COGSTATE LTD — Regulatory Filings 2011

May 3, 2011

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ASX Announcement

Melbourne, Wednesday 4 May 2011

CogState announces the launch of “Axon Potential”

A new venture dedicated to creating cognitive training programs for athletes

CogState (ASX:CGS) is pleased to announce the launch of Axon Potential, a new venture dedicated to creating cognitive training programs for competitive athletes. The launch of Axon Potential will start with a new website that will highlight recent research in the world of sports and neuroscience, interviews with leaders in the fields of cognitive neuroscience, skill acquisition and performance training. Our goal is to create a community of scientists, trainers, coaches and athletes who are interested in exploring how sports and neuroscience intersect. At the same time, this site will offer updates on Axon Potential’s research and insights into the product development process surrounding Axon Potential's upcoming line of skill acquisition and cognitive training programs for competitive athletes.

Axon Potential is working with the world’s top researchers and scientists in the fields of neuroscience and cognitive psychology to develop products and programs that will help athletes accelerate and optimize the acquisition of the cognitive skills needed for success on the field.

Axon Potential is currently focusing its initial product development efforts on a suite of four research-supported software training products: Baseball Pitch Recognition, Football IQ, Football High-Speed Decision Making, and Soccer Anticipation/Situational Assessment.

Pitch Recognition , designed for baseball players, will teach athletes to recognize both the pitch type and pitch location via a technique called “temporal occlusion”--video footage that is cut off just after the pitch is released from the pitcher’s hand. Research has demonstrated that point-of-release anticipation skills are a key separator between expert and novice hitters, and that training can help bridge this gap.

Football IQ is a tool for learning the basics of American football knowledge and vocabulary--formations, player personnel groups and blitz schemes--required for success on the field.

Football High-Speed Decision Making will train the reactive and anticipatory skills that separate experts from novices on the American football field.

Soccer Anticipation/Situational Assessment will focus on the special decision making skills that soccer players require to read the field of play correctly and take action on or away from the ball.

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"We are excited to be in the forefront of research and product development focused on developing the Athletic Brain," said Jason Sada, Managing Director of Axon Potential. Jason has a wealth of business and technical experience in the sports industry, including being the founder of GridIron Technologies, one of the earliest innovators in the simulated sports training industry. "In sports, athletes are confronted with a constant flow of situations that need assessment, decision and action. The faster and more accurately this process is done, the better the result on the field of play. Through the development of our programs, we provide athletes with tools to develop and train these skills, specific to the demands of their sport and position."

Axon Potential will launch at the website http://www.axonpotential.com. The site will host online examples of the products in development, updates from its labs and training centers, as well as a blog that will aggregate all of the exciting news, research and insights into the emerging fields of skill acquisition and cognitive sports neuroscience.

Axon Potential is a joint venture between Quixote Investment and CogState Ltd. CogState is a leader in the field of computer-based cognitive testing programs. Quixote Investment is a private investment firm, one of whose early ventures, SPARQ, became one of the world’s leading sports training and evaluation companies and was acquired by NIKE in 2009.

About CogState

CogState Ltd (ASX: 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. Since sales into the clinical trials market began in 2004, CogState has secured agreements with top pharmaceutical companies including Pfizer, AstraZeneca, GlaxoSmithKline, Merck, Johnson & Johnson, Novartis, Lundbeck, Dainippon Sumitomo, Otsuka, Servier.

In the area of sports related concussion, CogState’s technology has been used by a number of highly regarded institutions and sporting organisations around the world for almost 10 years. Current users include, University of Notre Dame, University of Michigan, English Rugby League, English Jockey Club, and a number of national and international Rugby League and Rugby Union clubs. In Australia, both the AFL and NRL have mandated computerised cognitive testing, using CogState, within the last month.

CogState has established a joint venture in the USA, called Axon Sports, to market its concussion management technology. Axon Sports has an exclusive license to market and sell the CogState technology in the area of sports and related concussions within North America (USA, Canada, Mexico).

For further information:

Brad O’Connor, Chief Executive Officer, CogState Ltd.

Ph: 03 9664 1300 Mob: 0411 888 347 boconnor@cogstate.com