Expansion of first-phase deployment follows excellent published results, showing cross-cultural validity, leading to further expansion and market traction in Asia
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2023) - Cognetivity Neurosciences Ltd. (CSE: CGN) (OTCQB: CGNSF) (FSE: 1UB) (the "Company" or "Cognetivity"), 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 is extending the deployment of its CognICA technology with Lions Befrienders Service Association ("Lions Befrienders" or "LBSA"), a leading Singapore-based senior healthcare provider.
Established in 1995, Lions Befrienders has addressed the varied needs of more than 86,000 senior citizens across Singapore via a spectrum of integrated eldercare services from preventive to intervention through comprehensive programmes, including social, emotional, mental and physical rehabilitation. LBSA's initiative is backed by major pharmaceutical companies including Abbott, GSK, Roche, Abbvie and MSD, is supported by over 1,500 regular volunteers.
Cognetivity has entered into an agreement with Lions befrienders that delivers assessment of cognitive development within this seniors population in Singapore. The project has been designed into two phases, the first, now completed, assessed 250 individuals over a period of 3 months, with phase two seeing the expansion of testing to 1,250 senior citizens. The initial deployment started in June 2022 and saw Cognetivity's CognICA™ brain health screening platform used with a select group of seniors to identify, assess and evaluate those suffering from, or at risk of, cognitive impairment due to dementia. This generated excellent results from which Cognetivity has published a white paper which can be read here.
The results of the study demonstrated the effectiveness and usability of CognICA in screening and monitoring senior participants in the comfort of community settings across Singapore, rather than having to attend a medical clinic. The tool proved capable of highlighting those at risk of cognitive decline, and these were then followed up by LBSA's active aging program, providing early intervention before cognitive decline becomes severe.
The use of CognICA allows the measurement of the effectiveness of LBSA's active aging programs, which showed a positive impact on the cognitive health of the seniors. The number of individuals highlighted as at-risk or impaired by CognICA were significantly reduced when re-assessed after completion of the intervention program and, in addition, feedback from the users showed a strong preference to being assessed at or close to home rather than in a hospital setting, as well as finding CognICA user-friendly and easy to use.
This demonstrable effectiveness of the technology further evidences its cross-cultural performance and shows its ability to both detect brain health issues at an early stage and, importantly, its ability to be used as an ongoing monitoring tool to objectively measure the positive impact of treatment programs and interventions.
With the success observed in phase one of the deployment, CGN and Lions Befrienders have agreed to proceed to the next phase of the engagement. With the ongoing support of the large pharmaceutical companies funding the project and with the support from the Singapore Ministry of Health (MoH), Lions Befrienders plan to expand the service to 1250 seniors within their care. This project is now being observed by the MoH in Singapore and this success moves closer to the replication of this approach across all the integrated care networks of the MoH, towards a national screening program in advance of new disease treating drugs coming to market for conditions such as Alzheimer's.
"We are delighted to share the results from this very successful deployment with Lions Befrienders in Singapore. The positive feedback both from a scientific and an end-user perspective from this, and the expansion of the program is great confirmation of the power of our CognICA platform in helping deliver the best possible care to people wherever they are in the world." said Dr. Sina Habibi, Chief Executive Officer of Cognetivity. "Successful deployment of our technology to APAC shows huge global scalability of the solution in a variety of use cases within and outside clinics, enabling mass scale screening at speed. We're extremely excited with the role that CognICA will play in helping millions of people live longer and fuller lives globally."
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.
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, Europe and the Middle East, with regulatory approval for other regions planned for 2023.
ON BEHALF OF THE BOARD
"Sina Habibi"
Sina Habibi
Chief Executive Officer and Director
FORWARD-LOOKING STATEMENTS:
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.
For further information: Please visit: www.cognetivity.com or contact: info@cognetivity.com; for media inquiries please contact pr@cognetivity.com.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/157673
