It seems like the drug trial is funded by the The American Federation for Aging Research(nonprofit). Likelihood of success isn't high but one of the core reason for running the trial seems to be the first anti-aging drug trial and have the FDA develop a framework for that purpose.
3000 patients from who are between 70 to 80 years old at the start of the study. Metformin is cheap to produce, so the claim isn't too expensive for the nonprofit that funds it.
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