Cognetivity Neurosciences Shines Member-based Spotlight on the Alzheimer's Association Business Consortium
VANCOUVER, BC, April 20, 2022 /CNW/ - Cognetivity Neurosciences Ltd. ("Cognetivity" or the "Company") (CSE: CGN) (OTCQB: CGNSF) (FRA: 1UB), a technology company that has created a cognitive testing platform for use in medical, commercial and consumer environments, is pleased to provide an update as a corporate member of the Alzheimer's Association Business Consortium (the "AABC" or the "Consortium"). As part of the AABC's first quarter update for 2022, it recently announced a selection of upcoming events, welcomed new members, and provided updates about some of its current members. The Consortium works in collaboration with many biotechnology, diagnostic, medical device and contract research businesses to advance its innovation-based work that is focused on Alzheimer's disease and dementia.
In the Q1 2022 Newsletter (the "Newsletter"), Chris Kalafatis, Tom Sawyer and Seyed-Mahdi Khaligh-Razavi of Cognetivity were included as members to recently join the Consortium. Other new members mentioned include CLAIRIgene, LLC., icometrix, Perceiv AI, and Vistim Labs Inc.1 The Newsletter also outlined the Consortium's events planned for the first few months of the year, as well as included updates regarding its board members. The AABC releases a quarterly newsletter so that member and other readers can have the opportunity to learn about some of the advances being made in the Alzheimer's disease and dementia sector. The AABC's latest newsletter can be found via the following link: https://www.alz.org/media/Documents/aabc-2022-q1-newsletter.pdf
According to Our World in Data, 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 2030.2 Early detection of brain health disorders has the potential to significantly reduce costs of care while improving patient outcomes. Cognetivity's CognICATM 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 has issued 111,000 common shares at a deemed price of $0.325 per common share to consultants for services provided to the Company. The common shares are subject to a statutory four-month hold period in accordance with applicable securities laws. The Company has granted incentive stock options (the "Options") effective March 19, 2022, to purchase up to 20,000 common shares of the Company to an employee 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 $0.325 per share.
The Company also entered into a debt settlement agreement with an arms-length party (the "Creditor") to settle an aggregate C$15,750 in debt (the "Debt"). In settlement of the Debt, the Company will issue an aggregate of 48,462 common shares in the capital of the Company (the "Debt Shares") at a deemed price of $0.325 per Debt Share (the "Debt Settlement"). The Debt will be completely satisfied and extinguished upon the issuance of the Debt Shares.
Alzheimer's Association Business Consortium members work in areas of common interest to conduct joint research to advance both the field of dementia research and the goals of its member organizations. It provides leadership and direction to the group's areas of focus, which include, but are not limited to, collaborations, recognition and visibility, and knowledge and information sharing.3 Cognetivity is focused on transforming cognitive testing around the world through research and being part of the AABC allows it to have access to a range of resources in the cognitive community. Cognetivity's affiliation with the Consortium is in alignment with the Company's beliefs, values, and goals when it comes to cognitive health, which is why being a member of the AABC is beneficial. More information about the AABC can be found on its website: https://www.alz.org/research/for_researchers/partnerships/aabc
Cognetivity is a technology company that has created a cognitive testing platform for use in medical, commercial and consumer environments. Cognetivity's CognICATM 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 CognICATM is currently available for clinical use in the USA, UK and Europe, with regulatory approval for other regions planned for 2022.
ON BEHALF OF THE BOARD OF DIRECTORS
"Sina Habibi"
Sina Habibi
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.
Endnotes |
1 "Alzheimer's Association Business Consortium Quarter 1 2022 Newsletter: Welcome to our New Members", Alzheimer's Association Business Consortium, 2022, https://www.alz.org/media/Documents/aabc-2022-q1-newsletter.pdf |
SOURCE Cognetivity Neurosciences Ltd
For more information, please visit: www.cognetivity.com or contact: [email protected]; For media enquiries, please contact: Josh Stanbury | [email protected] | 416-628-7441
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