Cognetivity Neurosciences (CSE: CGN) will soon see its cognitive assessment tool for the early detection of changes in cognitive performance arrive in North America. The company this morning announced an agreement with KetamineOne Capital (NEO: MEDI) for the deployment of the tool at its clinics across the continent.
The tool, referred to as ICA, is to be utilized by KetamineOne as a long-term monitoring solution in patients that currently have both treatment-resistant depression as well as post-traumatic stress disorder. The tool will enable the company to measure the efficacy of treatment options utilized on the patient, enabling the refinement of outcomes.
The duo have also entered into a letter of intent, focused on collaborating on mental health assessments as well as conducting clinical trials within the KetamineOne clinic network, as Cognetivity works to further develop mental health assessment tools.
“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,” commented Cognetivity CEO Dr Sina Habibi.
The step into mental health monitoring through the cognitive assessment tool dramatically increases the total addressable market for the company. Mental health conditions are estimated to cost more than 12 billion working days per year, with the market for anxiety and depression treatments alone estimated at US$238 billion.
A timeline for the rollout of the ICA within KetamineOne clinics was not provided.
Cognetivity Neurosciences last traded at $0.76 on the CSE, while KetamineOne last traded at $1.45 on the Neo.
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