSymbol>MEMY</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001281446</rptOwnerCik>
            <rptOwnerName>GREAT POINT PARTNERS LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>165 MASON STREET</rptOwnerStreet1>
            <rptOwnerStreet2>3RD FLOOR</rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001239607</rptOwnerCik>
            <rptOwnerName>JAY JEFFREY R</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>GREAT POINT PARTNERS, LLC</rptOwnerStreet1>
            <rptOwnerStreet2>2 PICKWICK PLAZA, SUITE 450</rptOwnerStreet2>
            <rptOwnerCity>GREENWICH</rptOwnerCity>
            <rptOwnerState>CT</rptOwnerState>
            <rptOwnerZipCode>06830</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-11-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>809581</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.33</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>6087547</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Biomedical Value Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-11-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>689643</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.33</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5185689</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Biomedical Offshore Value Fund, Ltd.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Warrant (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.33</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1656078</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-10-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-10-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1656078</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Biomedical Value Fund, L.P.</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Common Stock Warrant (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.33</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>X</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>1410733</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-10-16</value>
            </exerciseDate>
            <expirationDate>
                <value>2011-10-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>1410733</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Biomedical Offshore Value Fund, Ltd.</value>
                    <footnoteId id="F3"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On November 8, 2006, Biomedical Value Fund, L.P. (&quot;BMVF&quot;) exercised its Warrant in full through a cashless exercise whereby
 the Warrant was converted to 809,581 shares of Common Stock of the issuer.  BMVF now owns in the aggregate 6,087,547
 shares of Common Stock of the issuer.  Also on November 8, 2006, Biomedical Offshore Value Fund, Ltd. (&quot;BOVF&quot;) exercised its
 Warrant in full through a cashless exercise whereby the Warrant was converted to 689,643 shares of Common Stock of the
 issuer.  BOVF now owns in the aggregate 5,185,689 shares of Common Stock of the issuer. The exercise price of each Warrant
 is set forth in column 4.</footnote>
        <footnote id="F2">Great Point Partners, LLC (&quot;Great Point&quot;) is the investment manager of BMVF by virtue of such status may be deemed to be the
 beneficial owner of the shares held by BMVF.  Dr. Jeffrey R. Jay, M.D., as senior managing member of Great Point (&quot;Dr.
 Jay&quot;), has voting and investment power with respect to the shares held by BMVF and may be deemed to be the beneficial owner
 of the shares held by BMVF.  Great Point and Dr. Jay disclaim beneficial ownership of the shares held by BMVF, except to the
 extent of any pecuniary interest, and this report shall not be deemed to be an admission that they are the beneficial owners
 of such securities.</footnote>
        <footnote id="F3">Great Point is the investment manager of BOVF and by virtue of such status may be deemed to be the beneficial owner of the
 shares held by BOVF.  Dr. Jay, as senior managing member of Great Point, has voting and investment power with respect to the
 shares held by BOVF and may be deemed to be the beneficial owner of the shares held by BOVF.  Great Point and Dr. Jay
 disclaim beneficial ownership of the shares held by BOVF, except to the extent of any pecuniary interest, and this report
 shall not be deemed to be an admission that they are the beneficial owners of such securities.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>Great Point Partners, LLC by /s/ Dr. Jeffrey R. Jay</signatureName>
        <signatureDate>2006-11-10</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Dr. Jeffrey R. Jay</signatureName>
        <signatureDate>2006-11-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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