VANCOUVER, Nov. 13, 2019 /CNW/ - Cognetivity Neurosciences Ltd. (the "Company" or "Cognetivity") (CSE: CGN; FWB: 1UB; OTCQB: CGNSF) today announced the appointment of Keith Gibbs, former Chief Executive of AXA PPP healthcare, to its advisory board with immediate effect.
Gibbs retired from AXA PPP healthcare last December after 17 years as Chief Executive. During this time, he served on the board of AXA UK and a number of its other subsidiaries, including AXA Insurance, AXA Wealth and AXA Sun Life. He received the Outstanding Contribution Award at the 2017 UK Health Insurance Awards. Since retiring, he has retained roles as a non-executive director of AXA Venture Partners and non-executive chairman of AXA Global Healthcare.
Between 2002 and 2018, Gibbs also sat on the council of the International Federation of Health Plans (iFHP), the leading CEO network within the global health insurance industry, spending three years as chairman. In the past nine months, he has assumed board positions at Bluecrest Health Screening, insurance provider Saga Services and hospital group HCA Healthcare UK.
"We're thrilled to welcome Keith to the company," said Dr Sina Habibi, Cognetivity's CEO. "Given the length of his tenure in senior leadership at AXA, few can match his understanding of the health insurance industry or the strength and breadth of his connections. His recent appointments and continued non-executive directorship at AXA demonstrate the high esteem in which he is held in the industry."
"By bringing a fresh, client perspective," Habibi continued, "he is the perfect person to help us develop our customer network and tailor our offering to meet the specific needs of the health insurance and healthcare provider industries. As such, his involvement represents a significant step in our commercial rollout plan."
Commenting himself on the announcement, Gibbs expressed his regard for the company. "I believe Cognetivity has developed ground-breaking technology that meets a clear social need by transforming the diagnosis of early-stage dementia, delivering dramatic improvements in both efficacy and efficiency," he said.
"This is cutting-edge technology, which revolutionises the assessment of cognitive ability, and I am tremendously excited by its enormous potential for widespread application across a number of fields. I am delighted to have the opportunity to join such a talented team and to assist them in fulfilling their outstanding commercial potential."
The Company also entered into a debt settlement agreement with an arms-length party (the "Creditor") to settle an aggregate C$114,907 in debt (the "Debt"). In settlement of the Debt, the Company issued an aggregate of 450,617 common shares in the capital of the Company (the "Debt Shares") at a deemed price of C$0.255 per Debt Share (the "Debt Settlement"). The Debt will be completely satisfied and extinguished upon the issuance of the Debt Shares.
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
FORWARD LOOKING STATEMENTS:
The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
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SOURCE Cognetivity Neurosciences Ltd