Chordate Medical’s regulatory partner and distributor in Switzerland and Liechtenstein, Neurolite AG, has made a first order for Ozilia products with an order value of approximately KSEK 370. In connection with the order, Neurolite also announced that the registration of Neurolite as the regulatory representative for Chordate is now complete.

“The registration means that Neurolite can now freely sell Ozilia Migraine in Switzerland and Liechtenstein, and it is of course pleasing that they immediately secured a first order. As I have said before, we see interesting potential for Ozilia in Switzerland and this rapid process leading to a first order is proof of that”, says Anders Weilandt, CEO of Chordate.

Chordate added Switzerland as a new focus market for the Ozilia treatment, and signed an agreement with Neurolite AG as distributor and regulatory representative in Switzerland and Liechtenstein earlier in June.

Chordate Medical’s Italian partner Vedise introduces Ozilia for chronic migraine on The ACD congress in Palermo, on June 19-21. The congress gathers around 300 anesthesiologists and neurologists focused on pain treatment. The umbrella organization SIAARTI organizes three themed congresses per year, where in addition to pain (ACD), intensive care and emergency care are also thematic areas. Vedise is a gold sponsor of ACD.

“The interest in Ozilia is noticeable, primarily because this is a group of doctors who routinely engage in therapeutic pain treatment and therefore have extensive experience with medical technology,” says Valter Varano, CEO and owner of Vedise.

For Vedise and Chordate, anesthesiologists are a new target group, in addition to neurology, when it comes to the Italian market.

During the congress, Dr. Charly Gaul, one of the most productive principal investigators in Chordate’s follow-up study PM010, gave a well-attended lecture on his experiences with Ozilia treatment. During the subsequent discussion, a number of interesting questions from the audience were answered.

“It is very gratifying to support Valter and his team in their professional introduction of Ozilia for chronic migraine on the Italian market,” says Anders weilandt, Chordate CEO.

Biostock interview Chordate Medical CEO Anders Weilandt about the new partner agreement with Neurolite AG, and why Switzerland is a new focus market for Chordate.

“The main reason was that Neurolite is entirely focused on neurology and has built up both knowledge in the field and an excellent network in the market over many years. Additionally, Neurolite is our regulatory representative, which we need since Switzerland is not part of the EU.”

Why is Switzerland an attractive market?

“Partly because headache/migraine care is well-developed, similar to Germany, and partly because the distribution between private and public healthcare is advantageous for us. The decision-making processes are decentralized and relatively quick compared to many other markets. Since we are building proof-of-concept, deep market penetration is more important than broad market penetration. Initially, we want to attract a smaller number of highly engaged clinics, rather than many with lower engagement.”

Read the full interview

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.

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 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)

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’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

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:

Summary of the period January–March 2024

• Net turnover was SEK 257,677 (120,421)
• Cash flow from operating activities was SEK -5,908,058 (-8,479,928)
• Profit/loss after financial items was SEK -6,019,201 (-7,113,134)
• Profit/loss after tax was SEK -6,019,201 (-7,113,134)
• Earnings per share were SEK -0.02 (-0.03)

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
• Strong interest at several investing congresses
• New case report on Ozilia published: “Effective for both pain relief and reduced frequency of migraine attacks”
• Patents approved in Europe and USA
• Cash strengthened by approximately SEK 23 million before costs after the rights issue. Additional proceeds may come from warrant series T08

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

• Proof-of-Concept in the focus markets
• Generate attention in the industry and investor circles
• Product registration in China, Saudi Arabia, UAE and USA
• The studies PM009 and PM010

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 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.