LMTX was invented by Professor Claude Wischik from the University of Aberdeen and has been developed by TauRx Pharmaceuticals, the spin-off company he co-founded in 2002.
The drug had been hailed as a major breakthrough in the battle against dementia after early testing showed it could slow the onset of the disease by up to two years.
However, the final stage of human trials last year produced mixed results – although LMTX did not work in combination with other medication, it also emerged that in small doses it could be an effective treatment in its own right.
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Prof Wischik said both findings had been "major surprises", adding that he was excited by the "potential efficacy of the 8 mg/day dose that had been intended as control".
TauRx now aims to develop LMTX as a monotherapy treatment of mild to moderate Alzheimer's Disease
Professor Claude Wischik
He added: "This implies that patients taking LMTX as monotherapy physically revert to an earlier stage of their illness as demonstrated by MRI.
"By contrast, patients taking LMTX in combination with standard AD [Alzheimer's Disease] treatments showed either continuation or acceleration in the rate of brain atrophy, as reported for mild AD.
"There is currently no drug available or in prospect for the treatment of AD capable of producing these benefits in mild to moderate AD."
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Prof Wsichik said that LMTX could be effective in low dosages
In a new statement on the company's website, Prof Wsichik said the findings were a "clear and consistent signal" that LMTX could be effective in low dosages.
TaurRx now plans to carry out further testing to examine the drug's potential when taken as a single therapy without any other medication.
Prof Wishcik continued: “The many, highly statistically significant differences in study outcomes in favour of LMTX when taken as monotherapy are very encouraging and the scale of the effects seen is clinically meaningful.
“However, these trials were not designed and randomised to test for differences between monotherapy and add-on therapy effect and, while encouraging, the results do not establish a casual link between monothreapy and beneficial effects.
“TauRx now aims to develop LMTX as a monotherapy treatment of mild to moderate AD to reduce the rate of clinical decline and reduce the rate of progression brain atrophy as measured by MRI.
“The dose at which we plan further development is 8mg/day, given as 4mg tablets taken twice daily and we plan to initiate one or more appropriately randomised studies of LMTX in AD patients later in 2017.”
He added: "Our published work shows that, at low doses, more LMTX is taken up into brain than MTC [another potential memory-boosting dementia drug, commonly known as methylene blue].
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"Recent preclinical research work using radioactive LMTX suggests that a low dose simulating the 8 mg/day dose used in the trials reaches the brain in sufficient quantity to have efficacy."
LMTX was designed to target the accumulation of “twisted protein threads” inside nerve cells, which spread through the brain like an infection as the disease progresses.
Early trials suggested it could slow the rate of illness by as much as 90 per cent over two years, although it was originally intended to work alongside other treatments.
Jim Pearson, director of policy and research with Alzheimer's Scotland, said: "The phase three trial results of LMTX were negative and failed to meet its objectives. However, the researchers believe they may have identified a potential benefit and it is our understanding that this will be subject to further clinical trials. We look forward to hearing the outcome of these trials.
“It is important that we continue to focus on improving care and the experience of people living with dementia while we wait for further research into new treatments for dementia to help change lives across Scotland and the world.
“Dementia is the biggest health and social care challenge faced by society today. There are over 90,000 people living with dementia in Scotland and by the year 2020 there will be more than one million people living with dementia in the UK."