<PAGE>

                                                                   EXHIBIT 10.11

        *CERTAIN INFORMATION IN THIS EXHIBIT HAS BEEN OMITTED AND FILED
        SEPARATELY WITH THE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN
                 REQUESTED WITH RESPECT TO THE OMITTED PORTIONS

                           Memorandum of Understanding
                   Supply and Services Agreement for ****1073

Summary
-------

         **** will provide API development and manufacturing functions for
         ****1073 API to Corcept. This will include Non-GMP, as well as CGMP
         products for pre-clinical, clinical and commercial requirements.
         ****1073 will be studied by Corcept for treating patients with
         psychiatric and cognitive disorders only. In addition, **** is willing
         to act as a consultant to introduce Corcept to reputable dosage form
         manufacturers in **** for formulation development and manufacturing.

Project Plan
------------

1.       **** and Corcept will jointly invest in the acquisition of starting
         materials, equipment and manpower to complete the technology transfer,
         process development and scale-up studies. The target date to deliver
         total of **** Non-GMP materials for the planned toxicology study will
         be August/September, 2000, with smaller quantities (****) possibly
         available in July/August.

2.       Produce **** of CGMP material by year-end of 2000 for clinical studies.

3.       Prepare and submit DMF including all processing and analytical
         information for product registration.

4.       Introduce Corcept CMC representative(s) to **** dosage form
         manufacturers and assist in selecting and establishing a direct working
         relationship between Corcept and the selected manufacturer.

Development Out of Pocket Cost
------------------------------

         Starting material/reagents etc.                      ****
         Equipment & other supplies                           ****

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         **** Manpower ****                                   ****
         ---------------------------------------------------------
         Total                                                ****   (1)

         (1)  At **** shared costs, Corcept will pay ****

Product Costs
-------------

         Non-GMP Materials                                    ****
         GMP Materials                                        ****
                                    ****    Reduction to be negotiated.

Quantities
----------

1.       Corcept will guarantee minimum purchase of 1 million dollars per year
         following product launch.

2.       **** 1073 volume purchase in calendar year 2001 could be in the range
         of ****

3.       **** 1073 purchase forecast, commencing calendar year 2003, will be
         between **** annual requirements.

****, Ltd.                                 Corcept Inc.

By      /s/ ****                           By        Joseph Belanoff
Title   President                          Title     CEO
Date    June 1, 2000                       Date      June 8, 2000

****

By      /s/ ****
Title   President
Date    June 12, 2000

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