Cognetivity Neurosciences Announces Major Grant Award
Innovate UK awards prestigious CA $1.3 million grant to Cognetivity to develop early dementia detection technology in UK National Health Service
Cognetivity partners with Alzheimer’s Research UK and Sussex Partnership NHS Foundation Trust
Focus on clinical application of company’s ICA platform, demonstrating its ability to help solve massive global problem with early detection of dementia
VANCOUVER, Oct. 23, 2019 /CNW/ – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN; FWB: 1UB; OTCQB: CGNSF) announced today that it has been awarded a major grant by Innovate UK, the UK’s government-funded innovation agency, to further develop the clinical application of its world-class cognitive assessment technology. The grant, worth more than CA $1.3 million, follows Cognetivity’s successful application for funding from the highly-competitive Digital Health Technology Catalyst, set up to accelerate the development of digital health innovation and to ensure the UK remains at the leading edge of innovative healthcare.
Cognetivity will use the endowment to conduct ADEPT (Accelerating Dementia Pathway Technology), a 12-month project deploying the Integrated Cognitive Assessment (ICA) into existing healthcare pathways to analyze its potential to outperform current testing techniques. Whilst the efficacy of the ICA in detecting the earliest signs of cognitive decline has already been demonstrated, ADEPT aims to demonstrate the health economic benefits of the ICA and develop the technical features required to embed the new technology seamlessly into existing clinical pathways.
The project will be run in partnership with Alzheimer’s Research UK, the UK’s leading dementia research charity, and Sussex Partnership NHS Foundation Trust. The latter was recently ranked second for research activity out of the 54 specialist NHS mental health trusts in England. Dr Naji Tabet, who founded Sussex’s esteemed Dementia Research Unit in 2007 and will be ADEPT’s Clinical Lead, described the project as “a wonderful opportunity to trial cutting edge cognitive assessment technology in a leading clinical environment.”
His enthusiasm was echoed by Dr Carol Routledge, Director of Research at Alzheimer’s Research UK. “The Integrated Cognitive Assessment is a fantastic diagnostic aid that, used alongside other diagnostic tests, has the potential to change the way we assess someone’s thinking skills,” she said. “It’s a pleasure to be working with Cognetivity on this era-defining project.”
An estimated 850,000 people in the UK live with dementia, and this is set to rise to over one million by 2025. Throughout the world, someone develops dementia every three seconds and the current global cost of dementia is estimated at US $1 trillion. Since attempts to treat dementia remain unsuccessful, an emphasis has been placed on prevention of the disorder through early diagnosis – an unmet need in healthcare systems that the ICA has the potential to fulfil.
“We are extremely pleased to receive this major and highly sought-after grant,” said Dr Sina Habibi, CEO of Cognetivity. “It recognises the quality of our technology and its significance in solving the problem of early and effective dementia detection. The success of our project would be fantastic news for Cognetivity, but also for the NHS and hundreds of thousands of patients worldwide.”
The Company also granted 100,000 stock options to a consultant of the Company exercisable at a price of $0.145 per common share for a period of 3 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, commercial and consumer 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 ongoing clinical studies to the market in North America, Europe and elsewhere in the world.
For more information please visit – www.cognetivity.com
About Innovate UK
Innovate UK is part of UK Research and Innovation, a non-departmental public body funded by a grant-in-aid from the UK government. With a strong business focus, IUK drive growth by working with companies to de-risk, enable and support innovation. Since 2007, IUK have invested around £2.5 billion to help businesses across the country to innovate, with match funding from industry taking the total value of projects above £4.3 billion.
About Alzheimer’s Research UK
Alzheimer’s Research UK is the UK’s leading charity specialising in finding preventions, treatments and a cure for dementia. We are currently supporting pioneering dementia research projects worth nearly £34 million in leading Universities across the UK. We rely on donations to fund our vital dementia research. To help make breakthroughs possible, donate today by visiting www.alzheimersresearchuk.org or calling 0300 111 5555.
About Sussex Partnership NHS Foundation Trust
The Sussex Partnership NHS Trust provides care in people’s homes, in specialist clinics, hospitals, GP surgeries and prisons. Their services are aimed at children, young people and adults of all ages and many are provided in partnership. The trust has its own Dementia Research Unit which aims to improve the treatment of Alzheimer’s Disease and other forms of dementia by carrying out world-class clinical trials. The Dementia Research Unit focuses on drug development for the treatment of Alzheimer’s Disease and dementia.
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
FORWARD LOOKING STATEMENTS:
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
For further information: Email: firstname.lastname@example.org; For media enquiries contact: Josh Stanbury, Email: email@example.com