Cognetivity Neurosciences announces development of cognitive performance tracking app targeted at consumer wellness market
18 February 2020
VANCOUVER, Feb. 18, 2020 /CNW/ – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN; FWB: 1UB; OTCQB: CGNSF) has today reported that it is developing a novel smartphone app focused on the personalised tracking and management of cognitive performance. The product is being designed for use in non-clinical environments but will be powered by the same technology as the Integrated Cognitive Assessment (ICA), the company’s flagship product and recently CE-marked medical device.
The app will grant Cognetivity access to the digital wellbeing market, which, like the wider digital healthcare market, continues to grow in the UK and internationally. Amongst other features, it will incorporate data from smartphones and wearable devices to underline correlations between cognitive performance and lifestyle influences. Within this highly crowded space, Cognetivity expects the rigorously-tested scientific advantages of its core assessment and the company’s highly-developed Artificial Intelligence capabilities to provide a clear competitive advantage.
Despite being a wellness product, the app is expected to receive considerable interest from healthcare payers both public and private, consistent with growing medical understanding that timely lifestyle changes can substantially benefit individuals’ cognitive health. Implementations geared towards increased employee productivity are also being explored.
Further news on the app’s development and commercial deployment will follow in the coming months.
The Company also entered into a debt settlement agreement with an arms-length party (the “Creditor”) to settle an aggregate $85,250 in debt (the “Debt”). In settlement of the Debt, the Company will issue an aggregate of 405,952 common shares in the capital of the Company (the “Debt Shares”) at a deemed price of $0.21 per Debt Share (the “Debt Settlement”). The Debt will be completely satisfied and extinguished upon the the issuance of the Debt Shares.
In addition, the Company granted 100,000 stock options to an employee of the Company exercisable at a price of $0.21 per common share for a period of 5 years from the date of grant.
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company developing a cognitive testing platform, the Integrated Cognitive Assessment (ICA) for use in medical and commercial environments. Cognetivity’s ICA uses Artificial Intelligence and machine learning techniques to help detect the earliest signs of impairment by testing the performance of large areas of the brain, potentially allowing early diagnosis of dementia. Cognetivity aims to develop the ICA through planned clinical studies to the market in North America and Europe.
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
The Exchange does not accept responsibility for the adequacy or accuracy of this release
SOURCE Cognetivity Neurosciences Ltd
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