NTI will soon double in shareprice!, page-30

Hey guys so – I am currently suffering from post-Masters completion study withdrawal so I have conducted a mini literature review on neurofeedback – both in clinic and in-home – with focus placed on Neurotech International (asx: NTI). I will make it short because no one likes to read a 2000 word literature review apart from myself. So here it goes;

A study conducted by Kouijzer et al in 2008 comprising of seven children over 40 sessions with autism sought to find if Neurofeedback would improve executive functioning in children with autism spectrum disorders – a disorder that affects one in sixty-eight children [1]. The study specifically looked to answer; ‘does neurofeedback promote more flexible functioning of the brain by enhancing activation in the medial prefrontal cortex thus improving flexibility of activation in the default mode network supporting the improvement of executive functions and theory of mind in Autism Spectrum Disorder?’ [2] As a side note, the outcome of neurofeedback therapy looks to reduce behavioral outbursts and impairment of social and verbal interaction whilst reducing autism related repetitive behavior [3]. The study by Kouijzer et al concluded that 5 of the 7 children were receptive to neurofeedback training with a measureable consistent suppression of theta and delta frequencies and enhancement of low beta activation over time across sessions [4]. The success rates are in line with Coben and Padolsky’s previous 2007 study [5]. Most importantly, Kouijzer et al did a twelve month follow up study utilising the same children to uncover if neurofeedback continues to provide assistance with the symptoms of Autism. The researchers found that the increase in executive functions after 12 months were either maintained or improved [6]. Specifically; “Second, follow-up data assessing social behavior revealed that children’s immediate improvement on social interaction skills, communicative abilities, and typical behavior were maintained” [7]. What this research indicates is that the application of neurofeedback does not decrease in effect after a period of twelve months. The research conducted by Kouijzer et al is also supported by other studies including that by Jarusiewicz who found that Neurofeedback training resulted in a 26% reduction in total ATEC related autism symptoms compared to 3% for the control group [8]. Specifically, parental assessment reports of those studied with autism observed an improvement in all behavioral categories including: socialisation, vocalisation, anxiety, schoolwork, tantrums, and sleep, compared with minimal changes in the control group [9].

In 2013 Adrian Trevisan founder of Neurotech International through AAT Research published a report that looked to support the creation of an ‘in-home’, ‘user friendly’ and portable personal neurofeedback device on a reduced cost platform [10]. Neurotech’s initial head band device was tested in sterile clinical conditions with eight subjects which was utilised by each participant for a period of forty minutes per day for twelve weeks [11]. The results of the study concluded positive and coherent results were seen in child behavior and interaction after use [12]. What the 2013 study indicates is that Adrian Trevisan was able to produce an ‘in-home’ personal use neurofeedback autism device that successfully produces similar results to those currently used (and proven) in clinical settings.

In 2015 Adrian Trevisan through Neurotech International conducted a more thorough 25 participant study utilising the Mente Autism neurofeedback device ™ for forty minutes per day on each patient for the period of twelve weeks [13]. The study resulted in a 26% reduction in negative attentional behaviors, a 36% reduction in negative physical symptoms and a 23% reduction in non-social behavior [14].

In 2017 a more conclusive double blinded ‘at-home’ study is currently underway by Neurotech International. As the study is ‘at-home’ it more coherently replicates the exact conditions of which the participant will be subjected to whilst using the Mente Autism neurofeedback device [15]. Most importantly the study was conducted independently by the Carrick Institute and is double blinded [16]. On 27 September 2017 the Carrick Institute released preliminary results which indicated that; positive changes were observed in the participant’s neurological function which is of statistical significance. More so, many of the children with autism scored in normal range after treatment [17]. Excitingly, Senior Independent Research Fellow Dr Ahmed Hankir with the Bedforshire Centre for Mental Health Research in association with the University of Cambridge announced: “The Mente Autism device is one of the most exciting investigations this year.” “The changes observed in autistic children after the 12-week clinical trial are outstanding”… “we are thrilled to review these incredible preliminary findings and are looking forward to the publication of the final study outcomes" [18]. Most importantly, Neurotech International’s preliminary results appear to be in line with Kouijzer et al and Coben and Padolsky’s research yet Neurotech is offering a distinctly unique ‘in-home’ cost reduced Mente Autism neurofeedback device ™ [19]. As a caution, such inferences can only be proven upon the conclusion of Neurotech International’s double blinded study with publication by the Carrick Institute still impending.

One must reflect – if an ‘in-home’ neurofeedback device can be offered to the market for circa $2800 with no current ‘in-home’ competition that results in circa 26% reductions in negative attentional behaviors and a 36% reduction in negative physical symptoms in autism affected children would the parents of such children most likely be willing to buy that device? [20] More importantly, Neurotech International is targeting 140,000 customers in Europe and another 175,000 in the USA with a unit price of $2800 potentially attracting up to $800 million in sales alone. Even if Neurotech International obtains one tenth of the preceding amount in sales what would Neurotech Internationals share price likely be? Is it unreasonable to suspect it would be much more than NTI’s current market cap of $18 million?


[1] Prevalence of autism spectrum disorders — autism and developmental disabilities monitoring network, 14 sites. United States. US National Library of Medicine National Institutes of Health. 2008.

[2] Kouijzer, M., Gerrits, B., Congedo, M and Van Schie, T. Neurofeedback improves executive functioning in children with autism spectrum disorders. Research in Autism Spectrum Disorders. 2009. Vol 3, Pp. 145–162.

[3] Ibid.

[4] Ibid.

[5] Coben, R and Padolsky, I. Assessment-guided neurofeedback for autistic spectrum disorders. Journal of Neurotherapy. 2007. Vol.11, P. 5–23.

[6] Kouijzer, M., Moora, J., Gerritsb, B., Buitelaarc, J and Van Schie, H. Long-term effects of neurofeedback treatment in autism. A Behavioural Science Institute, Radboud University Nijmegen, Nijmegen, The Netherlands. Research in Autism Spectrum Disorders 3. 2009. P. 496–501. Elsivier Publishers.

[7] Op, Cit. Pp. 499–500.

[8] Jarusiewicz, B. Efficacy of Neurofeedback for Children in the Autistic Spectrum: A Pilot Study PhD. Pages 39- 49. 2008.

[9] Ibid.

[10] Trevisan, A and P, Cavallari. A Portable Sonified Neurofeedback Therapy for Autism Spectrum Disorder Patients - An Initial Evaluation. Journal of Neurological Disorders. AAT Research in conjuction with; University of California. USA. 2013.

[11] Trevisan, Op, Cit. Pp. 2-3.

[12] Ibid.

[13] Trevisan, A., Cavallari, P., Caruana, N., Micallef, R and Attard, F. Real-time sonified neurofeedback stimulation for the management & relaxation of patients on the autism spectrum. Journal of Brain Stimulation. Vol 8(2). March – April 2015.

[14] Ibid.

[15] Neurotech International. ‘Clinical Trial: 12-week therapy session for initial cohort of subjects in US clinical trial nearing completion”. ASX market announcement dated: 29 May 2017.

[16] Ibid.

[17] Neurotech International. ‘Clinical Trial Preliminary Outcomes: Outstanding preliminary results from US clinical study’, ASX market announcement dated: 27 September 2017.

[18] Neurotech International. ‘Neurotech Presentation at Cambridge Conference: Neurotech presentations at academic research conference in Cambridge, UK’, ASX market announcement dated: 28 September 2017.

[19] Ibid.

[20] Trevisan, Loc Cit.