Chordate Medical’s Caroline Lundgren Brandberg, non-executive Director and main owner, will participate in the Fearless investor conference hosted by Feminvest in Oslo on April 25th, where she will present Chordate Medical and Ozilia Migraine. Chordate’s chairman, Henrik Rammer, will also be present in Oslo. Feminvest is the largest network for female investors and entrepreneurs in the Nordic region.

“Our participation at Feminvest aligns with our increasing focus on raising awareness about the company and Ozilia across various industry and investor segments. Feminvest has a strong network of investors focused specifically on femtech and life science, where Ozilia fits into both areas,” says Caroline Lundgren Brandberg, non-executive Director of Chordate Medical.

Caroline Lundgren Brandberg, non-executive Director of Chordate Medical.

Feminvest is an acceleration network for female ownership through education, as well as an investment venture. It is currently the largest hub for female investors and entrepreneurs in the Nordic region with almost 47,000 subscribers. Feminvest also operates a network of 300 female angel investors. For Chordate Medical, the investor event in Oslo on April 25 is one of several meeting points during the spring. On the same date, the company’s CEO, Anders Weilandt, will be in Switzerland showcasing Ozilia at a joint congress for specialist associations from Switzerland, Germany, and Austria.

“As Ozilia gains increasing acceptance and success in our target markets, it is natural for us to expand efforts to raise awareness for Ozilia among potential investors and buyers of the company,” says Anders Weilandt, CEO of Chordate.

Caroline Lundgren Brandberg, MSc. Eng. Physics, eMBA, has been a board member of Chordate Medical since 2021. Caroline is the Global Sales Director at climate tech company Deedster and has previously worked internationally for Ericsson in various leadership roles with a focus on sales and marketing. She also holds several board and advisory board positions, including at Stockholm University.

Read more about Feminvest Fearless

Chordate Medical Holding AB (publ) (“Chordate”) has entered into an agreement for liquidity provision with Lago Kapital (“Lago”).

According to the agreement, Lago will provide trading posts in Chordate’s stock on both the buy and sell sides in accordance with and within the framework of Nasdaq Stockholm’s rules for liquidity provision. The purpose of liquidity provision is to improve liquidity and reduce volatility. Lago’s assignment commences on April 19, 2024.

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine (formerly K.O.S), a neuromodulation and drug-free treatment technology for chronic migraine and chronic rhinitis. The treatment has clinically proven efficacy according to a recent study, and is marketed in selected markets in the EU and the Middle East.

Kalqyl has today, April 3^rd, published an updated analysis of Chordate Medical following the company’s year-end report, which was released on March 22. In the analysis, Kalqyl comments on, among other things, Chordate’s positive sales trend and breakthrough in Germany.

“We expect that the positive sales trend will continue throughout 2024, primarily driven by a gradually increasing utilization rate of the treatment system, broader marketing of the study results from PM007, and breakthrough in the German market. Chordate’s report for the fourth quarter showed that the company took continued steps in all parts of the marketing plan, which ultimately should enable a sale of the company,” writes Kalqyl.

Read the full analysis here

Yesterday, March 25th, Chordate’s CEO Anders Weilandt presented the company’s financial report for 2023 on Finwire TV. He also answered questions from viewers, discussing, among other things, the company’s efforts to raise awareness about the migraine treatment Ozilia among established investors in the life science sector:

“We have made 4-5 quite substantial efforts during the autumn at international migraine congresses. It has generated a substantial number of leads with prominent interest from various countries. When it comes to our target markets, we work on that directly from Stockholm first, and make sure to establish contact. Then we work together with our market access consultants in each country and/or distributors to continue the process. This has been ongoing throughout the autumn and is still ongoing now, and more results from this will be coming very soon.”

Anders also specifically discussed the interest in Ozilia at Swiss Nordic Bio, and the plan going forward:

“We received very good feedback and had many interesting meetings. We will continue to devote a lot of time to this type of partner and investor meetings in an organized manner. We had a presence at another congress in Amsterdam a few weeks earlier, and there are a few more coming up during the spring. Marketing ourselves in that environment is part of the work to fulfill the strategic plan.”

Summary of the period October–December 2023

• Net turnover was SEK 481,597 (20,347)
• Cash flow from operating activities amounted to SEK -7,501,648 (-6,126,772)
• Profit/loss after financial items was SEK -9,842,912 (-8,078,967)
• Profit/loss after tax was SEK –9,842,912 (-8,078,967)
• Earnings per share were SEK -0.04 (-0.05)

Summary of the period January–December 2023

• Net turnover was SEK 976,281 (108,517)
• Cash flow from operating activities amounted to SEK -27,263,296 (-24,979,043)
• Profit/loss after financial items was SEK –29,186,675 (-27,942,965)
• Profit/loss after tax was SEK –29,186,675 (-27,942,965)
• Earnings per share were SEK -0.13 (-0.18)
• The Board proposes that no dividend be paid for the 2023 financial year

COMMENTS FROM CEO ANDERS WEILANDT

Breakthrough in several markets and strengthened cash via new issue

During 2023, we reached many important milestones. The decisive results of the migraine study were presented at several international congresses and could be used as strong support for our marketing after the mid-year mark. Furthermore, during the year we achieved breakthroughs in our key markets Germany and Saudi Arabia. After the end of the period, a rights issue was carried out that brought the Company approximately SEK 23.0 million before issue costs, which we are now using to further increase sales work and come closer to our strategic goal.

• Several market breakthroughs
• Strong interest in Ozilia and study results at several scientific congresses
• First patients included in two new studies
• Launch of Ozilia in the United Arab Emirates
• Cash was strengthened in February 2024 by approximately SEK 23 million before costs

Several market breakthroughs

At the beginning of May, our new distributor in Saudi Arabia, Janin Medical, received its first key order for equipment and supplies for the treatment method Ozilia® for chronic rhinitis. The customer was the private healthcare company Nahdi Care Clinics, which has four hospitals located in the country’s second-largest city, Jeddah. Janin Medical is also driving the process of securing market authorization for the migraine indication.

A first agreement with a clinic in Germany at the end of November was followed by another at the beginning of 2024. It is very satisfying to be able to tick off a breakthrough in one of the markets we are focusing on. This is another important step toward the goal of building up a volume of returning patients at a number of clinics as regular customers.

Strong interest in Ozilia at several congresses

During the fourth quarter, we continued to exhibit and present Ozilia at several international fairs and congresses such as European Headache Congress in Barcelona and Deutsche Schmerzkongress in Mannheim. The many leads we have brought home from these marketing efforts clearly show that awareness of Ozilia is starting to establish itself at very satisfactory levels.

The primary results from the PM007 migraine study were presented for the first time at the American Headache Society’s congress in Austin, Texas, in June and then also at International Headache Congress in Seoul in September. The scientific article with the results that will be published in the near future will be an extremely important tool for us in our continued sales efforts.

First patients included in two studies

The Company’s two active studies PM010 and PM009 included the first patients at the end of the year. PM010 is an after-market study, which is part of the regulatory requirement for the migraine product’s CE marking, but it is also very important as a basis for treating doctors about how often the treatment needs to be given to different types of patients.

The pilot study PM009 aims to evaluate the effect of Ozilia in the preventive treatment of patients with chronic migraine who do not respond to treatment with CGRP inhibitors and other migraine medications. PM009 is an exploratory study with a possible potential upside for the Company.

Launch in the United Arab Emirates

At the end of November, the Company contracted MEDSWAN MEDICAL SUPPLIES L.L.C, Dubai as a market expert in the United Arab Emirates (UAE) for the introduction of the Company’s product Ozilia on the UAE market.

Strengthened cash after rights issue

The rights issue that was carried out in January 2024 was subscribed to approximately 55 percent and brought the Company approximately SEK 23 million before issue costs, and if all issued warrants in series TO 8 are fully exercised, Chordate Medical may receive additional issue proceeds in the fall of 2024. With the improved cash flow, we can now finance the continued market and sales work. The support for the Company’s path toward an exit is a clear indication of the strength of Chordate’s offer, and I would like to thank all our shareholders for the support and confidence shown in the issue.

Focus in 2024

• Continue to increase the number of clinic installations in focus markets
• Market authorization in Saudi Arabia, United Arab Emirates, USA and China
• Additional markets may be added to the list
• Continue to inform the major players in the neurology market about the Company’s successes

Kista, March 2024
Anders Weilandt, CEO

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine (formerly K.O.S), a neuromodulation and drug-free treatment technology for chronic migraine and chronic rhinitis. The treatment has clinically proven efficacy according to a recent study, and is marketed in selected markets in the EU and the Middle East. Chordate Medical is listed on Nasdaq First North Growth Market Stockholm (ticker: CMH). Read more at www.chordate.com

The company’s Certified Adviser on Nasdaq First North Growth Market Stockholm is Vator Securities AB.
N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-03-22 08:30 CET.

Read the Year End Report in full

Chordate Medical Holding (publ) is releasing its year-end report for 2023 on Friday, March 22nd, at 08:30. On Monday, March 25th, at 11:00, the company invites you to a webcast presentation of the report with CEO Anders Weilandt on Finwire TV.

The presentation can be viewed through the following link: https://www.finwire.tv/webcast/chordate-medical/bokslutskommunike2023/

Following the presentation, there will be a Q&A session where viewers can submit questions.

A recording of the presentation will be made available afterwards on the company’s website www.chordate.com and on Finwire TV’s YouTube channel.

BioStock interviewed Chordate’s CEO, Anders Weilandt, on-site at the partner and investor conference Swiss Nordic Bio in Zurich on March 7th. The conference brings together Nordic and Swiss life science companies with investors and industry partners.

” This type of well-organized meetings serves as efficient platforms for companies like ours that aim to meet institutional investors and, most importantly, representatives of the global life science industry. We are now starting to build our network in this regard”, says Anders Weilandt to BioStock.

Read the full Interview

BioStock also conducted a video interview with Anders Weilandt during the conference:

A new Italian scientific case report, from a team at Campus Bio-Medico in Rome, detailing the Chordate treatment method Ozilia, reports on a 60-year-old male patient whose days with migraines decreased significantly, from 18 to 7 days per month, with a simultaneous significant reduction in pain level. The case report was recently published in the prestigious scientific journal Cephalalgia Reports.

“This is another example of a patient who does not respond to, or no longer receives benefit from, common medications for chronic migraines, but where Ozilia treatment appears to have worked well,” says Anders Weilandt, CEO of Chordate. Weilandt adds that it should be noted that this does not refer to the expected publication of Chordate’s significant migraine study PM007.

The report indicates that pain relief and reduction of migraine days from the initial treatment period had a sustained effect. After about three months, the patient underwent another treatment period with Ozilia, resulting in a quicker and more significant response:

“The preliminary results confirm that KOS treatment is effective both in relieving acute pain and reducing attack frequency. Although the precise mechanism by which KOS modulates the trigeminal-autonomic reflex is still speculative, it could be a viable alternative to the treatment of resistant and refractory chronic migraine, when other approved treatments have been shown to be ineffective or poorly tolerated,” the authors write in the conclusion of the report.

The report, Extended regular use of kinetic oscillation stimulation (KOS) in refractory chronic migraine: case report of a first, single-subject experience, was authored by a group of doctors and researchers under the leadership of Professor Fabrizio Vernieri, Director of Headache and Neurosonology at Bio-Medico Campus University Hospital in Rome.

Read the full report

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine (formerly K.O.S), a neuromodulation and drug-free treatment technology for chronic migraine and chronic rhinitis. The treatment has clinically proven efficacy according to a recent study, and is marketed in selected markets in the EU and the Middle East. Chordate Medical is listed on Nasdaq First North Growth Market Stockholm (ticker: CMH). Read more at www.chordate.com

The company’s Certified Adviser on Nasdaq First North Growth Market Stockholm is Vator Securities AB.
N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

Chordate Medical’s CEO, Anders Weilandt, will present Ozilia at Swiss Nordic Bio in Zurich on March 7th. Swiss Nordic Bio is a high-level partnering and investor conference aimed at connecting Nordic and Swiss startups in the Life Science sector with investors and industry partners.

“As we continue to penetrate key markets, we will increasingly focus on raising awareness about the company and Ozilia within the industrial and investor circles surrounding Life Science. Swiss Nordic Bio is one of several important forums in this context during the spring where we participate to present Ozilia’s potential,” said Anders Weilandt, CEO of Chordate.

Swiss Nordic Bio has been held for 17 years and was previously known as the Swiss Scandinavian Bio-Business Seminar. The conference is hosted by Vator Securities and Business Sweden and organized together with stakeholders from the Nordic countries in collaboration with Swiss partners.

“The conference focuses on biotechnology, medtech, and the pharmaceutical industry. In addition to development companies like Chordate and investors, global companies from these three fields also participate, making this the perfect forum for us to be a part of.”

Read more about Swiss Nordic Bio

Germany is one of the markets Chordate Medical is focusing on to demonstrate proof of concept by gaining market shares with the Ozilia treatment for chronic migraine. Through two recently signed agreements with specialist clinics, Chordate Medical is on the right track.

Largest Market for Migraine Medications in Europe

12.5 million Germans suffer from migraine, of which 1.5–1.8 million have chronic migraine. The socioeconomic cost is estimated at 6500 EUR per patient per year, and the German migraine medication market is one of the largest in the world, with an estimated value of 2.5 billion USD by 2030 (Data Detective Dispatch 360). German migraine and headache care are among the best in Europe. Over 90 percent of migraine patients are treated by specialist physicians (Journal of Headache and Pain). Healthcare services are funded through mandatory health insurance funds. Germans have the right to freely choose both insurance funds and where they want to seek care, a fact that benefits Chordate.

German healthcare is characterized by diversity, significant patient choice, and absence of waiting lists. Ten percent of the population has private health insurance. In addition, statutory occupational health care provides treatment for migraine to all employees.

Private Healthcare is Growing

Germany is Europe’s largest healthcare market. The gross value of healthcare amounted to 883 billion USD in 2023. Healthcare is divided into three sectors: public, private non-profit, and private for-profit. All sectors operate under the same conditions. The for-profit healthcare sector in Germany has been growing for many years. In 2004, there were 444 private hospitals; by 2022, there were 596 operated by private for-profit companies – 20 percent of all hospitals, an increase of over 30 percent (Statista).

One reason for increased private ownership is reduced funding from states, another is changes in healthcare financing focusing on variable costs. The largest cost in a hospital is labor. Since 1990, the number of hospital employees in Germany has decreased by nine percent, and private healthcare providers can solve their tasks more efficiently.

The largest private players in the German healthcare market in terms of market value in 2023 were Siemens Healthliners (63 billion USD), Fresenius Medical Care (13 billion), and Röhn-Klinikum (0.9 billion) (Statista).

Chordate Medical in Germany

In August 2022, Chordate signed an agreement with MedTech Innovation Germany (MTIGER) to introduce Ozilia, a treatment method for chronic migraine, to opinion leading neurologists in Germany in both private and public healthcare. In November 2023 and January 2024, Chordate Medical signed two agreements with private specialist clinics in Hamburg and Munich to use Ozilia Migraine for migraine treatment.

“Germany is an important market for us, where we have had a breakthrough with the two agreements. This will certainly make it easier for us to continue converting prospects into orders in the country,” says Anders Weilandt, CEO of Chordate Medical.