CogState (CGS) announced that it will acquire the remaining 50% stake in Axon Sports LLC resulting in Axon Sports becoming a 100% owned subsidiary. Axon Sports provides online cognitive assessment to assist in evaluating and managing sports- related concussions. For CogState, the management of concussion in sport is a fast growing market, providing enormous opportunity for growth of revenue and profitability in the short term. The 100% control of Axon Sports will allow CogState to utilise the Axon Sports online testing and associated materials to pursue the sports concussion markets outside North America. Importantly, 100% control of Axon Sports means that CogState is in a position to take full advantage of current opportunities being discussed with large pharmaceutical companies with the aim of making CogState technology available to clinicians as a low cost, non-invasive, screening tool that could be provided within a clinician‟s surgery, in numerous indications, including sports concussions. CogState will acquire the 50% stake for 7,461,831 CogState Ltd fully paid ordinary shares at a notional price of $0.17 per share.
CogState‟s partners in the formation of Axon Sports, Quixote Investment principals Rudy Chapa and Patricia Eiting, will remain heavily involved in the management of Axon Sports, retaining their current positions as Directors of Axon Sports LLC.
Axon Sports provides online cognitive assessment tools that aid the evaluation and management of sports-related concussions. CogState Ltd (CGS) specialises in the development and commercialisation of rapid, computerised tests of cognition (brain function). To date, CogState has commercialised its technology in two markets – clinical drug trials and concussion management in sport. In the clinical drug trial market, CogState technology and associated services are used by pharmaceutical and biotechnology companies to quantify the effect of drugs or other interventions on human subjects participating in clinical trials.
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