Latest commercial agreement marks critical first step into US and Canadian healthcare markets as well as burgeoning new area of ketamine-enhanced medical care
VANCOUVER, BC, Sept. 1, 2021 /CNW/ – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN) (OTCQB: CGNSF) (FWB: 1UB) today announced that it has reached a commercial agreement with the healthcare firm KetamineOne Capital Ltd (“Ketamine One”) for the Integrated Cognitive Assessment (ICA) to be deployed in Ketamine One’s clinics across North America. Cognetivity and Ketamine One have also entered into a non-binding letter of intent (the “LOI”) to collaborate on mental health assessments and plan on conducting clinical trials within the Ketamine One clinic network.
Ketamine One is a next-generation health and wellness company focused on transforming the treatment of mental health through the provision of ketamine-assisted therapy and psychedelic medicines. Based in Canada and operating clinics throughout North America, the firm has 16 clinics in operation, along with several more in development, and is dedicated to building the critical infrastructure needed to provide breakthrough and life-changing treatments for conditions such as anxiety, depression, post-traumatic stress disorder (PTSD), chronic pain and addiction.
It is well known that there is vast potential for improvement in the treatment of such conditions. According to the WHO, mental health disorders account for 28% of the global burden of disability-adjusted life years among non-communicable diseases – more than cardiovascular disease or cancer. Every year, more than 12 billion working days are lost due to mental health conditions, costing the global economy USD 16 trillion in economic output between 2011 and 2030. The estimated addressable market size for anxiety disorder and depression treatments is USD 238 billion.
Cognetivity’s ICA will be deployed in Ketamine One’s clinics to enable the long-term monitoring of cognitive performance in patients with treatment-resistant depression and PTSD. Assessing individuals’ cognition over the course of their treatment will enable the measurement of treatment efficacy, while empowering patients to take charge of their wellbeing and providing clinicians with additional data to refine treatment and improve outcomes. In addition to the ICA deployment in Ketamine One clinics, the LOI will see Cognetivity and Ketmaine One collaborate on developing and validating next-generation mental health assessment tools to improve the lives of sufferers.
The ICA offers numerous benefits to clinicians, particularly in comparison to traditional, pen-and-paper-based tests. A computerized assessment that takes five minutes, it is user-friendly and exhibits no learning effect upon repeat testing, making it perfectly suited to long-term monitoring. It is also highly sensitive to small changes in cognitive performance and, owing to its computerized nature, is capable of supporting remote, self-administered testing.
“The ICA is a fantastic piece of cutting-edge technology and we are excited to have it in our clinics as well as collaborate on further developments in mental health,” said Adam Deffett, Interim CEO of Ketamine One. “This powerful tool will enable us to further demonstrate the power of our therapies and study patient development with an unwavering commitment to improve outcomes by putting more insightful data into the hands of our patients and clinicians. We are passionate about innovating in the pursuit of better mental health for our patients, and the ICA’s unique, AI-powered approach to measuring cognition matches our ethos perfectly.”
Dr Sina Habibi, CEO of Cognetivity, said, “We’re very excited about this deployment, which will see the ICA used in clinical care in North America for the very first time. This is a key step in our plans for commercial rollout across the US and Canadian healthcare markets and indeed throughout the world.”
“It is also fantastic to see the ICA making its mark in another area of medicine beyond its core use case of enhancing dementia detection and diagnosis,” he continued. “Our product’s ability to transition so effortlessly into this new and fast-growing space demonstrates the strength of its fundamental capabilities and the profound global need for accurate, efficient and unbiased cognitive testing in many new and emerging areas of research, detection and long term patient monitoring.”
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 impairment by testing the performance of large areas of the brain to support diagnosis of dementia. It has achieved regulatory approval for clinical use in the UK and Europe with future clinical approval anticipated in North America and elsewhere in the world.
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SOURCE Cognetivity Neurosciences Ltd.