- The total number of people with dementia in China projected to reach 14.1 million by 2020 and 23.3 million by 2030.
- Annual cost of dementia expected to reach US$69B by 2020 and US$114B by 2030.
VANCOUVER, Aug. 13, 2019 /CNW/ - Cognetivity Neurosciences Ltd. (the "Company" or "Cognetivity") (CSE: CGN; FWB:1UB; OTCQB: CGNSF) announced today that it has received formal approval from the China National Intellectual Property Administration (CNIPA), for its patent covering the Company's unique system for assessing a mental health disorder in a human subject. The patent covers a number of key elements of Cognetivity's proprietary cognitive assessment platform including the type and durations of images displayed, the capturing of responses, the methods of analysis used and the use of the system for the detection of dementia and Alzheimer's disease.
China represents a significant future market for Cognetivity's technology with dementia affecting a larger number of citizens than any other country in the world, including the United States. According to a recent World Health Organization report into the economic burden of dementia in China, the number of sufferers in the country is estimated to reach 14.1 million by 2020, at a cost of $69 billion per annum. With an aging population and an increasing overall prevalence of dementia among people aged over 60 years, dementia in China, as in elsewhere in the world, is a rapidly growing problem with dramatically escalating associated costs.
Early diagnosis of dementia is a critical component in tackling this growing global problem, with a recent Alzheimer's Association study calculating the cost savings associated with early diagnosis of the disease - which Cognetivity's platform is designed to deliver - has, in the US alone, been estimated at up to US$7.9 Trillion.
"We are very happy to have this latest, key addition to our IP portfolio secured," said Dr. Sina Habibi, CEO at Cognetivity. "China is, like many other countries, experiencing a significant and fast-growing problem with dementia. To most effectively manage the disease in individual patients, and ultimately develop lasting cures, requires diagnosis to happen at its very earliest stages and that's where our ICA test really is positioned to provide major benefit to Governments and healthcare providers, as well as many millions of patients, across the globe."
The ICA is unique in its ability to provide precise, sensitive measurements of users' cognitive function by means of a short, simple test, delivered via smartphones or tablet computers. Importantly for reaching international markets, the test, as well as showing no learning effect, is, unlike other cognitive tests, unaffected by the users' culture, language or level of education, making it an ideal tool for helping to diagnose conditions such as dementia in large populations anywhere in the world.
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company developing a cognitive testing platform, the Integrated Cognitive Assessment (ICA) 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 impairment by testing the performance of large areas of the brain, potentially allowing early diagnosis of dementia. Cognetivity aims to develop the ICA through ongoing clinical studies to the market in North America, Europe and elsewhere in the world.
For more information please visit – www.cognetivity.com
ON BEHALF OF THE BOARD
Chief Executive Officer and Director
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SOURCE Cognetivity Neurosciences Ltd