There are actually studies going on with a different drug focused on interrupting the memory cell refresh cycle. Human brain memory cells need a continuous stream of a certain chemical, and without it you forget stuff.

So it is a matter of finding the core memories and getting rid of them, and hoping your mind will work around the incidental stuff without driving you insane.

But this pill suppresses startle reflex. Has nothing to do with a specific fear or memory, it's been used for years by performers for stage fright, and business executives leading meetings.