Abstract Background: NMDA receptor-associated oscillations in the gamma frequency band (30–80 Hz) are thought to underlie a variety of cognitive processes known to be disrupted in patients with schizophrenia (SZ). NMDA receptor functioning can be assessed in subjects by measuring evoked power and phase synchronization of gamma frequency oscillations in response to auditory steady state stimulation (ASSR). Therefore, both evoked power and phase synchronization of gamma frequency have promising applications as translational biomarkers for procognitive therapeutics. In previous work, we reported the low-to-moderate affinity NMDA-receptor antagonist, memantine, enhanced prepulse inhibition of startle and mismatch negativity in SZ patients. Here, we report the effects of a single dose of memantine on evoked power and phase synchronization of ASSR obtained in our previous study. Methods: SZ patients (n = 18; M:F=11:7; mean age = 37.7 years; range:21–48) and healthy comparison subjects (n = 14; M:F = 10:4; age = 26.6 years; range:19–36) completed 2 test days separated by 1 week. On each test day, subjects received either memantine 20 mg (p.o.) or placebo in a double-blind, randomized, counterbalanced, within-subject, crossover design. The ASSR paradigm was used to measure evoked gamma power and phase locking in response to 40 Hz click trains. Results: Patients with SZ had reduced evoked gamma power and phase locking, consistent with previous reports (main effect of group - Power: F = 5.89, df = 1.30, P < .025; Phase locking: F = 12.47, df 1.30, P < .0015). Memantine-enhanced evoked power and phase locking in both SZ and healthy comparison subjects (drug effect - Power: F = 6.40, df 1.30, P < .02; Phase locking: F = 8.49, df 1.30, P <.007). Memantine effects on both gamma power and phase locking were also significant when groups were matched for age (Ps < .005 and .0008, respectively). Memantine-associated enhancement of gamma power and phase locking in SZ patients correlated negatively with age (Ps < .0015 and .005, respectively). Significant relationships were also identified in patients between memantine effects on gamma power and phase locking (r = .74, P < .0005), gamma power and mismatch negativity (r = .54, P < .025), and phase locking and prepulse inhibition of startle (r = −.59, P < .027). Conclusion: A single dose of memantine normalized biomarkers of cortical oscillatory dynamics associated with NMDA receptor dysfunction in SZ patients. Our ongoing studies will clarify whether these acute changes are associated with beneficial clinical and functional outcomes and whether they predict enduring pro-cognitive effects. These data suggest gamma band ASSR parameters can be used as translational endpoints in early-phase clinical trials and in procognitive drug discovery.