Courtesy of Benzinga.
CogState (COGZF) today announced that it will acquire the remaining 50% stake in Axon Sports, 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.
