Mediforum has signed a contract research agency contract with LSK Global PS, a contract research organization (CRO), for the latter to conduct the phase 2b and 3 clinical trials of PM012, Mediforum’s dementia treatment.

The accord comes after the Ministry of Food and Drug Safety approved the clinical trials into the drug on Jan. 31.

“Our technology and LSK Global PS's experience in clinical trials will add to the stable clinical trial of PM012, which is a natural drug candidate for dementia,” the company said.

The two companies have also signed a memorandum of understanding to enable systematic joint research and development for developing the dementia drug.

“The existing dementia-related drugs are inhibitors not providing necessary treatment,” the company said. “Upon the completion of clinical trials, we expect PM012 will become the first drug in the world to treat dementia effectively.”

In particular, LSK Global PS plans to demonstrate the superiority of PM012 when compared to donepezil, the most commonly prescribed dementia inhibitor, over the next six months, it added.

Donepezil is known to have side effects such as loss of appetite and libido, and vomiting.

“Unlike the conventional compounds, PM012 has no side effects and can be safely administered as it is made from a naturally occurring substance,” the company said. “It is composed of seven naturally occurring substances that have a great influence on the improvement of brain diseases.”

Mediforum CEO Kim Chan-gyu said, “About 50 million people worldwide have dementia, and the disease is already a global issue, while recently the number of dementia patients has been rapidly increasing, including the increased incidence of dementia to younger generations.”

Signing the contract for the phase 2b and 3 trials is meaningful as it is the first opportunity to find a solution to the fundamental treatment of dementia, he added.