VANCOUVER, May 16, 2018 /CNW/ - Cognetivity Neurosciences Ltd. (the "Company" or "Cognetivity") (CSE: CGN) (FWB:1UB) today announced that it has won the prestigious AXA Health Tech & You Challenge in the 'Innovations in the Early Diagnosis of Dementia' category.
Created by AXA PPP Healthcare, part of the AXA Group, a worldwide leader in insurance and asset management with 165,000 employees serving 105 million clients in 64 countries, the Innovations in the Early Diagnosis of Dementia award was run in partnership with Alzheimer's Research UK. It aimed to identify excellence in design innovation and technology development that could support the diagnosis of diseases underpinning dementia.
Submissions came from an international field after a comprehensive pursuit for the most innovative new and emerging health tech. These were then shortlisted into just three technologies per category.
The winning Cognetivity platform involves a 5-minute Integrated Cognitive Assessment test (ICA) that looks for the earliest signs of impairment by testing the performance of large areas of the brain. The ICA is easy to administer and its Artificial Intelligence (AI) engine can learn as it gathers new data to improve its ability to diagnose. As well as having the potential to be a highly effective dementia screening tool, the ICA can also be used for remote monitoring of the progression of diseases and measuring the effectiveness of treatments.
Cognetivity's CEO and Director, Sina Habibi, said, "We're incredibly proud to have our technology recognized by AXA Health Tech & You and further validated by the judging panel who included hugely respected figures who are at the leading-edge of dementia research. We know there is an enormous unmet need globally for a tool able to provide early diagnosis of cognitive impairment and we believe we are well positioned to meet that demand. Dementia is a very significant and costly global problem, with 2018 Alzheimer's Association figures stating that accurate early diagnosis could save up to 7.9 trillion dollars in medical and care costs in the US alone. Early diagnosis of the type we are working to bring to market can lead to drastically improved patient care and massively improved outcomes for sufferers as well as the financial benefits for payers. What is vital is that as many people as possible can benefit from the type of screening that our AI driven ICA platform could provide."
Dementia is the only condition in the top 10 causes of death without a treatment to prevent, cure or slow its progression. The early detection of dementia, in particular Alzheimer's disease, is a critical unmet need in healthcare, with a recent Alzheimer's Association report stating that the potential savings to healthcare of early and accurate dementia diagnosis could be as high as $7.9 trillion in the USA alone. Cognetivity's ICA platform technology is designed to detect some of the earliest signs of cognitive impairment, such as are present in dementia and other neurodegenerative disorders.
Today 50 million people have dementia globally, with 10 million additional cases being recorded annually. This equates to a new case being recorded every three seconds. Currently one out of two sufferers in higher income countries and nine out of 10 cases in lower income countries never receive a formal diagnosis.
About Cognetivity Neurosciences Ltd.
Cognetivity is a technology company developing a cognitive testing platform, the Integrated Cognitive Assessment (ICA) for use in medical and commercial 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 planned clinical studies to the market in North America and Europe.
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
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