The Alzheimer's Drug Discovery Foundation (ADDF) gave the award to the Cambridge Cognition, which creates computerized cognitive tests.
The company's Paired Associate Learning (PAL) test has been widely recognized as being an accurate tool to detect early stage dementia, as well as mild cognitive impairment.
"The device and tests being developed by Cambridge Cognition will enable the clinician to accurately identify patients with cognitive impairment due to early dementia," Dr Howard Fillit, executive director of ADDF, said.
Fillit also said PAL would assist clinicians to "objectively measure the ongoing effects of disease modifying drugs currently in development and promote their effective use."
There are numerous ongoing studies on various drugs and treatments for Alzheimer's disease; however there is still no cure for condition. Many dementia experts have said early detection is the best defense against the debilitating disease.
There are approximately 700,000 people diagnosed with dementia in the UK.
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