Cognetivity Neurosciences Provides Update on 2022 Corporate Achievements
Key achievements in 2022 included continued collaboration with global pharmaceutical firms working in neurodegenerative disease, new and ongoing commercial deployments spanning three continents, and completion of a fundraising round worth CAD 4.5 million
VANCOUVER, BC, January 10, 2023 /CNW/ – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN) (OTCQB: CGNSF) (FWB: 1UB), a technology company that has created a unique brain health screening platform for use in medical, commercial and consumer environments, has provided an update on its corporate achievements during 2022, which position the company for continued, rapid growth in 2023.
Key among Cognetivity’s 2022 achievements was the strengthening of its collaborative relationships with some of the world’s largest pharmaceutical firms. In particular, the company continued to work closely with global pharmaceutical giants developing treatments in the field of neurodegeneration.
These strategic alliances leave Cognetivity perfectly placed to support the dawning era of targeted therapies for neurodegenerative disease. In the first week of 2023, the US Food and Drug Administration (FDA) approved Leqembi™ (lecanemab), which directly targets amyloid beta pathology, for the treatment of patients with mild cognitive impairment (MCI) or mild dementia due to Alzheimer’s disease.
With 1 in 3 US seniors dying with Alzheimer’s or another dementia, the global market for Alzheimer’s disease is estimated to reach USD 25 billion by 2029. As powerful new treatments come to market for early-stage cognitive decline, huge demand is forecast for medical-grade cognitive testing, capable of identifying impairment at its earliest stages on a population-wide basis. This represents a perfect match for CognICA™, Cognetivity’s cutting-edge brain health platform, which was designed specifically to achieve high sensitivity to early-stage impairment and ease of large-scale rollout.
2022 brought new and continued deployments of CognICA spanning three continents. Clinicians and patients made use of CognICA again in the UK’s National Health Service (NHS), North America and the Middle East, while the company also expanded into the East and Southeast Asian markets, establishing paid pilots with leading Singaporean senior healthcare network Lions Befrienders and Japanese insurance giant MS&AD.
The Middle East was a key area of commercial growth. The company reached commercial agreements with the main federal provider of public healthcare in the United Arab Emirates (UAE; Emirates Health Services), as well as the Dubai Health Authority and two of the largest healthcare networks in the UAE. One of those two deployments, with PRIME Health, has already been expanded following a highly successful trial period, with further expansion of the company’s existing agreements expected in 2023. Cognetivity also established a number of paid pilots in the US last year, notably with a national US healthcare operator and the Florida-based primary and urgent care clinic Beyond Geriatrics.
Crucially, CognICA continued to display enormous breadth of applicability across its 2022 deployments, with customers spanning the public and private sectors, and core indications ranging from dementia and mild cognitive impairment to traumatic brain injury.
Last year also saw the company strengthen the foundations for its future expansion into important new indications, not least in mental health, with a mental health pandemic predicted by some to be the next global health crisis. During the previous 12 months, Cognetivity launched research studies in obsessive-compulsive disorder (OCD) with Baylor College of Medicine, and in sport-related concussion with Durham University. The company’s scientific team also published a peer-reviewed article further validating CognICA’s unique capabilities for brain health screening.
Another powerful sign of Cognetivity’s positive growth came in October 2022, with the successful completion of the company’s latest funding round. The round was oversubscribed, with a final amount exceeding CAD 4.5 million being raised, providing valuable funds for the company’s continued commercial expansion and bringing in its first institutional investor, SAYACORP B.S.C. (c).
In November, the company also announced that Dr. Lance Black had joined its advisory board, having previously witnessed and been highly impressed by Cognetivity while overseeing the company’s participation in the TMCx accelerator program. A Family and Flight Medicine physician who served in the US Air Force, as well as a biomedical engineer and medical innovator, Lance is a strong acquisition for the Cognetivity team, expected to provide valuable expertise of scaling innovation in the US healthcare market.
The value of CognICA’s unique approach in the brain health space continues to be recognized in a variety of other ways. In December, for example, a policy paper published by the UK’s leading dementia research charity, Alzheimer’s Research UK, emphasized the importance of early detection in dementia diagnosis, citing CognICA as a case study of an innovative solution for use to drive positive change in primary care. Earlier in the year, Cognetivity received a 2022 UAE Innovates Award from the UAE Government – one of eight winners in a field of over 500 entrants – for its cutting-edge solutions in cognitive health.
2022 also saw Cognetivity strengthen its partnership with the world-leading data and interoperability platform provider InterSystems, which plays a key role in the company’s NHS deployments. The company promoted its innovative solutions through keynote speeches at the InterSystems Global Summit in Seattle, as well as Roche Digital Innovation Week in Basel and HLTH 2022 in Las Vegas.
Reflecting on 2022 and the year to come, Dr. Sina Habibi, CEO of Cognetivity, said: “We are, once again, extremely proud of what we have managed to achieve in the past year – from a highly successful fundraise to the forging of new and ever-stronger relationships with our global network of customers and influential collaborators. We remain committed to our mission of revolutionising the measurement and management of brain health on a global scale, and improving the lives of millions of people across the world.”
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company that has created a cognitive testing platform 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 cognitive impairment by testing the performance of large areas of the brain. The ICA is currently available for clinical use in the USA, UK and Europe, with regulatory approval for other regions planned for 2022.
Certain statements included in this news release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “assume” “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward looking statements. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company’s forward-looking statements.