Brain+ closes its second sales contract for CST – Therapist Companion with a dementia care center in Gladsaxe municipality
Copenhagen, Denmark, May 10, 2023 – Brain+ A/S (Nasdaq First North: BRAINP)
- Gladsaxe is the second Danish municipality to have opened for use of CST – Therapist Companion to support Cognitive Stimulation Therapy (CST) for people with dementia
- Two contract closings less than 6 months after CST - Therapist Companion was commercially introduced is promising, considering a typical municipal sales cycle of 12-24 months
- Denmark is an important reference market for Brain+ with CST gaining widespread recognition
Brain+ announces to have closed a second sales contract for the company’s new digital dementia product, CST - Therapist Companion. The sales contract is a 3-year contract, giving therapists in the municipal dementia care facility, Bakkegården demensboliger, in Gladsaxe access to use the product until June 2026. Gladsaxe is the second Danish municipality to have started using digital CST to support non-pharmaceutical therapy for people with dementia.
CST-Therapist Companion is the first of Brain+’ suite of digital CST products to have been commercially introduced, all of which builds on Cognitive Stimulation Therapy (CST), a worldwide renowned non-pharmaceutical dementia treatment.
The closing of a second sales contract signals early adoption of CST – Therapist Companion
In Denmark, municipalities are the primary dementia caregivers and the target users for the CST - Therapist Companion product. The closing of a second sales contract less than six months after the product was made commercially available – and in a typically “off-season” for municipal purchases - is an encouraging indication of product relevance and user acceptance. Brain+ is working to build awareness and interest for CST – Therapist Companion among the Danish municipalities, and more sales are expected this year. However, since the municipality sales cycle typically spans 12-24 months, additional new contracts are expected mainly in the fourth quarter of the year.
Kim Baden-Kristensen, CEO & Co-founder, Brain+ “Since the introduction of the Danish version of CST-Therapist Companion in November last year, our commercial team has been successful in building early interest for the product. Having been able to already close two sales contracts and even expand the first, despite the usual 1-2 year cycle of selling into municipalities, shows that we are meeting a real need. We are eager to see our CST-Therapist Companion get into the hands of therapists to help them deliver CST to as many people with dementia as possible, and we continue to build awareness. While we seek to close as many sales contracts as possible this year, our finest task in 2023 is to get on the municipal budgets for 2024 and build a recurring revenue pipeline. As we start to get reference customers, selling is expected to become continuously easier."
Riding on a trend - CST is becoming the new standard for dementia care in Denmark
The use of CST in Danish municipalities is expected to grow rapidly in the coming years, as CST has been featured in the magazine the Danish National Center for Dementia and is gaining widespread recognition. The demand for education of new CST therapists is also high, meaning that the market will be steadily increasing as new CST therapists are trained to deliver CST.
Since the market introduction of CST-Therapist Companion in November 2022, Brain+ initial sales outreach has focused on the 30+ municipalities that are already offering CST as dementia therapy, and where therapists can immediately benefit from CST-Therapist Companion to support their work. There are currently ongoing dialogues with numerous Danish municipalities, and even municipalities not already using CST are showing interest.
The market introduction of CST-Therapist Companion in Denmark has been met with positive interest from pharma companies active in the Alzheimer’s field.
Video interview: 2nd sale, sales activities and market response
Watch the video interview with the Brain+ Business Development Manager, Brian Østergaard, and CEO, Kim Baden-Kristensen here: https://vimeo.com/825340493/a3d97971d8?share=copy
Contact Information
CEO and Co-founder: Kim Baden-Kristensen, + 45 31393317, kim@brain-plus.com
The mission of Brain+ is to make effective treatments for cognitive decline in Alzheimer’s accessible to everyone as digital therapeutics.
