Cognetivity Neurosciences Provides Update on 2022 First Quarter Corporate Achievements
After a Successful 2021 and is Continuing its Commercial Efforts to Grow its Client Base with the Expectation of Entering New Markets in the Coming Months
Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN) (OTCQB: CGNSF) (FRA: 1UB) is pleased to provide the following update on the significant progress that it made during the first quarter of 2022. Recent announcements and other activities continue to set the Company up for growth this year and beyond. With multiple news releases and opportunities to share with current and prospective investors, the first quarter of 2022 is viewed as successful by Cognetivity management.
At the end of January, the Company signed a distribution agreement with Dubai-based medical technology company Emitac Healthcare Solutions (“Emitac”). Under the terms of the agreement, Emitac has become an official distributor of CognICA™, Cognetivity’s medical device product, in the Middle East region. Emitac is a leading healthcare innovator and solutions provider in the Middle East, with over 45 years of experience in the healthcare industry and boasts an impressive array of public and private sector organisations among its customers and clients.
In February, Cognetivity reached a commercial agreement with Emirates Health Services (“EHS”) for the Company’s Integrated Cognitive Assessment tool (“CognICA™”) technology to be deployed as a screening tool for cognitive impairment throughout the United Arab Emirates (“UAE”). Based in Dubai, EHS is the main federal provider of public healthcare services in the UAE. At the heart of the partnership between EHS and Cognetivity lies CognICA™ – Cognetivity’s flagship medical device, powered by the Company’s CognICA™ medical device technology which has recently been registered with the UAE Ministry of Health and cleared for medical use across the UAE. As per the agreement, CognICA™ will be deployed in EHS clinics as a screening tool for measuring patients’ brain health and streamlining the detection of cognitive impairment.
Cognetivity also reached a deal with Dubai Health Authority (“DHA”) in March. The commercial agreement with the DHA that will see its CognICA™ deployed across the busiest dementia clinics in Dubai, UAE. The deployment of CognICA™ in Dubai is being used by the DHA to explore the potential of screening the rapidly growing elderly population who are at risk of dementia. Similar screening programs have played a critical role in the fight against conditions such as breast cancer and prostate cancer, but have not been trialled for dementias in the absence of a sufficiently-accurate and cost-effective tool. Designed to overcome such limitations, the CognICA™ bears the hallmarks of a powerful screening device for cognitive impairment that could revolutionise dementia care not only in the UAE but across the world.
The Company has also entered into a collaborative partnership with PRIME Health (“PRIME”) at the end of March. Cognetivity has successfully demonstrated its CognICA™ to PRIME stakeholders that it is to provide CognICA™ for a clinic-based pilot project that is ultimately designed to integrate Cognetivity’s tablet-based application into PRIME’s suite of corporate client services across the UAE. The purpose of conducting a pilot project is to evaluate the effectiveness of integrating the CognICA™ into Prime’s care pathways. As per the agreement that PRIME and Cognetivity have reached, CognICA™ trials are planned to be conducted with a target number of patients at each selected clinic. The aim of these trials is gathering both qualitative and quantitative data on cognitive testing for corporate participants.
In the first quarter of 2022, Cognetivity made progress in other areas as well, including being recognized as one of eight winners of the 2022 UAE Innovates Award (“Innovates Award”). Cognetivity was selected as a winner from over 500 entrants based on its front-line solutions in cognitive health. The Innovates Award was launched in 2021 to commend innovative individuals and organizations in the UAE. The UAE Innovates Award 2022, the largest national initiative of its kind.
Cognetivity has also had been included in two publications, first a piece written by Canaccord Genuity Capital Markets on February 2, 2022, outlining the research Cognetivity has done thus far in the cognitive dysfunction sector, and the creation and implementation of its CognICA™. Second, an article was written, “Temporal dynamics of animacy categorization in the brain of patients with mild cognitive impairment” on March 10, 2022. The article examines the importance of early detection in cognitive impairment, and how the CognICA™ was designed to do just that.
With multiple collaborations formed over the last few months, Cognetivity is striving to grow its client base by pursuing opportunities outside of the UK and UAE. With the completion of its recent financing, the Company is well funded to execute on its goals of providing patients and clinics with the best tools for cognitive health assessment.
Commenting on the overview of Cognetivity’s success in the first quarter of 2022, the Company’s Co-Founder and CEO, Dr Sina Habibi, said, “I am excited about the positive news and events announced in the first three months of 2022. At Cognetivity, we have made it a priority to learn from our growth and strive for new opportunities. Forming strategic collaborations with Emitac, EHS, DHA and PRIME is moving us closer to implementing our solution for the early detection and diagnosis of cognitive decline.” Dr. Habibi continued, “We are poised for growth throughout 2022 in the UK and in the UAE, with high expectations for the US and other international markets as well. What drives our growth is the pursuit of transforming care and improving health outcomes for millions of people across the world. To create better solutions, improve the lives of patients and their families, as well as provide cognitive diagnoses and care without discrimination is why we work so hard at this Company.”
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 CognICA™ 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 CognICA™ is currently available for clinical use in the USA, UK and Europe, with regulatory approval for other regions planned for 2022.
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Chief Executive Officer and Director
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SOURCE: Cognetivity Neurosciences Ltd.