Mediforum said Wednesday that it has received investment worth 19 billion won ($16.9 million) from two local investment companies -- Shinhan Investment Corp. and eBEST Investment & Securities Co.
“With the approval of the 2b/3 phase clinical trial of PM012, the signing of a research agency contract for the clinical trials and the funding from investment firms, the company expects to enter KOSDAQ soon,” the company said. “PM012 is a combination of 200 natural substances, which are effective for brain cell activation and degenerative brain diseases.”
Unlike synthetic drugs, it is a drug that can treat dementia without any side effect, it added.
The company plans to use the investment to complete its phase 3 clinical trial of the drug.
“Currently, prescription drugs for dementia are inhibitors and can cause side effects due to their toxicity,” Mediforum CEO Kim Chan-gyu said. “As PM012 uses only natural substances, however, it can safely treat the root cause of dementia without side effects.”
Mediforum will use the invested money for developing PM012, a fundamentally new dementia treatment that has no short-term side effects, Kim added.