Cognetivity Neurosciences Announces Recipient of UK Government Innovation Loan Facility
The facility, provided only to the most promising UK innovation firms, helps ensure financial stability throughout the COVID-19 pandemic and allows for withdrawals as needed throughout 2021 to support R&D activities, product development and marketing.
VANCOUVER, BC, March 23, 2021 / CNW / – Cognetivity Neurosciences Ltd. (the “Company” or “Cognetivity”) (CSE: CGN) (OTCQB: CGNSF) (FWB: 1UB) announced today that it has secured a loan facility of up to £ 740,000 (GOUJAT $ 1.28 million, USD $ 1.03 million) to support the Company in its product development and commercialization activities over the coming year. The Company has previously received grants under the Innovate UK program from the UK government, and this new facility will be made available through Innovate UK’s Innovation Continuity Loans program.
As part of the UK government’s coronavirus support measures, Innovate UK’s innovation continuity loans were first opened to SMEs in 2020 to help them continue their R&D and innovation activities during the pandemic. Studies have shown that these types of activities are just as important during difficult times, such as those facing businesses amid the current COVID-19 pandemic, and when R&D investments are reduced in times of crisis. recession, it can take years, even decades to come back. at previous levels.
The Innovation Continuity Loans are designed for UK businesses wishing to grow and develop through innovation, developing new or improved products, processes or services. Not only do they provide businesses with financing that they would not otherwise have received, but business continuity loans then accelerate and / or amplify business ventures in ways that would not have been possible otherwise.
This funding from the Innovation Continuity Loan enables companies to crucially continue to deliver world-class innovation, ensuring the UK continues to be at the forefront of global R&D.
The loan itself allows for drawdowns throughout 2021 with an initial availability period of 12 months, followed by a 24-month extension period where no repayments are due, carrying a deferred interest rate of 3. , 7% per annum, followed by a 36 month repayment period.
CEO of Cognetivity Sina Habibi commented: “We are delighted to be able to announce the availability of this loan facility. The UK government, through Innovate UK, has been very supportive of our business and what we are trying to achieve, and has recognized both the potential importance of our technology. By making this facility available to us, we are able to move forward with our plans with increased confidence and continue to make great strides in the commercialization and development of our platform.
Additionally, Cognetivity also reported that it has entered into a consulting contract with Toronto-based marketing firm, North Equities Corp. The contract includes associated costs of $ 75,000, which was paid for by the issuance of 115,132 shares. North Equities specializes in various social media platforms and will be able to facilitate greater investor and consumer engagement and widespread dissemination of Company news.
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 early signs of impairment by testing the performance of large areas of the brain to support the diagnosis of dementia. It has obtained regulatory approval for clinical use in the UK and Europe with future clinical approval planned in North America and elsewhere in the world.
For more information, please visit: www.cognetivity.com
ON BEHALF OF THE BOARD
Chairman and CEO and Director
Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “assume”, “believe”, “plan”, “estimate”. “,” Expect “,” intend “,” may “,” should “and similar expressions as they relate to the Company or its management. Forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. These statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. These statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances, except as required by law. Readers should not place undue reliance on the Company’s forward-looking statements.
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
SOURCE Cognetivity Neurosciences Ltd
For more information: Email: [email protected]; For media inquiries contact: Josh Stanbury, Email: [email protected]