Cognetivity Neurosciences Completes Successful Pilot and Enters Commercial Agreement PRIME Health
VANCOUVER, BC, June 15, 2022 /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, is pleased to announce that it has entered into a commercial agreement (the "Agreement") with PRIME Health ("Prime"), which is one of the United Arab Emirates' (the "UAE") leading healthcare service providers with multi-speciality hospitals, multiple clinics, pharmacies and diagnostic centres. The Agreement comes as the result of the successful completion of a three-month pilot deployment of its Integrated Cognitive Assessment tool ("CognICA™") in Prime's facilities. The contract will see Prime paying for the CognICA™ brain health screening technology on a per-test basis and it will be deployed to regularly and accurately assess the brain health of Prime's clients. Further, it will allow Prime to screen for the impact of anxiety in corporate settings, as well as to provide an early warning of potential cognitive impairments.
The purpose of the initial pilot project was to evaluate the effectiveness of integrating CognICA™ into Prime's care pathways. With CognICA™ proving itself in the clinical environment as a fast and highly effective brain health screening tool, it will now be deployed within a primary care setting. There, it is expected to provide a number of potential benefits to patients' experiences and health outcomes including, but not limited to, improved screening for mental and cognitive impairments and the improved qualification of patient referrals to secondary care. This is expected to result in accelerated diagnostic detection and case referrals, thereby saving clinicians valuable time, reducing costs and improving patient outcomes through early intervention and care.
"We're excited to see continued commercial growth as we migrate to a full deployment of CognICA™ with Prime and its clinicians in the UAE, having proven the value of our technology in another highly-sophisticated clinical environment," said Dr. Sina Habibi, Chief Executive Officer of Cognetivity. "Our technology allows Prime to deliver the best possible care to its patients and major corporate clients that are served within the Prime network. In a clinical setting, the ability to provide fast and accurate cognitive assessments is as important in successfully assessing and treating patients, as are regularly used measures such as blood pressure readings. However, until now, this has not been possible in a cost effective and scalable way. Our task is to continue ensuring that the unique capabilities of CognICA™ are clearly understood by the global healthcare community, so we can further grow deployments across healthcare systems and ensure that patients are able to access fast and effective brain health screening to truly address the biggest healthcare challenge of the 21st century," added Dr. Habibi.
Prime has a number of facilities across the UAE, the newest of which is the 100-bed, multi-specialty hospital located in Garhoud, Dubai. The state-of-the-art hospital features some of the most innovative healthcare technology available. PRIME Medical Center ("PMC") clinics are specialty facilities that can be found in all major residential areas of Dubai, Sharjah and Ajman. Each PMC location contains diagnostic facilities and delivers healthcare services ranging from general practice to specialty care. The PMC network serves over 5,000 medically insured and non-insured patients daily. Other Prime services include Medi Prime Pharmacies, Prime Corporate Medical Services, Prime Homecare and Premier Diagnostic Center. At the Annual Health Awards 2018, the Hospital and PMC were awarded as being one of the most 'Distinguished Hospitals' and 'Distinguished Clinics' in the UAE, respectively, in recognition of their invaluable contributions to the region's healthcare system.
Prime has also been commended by the Dubai Government's Department of Economic Development for excellence in the areas of service quality, customer satisfaction, strategic branding, employee care, frequent free health check-ups and health awareness programs under its community outreach program. Prime's team currently consists of approximately 450 physicians and 1,500 supporting professionals who provide advanced medical care to citizens and residents.
Prime Corporate Medical Services is an initiative of Prime HealthCare Group that is a comprehensive solution for corporate clients. It provides professional administration and management of healthcare services as well as a network of international medical professionals. CognICA™ will be used to address the concerns of corporate clients, identify cognitive issues in a timely manner, and be readily available to those who need assessments, diagnosis, and treatment.
According to the Lancet Commission, almost one billion people worldwide suffer from a mental disorder and the estimated costs of these disorders is estimated to have a global economic cost of US$16 trillion by 2030. Early detection of brain health disorders has the potential to significantly reduce costs of care while improving patient outcomes. Cognetivity's CognICA™ technology is a unique and highly scalable software-as-a-service solution able to accurately detect the earliest stages of the majority of major brain health disorders.
The Company also announces that it has granted incentive stock options (the "Options") effective June 14, 2022, to purchase up to 25,000 common shares of the Company to employees of the Company. The Options are subject to the terms of the Company's stock option plan and are exercisable for a period of five years at C$0.23 per share.
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. CognICA™ 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: [email protected]
ON BEHALF OF THE BOARD
"Sina Habibi"
Sina Habibi
Chief Executive Officer and Director
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SOURCE Cognetivity Neurosciences Ltd
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