Neuropsychological testing business Cambridge Cognition has joined London’s Alternative Investment Market.
Cambridge Cognition will now focus on rolling out its CANTABmobile product having raised £5 million through listing on the stock market.
The Cambridge-based business develops and commercialises computerised neuropsychological tests including those enabling the early detection of dementia.
Through joining the Alternative Investment Market (AIM), Cambridge Cognition has raised £5 million through the placing of new ordinary shares, whilst certain existing shareholders are realising a further £1.4 million through the sale of existing ordinary shares.
The move gives Cambridge Cognition a market capitalisation of £11.8 million and means that it will now be able to further develop its CANTABelect and CANTABelipse –products as well as its new offering, CANTABmobile.
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Ruth Kier, CEO of Cambridge Cognition, comments, ‘Our move to AIM and the additional funding will accelerate the roll out of CANTABmobile, our point of care 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.’
CANTABmobile was launched in May 2012 and is focused on research from Alzheimer’s Research UK which says that there are 820,000 people living with dementia in the UK, of whom the charity predicts 420,000 are undiagnosed.