yep. Here is the extract:...

yep.

Here is the extract:
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A specialist in cognitive assessment, CogState wins plenty of free headlines during the AFL and NRL footy season as the concussion tester of choice for most clubs.
But testing groggy footballers is only a peripheral part of the business of CogState, which derives most of its revenue from the testing component of pharmaceutical company clinical trials.
Not surprisingly, Alzheimer’s disease research accounts for 45 per cent of CogState’s contracted trial revenue.
While the biotech sector is notoriously fickle, CogState has provided a memorable experience for its heavyweight blue-blood backers, including Myer family scion Martyn Myer and serial director Charles Goode. Last year, neurosciences boffin Alan Finkel took a $2 million placement before becoming the country’s chief scientist.
If all of that doesn’t imbue the register with enough cred, David Dolby (of sound system fame) has built a 19.5 per cent stake.
The link here is that Dolby (or, for Spinal Tap fans, Dobly) founder Ray Dolby died from Alzheimer’s in 2013.
CogState last week reported $13m of revenue for the first half, up 91 per cent, with net earnings of $2.6m compared with a $2.7m loss previously.
CogState’s pharma clients include Johnson & Johnson, Eli Lily, Novartis and Pfizer, with the global “cognitive assessment and training” sector estimated at $US2.4 billion ($3.3bn).
Alzheimer’s aside, O’Connor says there is a growing line of work for cancer drug developers that want to verify that, at the very least, their curative does not cause cognitive problems as a side effect (often known as chemo-fog). CogState also focuses on the side effect of drugs for paediatric use.
The company reports $23m of contracted revenue for the current year, with a $50m tender pipeline. “We won’t win them all,’’ says the pragmatic O’Connor.
In effect, CogState is an exposure to the booming business of Alzheimer’s research without the huge risks of drug development.
“We are linked to the conduct of the studies and not necessarily the success,’’ O’Connor says.
While it’s squarely on the radar of the monied men, CogState attracts no broker research coverage.
Given this reflects CogState’s lack of interest in raising further capital and thus lining brokers’ pockets, it’s not such a bad thing. Long-term buy.