Cognetivity Neurosciences Reaches Commercial Agreement with Emirates Health Services
February 1st, 2022
Latest Middle East deal will see ICA technology deployed as large-scale screening tool as part of pioneering approach to tackling impending dementia crisis
VANCOUVER, BC, Feb. 1, 2022 /CNW/ – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN) (OTCQB: CGNSF) (FWB: 1UB) today announced that it has reached a commercial agreement with Emirates Health Services (“EHS”) for the Company’s Integrated Cognitive Assessment (“ICA”) 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. It functions as the operating arm of the country’s Ministry of Health and Prevention, running hundreds of healthcare centers and hospitals across the UAE and handling hundreds of thousands of outpatient visits each year.
At the heart of the partnership between EHS and Cognetivity lies CognICA™ – Cognetivity’s flagship medical device, powered by the Company’s ICA medical device technology which has recently been registered with the UAE Ministry of Health and cleared for medical use across the UAE. Under the terms of the new agreement, CognICA will be deployed in EHS-run clinics as a screening tool for measuring patients’ brain health and streamlining the detection of cognitive impairment.
The aim of this large-scale implementation is to enhance the timely diagnosis of mild cognitive impairment and dementia. Dementia is a serious and growing healthcare problem all over the world, with more than 55 million people currently living with the condition, but it poses a particular challenge to the UAE. A study published this year in The Lancet Public Health forecasts that the UAE will experience the second-highest percentage increase worldwide in the number of people living with dementia by 2050.
The decision by EHS to deploy Cognetivity’s cutting-edge, AI-powered technology to tackle the growing problem of dementia is characteristic of the country’s innovative and technology-led approach to achieving excellence in public healthcare. The country is known for being ambitious and proactive in pursuing its goal of developing a world-leading healthcare system: the speed and high uptake of its Covid-19 vaccination program drew international attention last year, while 2021 also saw the UAE become the second country in the world (behind the US) to approve the novel Alzheimer’s drug Aduhelm™ for clinical treatment.
The ICA is perfectly suited to the task of population-wide screening in the UAE. It is a short and simple test, delivered on a tablet, that can be taken by a patient remotely or in person, without the need for administration by a specialist. This means that large-scale rollout of CognICA can be achieved very rapidly and does not need to be limited to specialist clinics. Due to its absence of learning effect and capacity to integrate with electronic health record systems, CognICA provides an end-to-end cognitive testing solution that can be applied throughout the patient pathway to greatly improve the efficiency of diagnosis and treatment.
Dr Sina Habibi, Cognetivity’s CEO, said: “We’re hugely excited about this latest deployment of the ICA and thrilled to confirm another major deal in the Middle East. To tackle the massive global problem of dementia, we have to begin cognitive testing on a larger scale than ever before. The ICA is the perfect tool in every way for this job and this latest implementation paves the way for further large-scale deployments in the future, which is immensely exciting.”
“What’s fantastic about the health authorities in the UAE is that they clearly appreciate the value of innovation in improving healthcare outcomes,” he continued. “They have a bold vision for the future of healthcare in the region and are not afraid to take bold steps in making that a reality. In this regard, our attitudes are very closely aligned. I’m confident that this deployment will be a great success for the people of UAE and Cognetivity.”
Service Provider Engagement
The Company announces that it has entered into an agreement with Calgary-based Meadowbank Strategic Partners Inc. (“Meadowbank” or the “Consultancy”) to provide investor relations, capital markets and corporate development advisory services. The agreement between the Company and the Consultancy is for an initial term of 6 months, effective February 1, 2022. Meadowbank and its affiliates shall be paid a minimum cash fee of $5,000 per month plus GST and a non-cash fee payable in advance in common shares of the Company in the equivalent amount of $3,900 per month, which shall be subject to the minimum hold period of four months and one day. Neither Meadowbank, nor any of its directors and officers currently own any securities of the Company. The fees payable to the Consultancy will be paid from the Company’s working capital on hand. Meadowbank is an arm’s length party to the Company. Meadowbank’s business address is 422 22 Avenue NE, Calgary, Alberta, T2E 1T7, its telephone number is +1-403-978-3801 and its email address is email@example.com. The contract is subject to any necessary approval by the Canadian Securities Exchange.
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.
For more information, please visit: www.cognetivity.com or contact: firstname.lastname@example.org
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
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.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
SOURCE Cognetivity Neurosciences Ltd
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