Chordate Enters New Partnership Agreement with Neurolite, Switzerland – Adjusts List of Focus Markets

A part of Chordate Medical’s strategy is to demonstrate proof-of-concept in a number of selected focus markets. The company is now adding Switzerland as a new focus market for the Ozilia treatment and has signed an agreement with Neurolite AG as distributor and regulatory representative in Switzerland and Liechtenstein. At the same time, efforts in the UK are being phased out.

“There is significant interest in Ozilia in the Swiss market, which we have observed during several of the congresses we’ve attended. Currently, we are in discussions with several strong leads and interested parties, and we believe that a number of these can result in installations in the near future. Therefore, it is natural that Switzerland becomes one of the company’s key markets,” says Anders Weilandt, Chordate CEO.

Chordate Medical, Neurolite AG

Anders Weilandt, CEO Chordate Medical, and Florent Crépin CEO Neurolite AG, with the distributor agreement at Neurolite’s office just outside Bern.

Chordate’s focus markets stand out in two distinct ways. Firstly, they have a well-developed private healthcare sector with an insurance system that allows treatments like Ozilia to receive reimbursement codes. Secondly, the path to market approval for medical devices like Ozilia is favorable.

“Obtaining a reimbursement code that allow patient insurance to cover the cost of Ozilia treatment, which we have previously achieved in Saudi Arabia and partially in Italy, is a key factor for us. Similar to Germany, Switzerland is characterized by manageable decision-making processes and a relatively short path to reimbursement code for insurance payment.”

Chordate’s distributor and regulatory representative in Switzerlandand Liechtenstein will be Neurolite AG, which specializes in delivering the latest medical technology solutions in neurology to hospitals and private clinics in the two countries.

“They have previously, with great success, introduced products in the same segment as our treatment, and they are assessed to have the right expertise and network to succeed with Ozilia as well.”

As Chordate adds Switzerland as a focus market, the UK is being removed from the list.

“The UK’s public healthcare system, NHS, has been shown to have excessively long decision-making processes and significant challenges in implementing new medical technology, which has affected our operations in the country.”

Read more about Neurolite AG

Kalqyl in updated Analysis of Chordate Medical: “Making Progress in All Areas of the Market Plan”

Kalqyl has published an updated analysis of Chordate Medical following the company’s Q1 report released on May 24. In the analysis, Kalqyl comments on Chordate’s continued sales growth, and states that the company is on the right track towards achieving measurable market penetration in selected markets:

“Chordate continues on its current path by making progress in all areas of the market plan, which in the long term should enable the sale of the company. At this stage, we particularly view the increase in sales over five consecutive quarters and the sustained growth rate positively. The company also received a net liquidity of SEK 18.7 million through a rights issue, which provided increased opportunities to continue market and sales efforts. Overall, the company meets our expectations, and our valuation remains unchanged.”

Read the full analysis (in Swedish)

Biostock interview: Chordate CEO Anders Weilandt on the Q1 report

After Chordate released its interim report for Q1 2024, Biostock interviewed the company’s CEO, Anders Weilandt. In the interview, he talks about the company’s position today compared to a year ago.

“We have made progress since we started building proof-of-concept in the market after the summer. It is a long-term effort that takes time – but we are building step by step. Revenues from repetitive sales are starting to show, albeit at low levels.”

Read the full interview

Chordate Medical Presents at The Global Forum by Biostock 2024

Chordate’s CEO Anders Weilandt will present Ozilia at Biostock’s Global Forum on May 29, 2024. This event is one of several this spring where Chordate is participating to increase awareness of Ozilia among various investor segments within the Life Science sector.

This particular event focuses largely on companies that are preparing to enter markets outside the Nordic region, and this aligns well with Chordate. We have already achieved success in several of our key markets and are now ready for the next step”, says Anders Weilandt, CEO of Chordate.

Biostock’s Global Forum is designed to connect Nordic growth companies with a global network of potential investors and partners, from USA, Europe, and Asia.

“Over the past few months, we have worked hard to introduce Ozilia to as many potential investors in Life Science as possible, and this is yet another opportunity for us.”

Read more about The Global Forum

Finwire Interview: CEO Anders Weilandt on Chordate Medical’s Q1 Report

Today, May 24, Chordate’s CEO Anders Weilandt presented the company’s Q1 report for 2024 on Finwire TV. He also answered questions from viewers and talked, among other things, about the reception of Ozilia in industrial and investor circles.

“Based on the results delivered by PM007, they can see, sometimes with quite a bit of surprise, how effective this is. We can show that we are as good as or better in terms of medical efficacy, we have as good or better response than all other alternatives, and we have no side effect profile to speak of. Then you can see that this must be taken seriously, especially since many people know that many patients prefer to avoid their heavy medications.”

“Industry evaluators see that this is extremely exciting, that’s the impression we have. This also applies to the clinical side, where many doctors and clinics want to have other options in their toolbox to offer patients when they run out of alternatives. So, the reception is very positive, I would say.”

Watch the full interview below:

Chordate Medical Holding AB (publ) Interim Report January-March 2024

Summary of the period January–March 2024

Breakthrough in several markets and strengthened cash flow via an issue

During the first quarter of the year, much of our focus has been on introducing Ozilia Migraine in the industry and investor circles surrounding Life Science. During several investor congresses, we have connected with interesting contacts who see the potential in Ozilia.

We find another highlight during the first months of the year in Germany, where the first migraine patients started treatment with Ozilia. It is very satisfying that the first clinic with private paying patients has started on a central focus market.

First migraine patients treated in Germany

At the beginning of January, Chordate trained clinic staff and assisted in the initiation of treatment for the first three patients in Germany. Chordate and the clinic signed an agreement in November 2023 for the installation of Chordate’s drug-free alternative for preventive migraine treatment.

At the end of January, we also signed an agreement with a second clinic in Germany. The Company’s ambition for the German market is to eventually also establish individual insurance compensation for the treatment. This is a key first step for being able to further scale up sales.

Strong interest at several investing congresses

We participated during the first quarter and thereafter in several international investing congresses that target Life Science, including in Switzerland, London and Oslo. As Ozilia reaches higher levels of acceptance and success on our focus markets, we are working to increase knowledge about the Company and Ozilia among potential investors and buyers of the Company. This is part of the Company’s overarching strategy and thus something we will continue to work with even during the rest of the year.

New case report on Ozilia published: “Effective for both pain relief and reduced frequency of migraine attacks”

In March, an Italian case report on Ozilia by a team at Campus BioBedico in Rome was published in the prestigious scientific journal Cephalalgia Reports. The case report describes 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 article also 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.

Patents approved in Europe and the USA

In February, the European Patent Office granted Chordate’s patent application EP 20163024.1 from 2020. The patent application pertains to the Company’s treatment technique Ozilia, especially targeting chronic migraine. After the end of the period, at the beginning of May, the United States Patent and Trademark Office announced its intention to grant Chordate’s patent application US 17/942,912 from 2022.

The Company thus currently has 79 patents distributed between 32 countries and 9 patent families related to different aspects of the Company’s treatment techniques. Each newly granted patent is positive since the Company’s intellectual property rights enable exclusivity on the market, which is a pillar of the ownership value the Company is building.

Strengthened cash after rights issue

The rights issue conducted in January 2024 was subscribed to approximately 55 percent and raised approximately SEK 23 million for the Company before issue costs, and in the event of full exercise of all warrants series TO 8 that are issued, Chordate Medical may receive additional proceeds in November 2024.

Focus in 2024

Kista, May 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 2024-05-24 08:30 CEST.

Attachments
Chordate Medical Holding AB (publ) Interim Report January March 2024

Chordate Medical presents interim report for Q1 2024 on Finwire TV

Chordate Medical Holding (publ) is releasing its interim report for Q1 2024 on Friday, May 24, 2024, at 08:30. On the same day, 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/q1-2024/

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.

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 Presents Ozilia at Pharma Partnering EU Summit 2024

Chordate Medical’s CEO, Anders Weilandt, will present the company and the migraine treatment Ozilia at Pharma Partnering EU Summit in Basel, Switzerland, on May 22–23. The congress gathers leading figures from around the world, primarily within the pharmaceutical industry, focusing on licensing, commercialization, investment, and other partnership opportunities.

“Unlike other investment conferences we participate in, this one is focused on the pharmaceutical industry, where we know there is substantial interest in innovations like Ozilia. The goal is to come away with a number of promising leads to follow up on,” says Anders Weilandt.

Pharma Partnering EU Summit

Chordate’s participation in the Pharma Partnering EU Summit is part of the company’s efforts to increase awareness about the company and Ozilia in various industry and investor segments.

“The company’s exit strategy is based on how the entire medtech industry has evolved in recent years – large players increasingly acquire smaller development companies that have demonstrated proof of concept and market potential, rather than developing innovative treatments themselves. This is especially true for the pharmaceutical industry.”

Read more about the Pharma Partnering EU Summit 2024

“Biostock Interview: Chordate CEO Anders Weilandt on Patent Approval in the US

Biostock interviews Chordate Medical’s CEO Anders Weilandt about the upcoming patent approval by the US Patent Office, how the American migraine market differs from the European one, and the company’s next step in obtaining FDA approval for Ozilia in the US.

“The project is currently awaiting the publication of the article from the migraine study PM007. We need to have it in place to take the next step in the FDA project.”

Read the full interview

Chordate will be granted a fourth patent in the USA

Chordate Medical Holding AB (Publ.) announces that the United States Patent and Trademark Office has issued a decision to grant Chordate’s patent application US 17/942,912 from 2022

The patent application relates to the treatment of headaches, focusing on protecting the company’s product Ozilia Migraine. The granting of the application means that a fourth U.S. patent is added to a growing patent family focused on headache treatment, which the company has been building since 2011.

“One of the three cornerstones of our strategic efforts to build shareholder value is to fulfill our patent strategy. The intellectual property defense of our technology to support our ongoing business development is an essential part of what we consider core values in the company,” says Anders Weilandt, CEO of Chordate Medical.

Chordate Medical today holds 79 patents across 32 countries and 9 patent families, covering various aspects of the company’s treatment technologies. The patent families deal with various aspects of Chordate’s technology and are designed to provide the best possible protection for the inventions that underpin the company’s products.