Predix Pharmaceuticals, based in Israel and Lexington, Mass., has begun Phase I clinical trials of a new drug, PRX-07034, for the treatment of obesity and cognitive impairment (associated with Alzheimer's disease or schizophrenia).

The company expects results of the Phase I trial by the end of the year.

PRX-07034, an oral pill, influences serotonin in the brain by acting on the human 5-HT6 receptor found mainly in the central nervous system. The drug is expected to have fewer side effects than existing treatments. Animal trials have shown that the drug improved the cognitive functioning of brain-damaged test animals. In the treatment of obesity, animal trials have shown that the drug reduced the quantities of food consumed by test animals, thereby leading to weight loss.