Europe's medicines watchdog on Friday rejected a marketing request for a new Alzheimer's disease treatment, saying the risks of the medicine's side effects, including potential brain bleeding, outweighed the benefits.

The decision by the Amsterdam-based European Medicines Agency was met with dismay, but experts said effective treatment for the degenerative mental disease affecting millions in Europe alone, was getting closer.

"The CHMP recommended not granting a marketing authorization for Leqembi, a medicine intended for the treatment of Alzheimer's disease," the European Medicines Agency said, referring to its committee for evaluating drugs for human use.