And for the first time within memory, drug company executives are publicly complaining about uncertain and arbitrary regulation.

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Memory Pharmaceuticals , the closely held biotech firm doing this work, is at the forefront of an intense scientific race to devise the first effective memory-enhancing drug.

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Memory Pharmaceuticals has a nicotinic receptor drug for Alzheimer's in midstage trials that is probably a year behind Targacept, figures Lazard Capital Markets analyst Terence Flynn.

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