Admission to AIM

RNS Number : 6276C

Cambridge Cognition Holdings PLC

18 April 2013

 



Cambridge Cognition Holdings Plc

("Cambridge Cognition" or the "Company")

First Day of Dealings and Admission to Trading on AIM

Placing to Raise £6.4m

Cambridge Cognition Holdings plc, (AIM: COG), which specialises in computerised neuropsychological tests including those enabling the early detection of dementia, announces the commencement, at 08.00 UK time this morning, of dealings in its Ordinary Shares on AIM, a market operated by the London Stock Exchange plc.

Highlights 

•              On Admission, Cambridge Cognition has raised approximately £5.0m (before expenses) in the Placing of New Ordinary Shares and certain existing Shareholders have realised a further £1.4m through the Sale of existing Ordinary Shares

•              Placing Price for Placing Shares and Sale Shares was 70 pence per Ordinary Share

•              Market capitalisation of the Company following the Placing and at Admission is approximately £11.8m

•              Total number of Ordinary Shares in issue at Admission is 16,885,105

•              finnCap Limited acted as Nominated Adviser and Broker to the Company

•              Baker Botts (UK) LLP provided legal advice in respect to the Company's admission to AIM

•              Cambridge Cognition's  trading symbol is COG and the Company's ISIN code is GB00B8DV9647

About Cambridge Cognition

Cambridge Cognition develops and commercialises computerised neuropsychological tests for sale worldwide, principally in the UK, the US and Europe. Cambridge Cognition has created two well-established products, CANTABelect™ and CANTABeclipse™, which as standalone reportable segments have been profitable in each of the last three years. CANTABelect™ is for use in regulated clinical trials and CANTABeclipse™ is designed for use by researchers working in a non-regulated environment, typically in academia.

A third product, CANTABmobile™, was launched in the UK in May 2012, targeted at mainstream primary healthcare markets, in particular to enable the early detection of dementia. The Directors intend to use funds raised in the Placing to grow sales of CANTABmobile™ and continue development of a similar product for secondary healthcare markets.

A focus on dementia

Alzheimer's Research UK has stated that there are 820,000 people living with dementia in the UK, of whom it estimates that 400,000 are undiagnosed. It also estimates the cost of dementia to the UK economy at £23 billion, a fact which has led the UK Department of Health to state that dementia is "one of the most important issues we face as the population ages". The combined health and social care costs of caring for persons suffering from dementia in the UK was estimated in 2008 to be £10.3 billion, greater than the comparable costs of cancer, stroke and heart disease combined (estimated to be £9.5 billion in 2008).

Commenting, Ruth Keir, CEO of Cambridge Cognition Holdings plc, said: "Our move to AIM and the additional funding will accelerate the rollout of CANTABmobile™, our point of care cognitive test for GPs and dementia specialists. With nearly half of those in the UK with dementia being undiagnosed there is a huge policy shift towards early diagnosis and intervention and our technology is ideally placed to facilitate this."

Terms defined in the admission document dated 12 April 2013, available on the Company's website www.cambridgecognition.com, have the same meaning as when used in this announcement.

Enquiries:

Cambridge Cognition Holdings plc		Tel: [phone]
Ruth Keir, Chief Executive Officer
finnCap Ltd (Nomad and Broker)		Tel: [phone]
Matthew Robinson/Henrik Persson/Simon Hicks	(Corporate Finance)
Simon Starr	(Corporate Broking)
Walbrook PR Ltd		Tel: [phone]
Paul McManus/Lianne Cawthorne

 

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