Furthermore, it has fewer and less severe side effects than other drugs for dementia, EPIX Pharmaceuticals adds.
The drug, PRX-03140, has already undergone phase 1 and phase 2a trials, which have shown it to be well-tolerated.
Alzheimer's patients showed changes in brain wave studies, while preclinical trials revealed the drug improves cognitive function and increased the levels of chemicals in areas of the brain known to be important for memory.
The drug is currently undergoing phase 2b trials, which consist of a six-month evaluation in combination with another drug and a three-month trial of PRX-03140 as monotherapy.
Earlier this month, it was revealed that drinking two glasses of milk a day could help protect against memory loss.
Researchers from the University of Oxford found that the vitamin B12 provides a natural defence against neurological damage and dementia.
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