Chordate Medical has signed an agreement with Kalqyl for report monitoring and commissioned analyses. The collaboration includes independent monitoring of the company and its market potential with a valuation scenario from a potential buyer’s perspective.

“Our ambition is for shareholders and stakeholders to have access to a relevant analysis of the company and the market potential that aligns with the company’s strategy. Kalqyl’s previous work demonstrates a deep understanding of the market and well-founded analyses of listed companies,” says Anders Weilandt, CEO of Chordate Medical.

“Chordate is an exciting company. Starting from the perspective of a potential buyer of the company is a new way for us to do a company analysis, but at the same time, the most logical starting point,” says David Uhrner, CEO of Kalqyl.

About Kalqyl

Kalqyl is an analysis company with a rapidly growing platform and a unique reach among Nordic investors. Kalqyl’s analyses help companies clarify their business concepts and enable investors to better understand their operations. Kalqyl is a wholly owned subsidiary of Spotlight Group, acquired in August 2021.

Biostock interviews Chordate’s CEO Anders Weilandt regarding the company’s recent training day for neurologists and nurses at the neurological hospital The Walton Center in Liverpool.

“Right now, we are fully focused on supporting customers who want to get started with practical use in our chosen markets. This applies to all markets that we are present on. Of course, in the beginning, it is a matter of a few clinics in each market. But this is generally how it starts, first with one step and then one step at a time”, says Anders weilandt.

Read the full interview

During a neurology symposium with around 60 participants at The Walton Centre NHS Foundation Trust in Liverpool on October 6-7, Chordate Medical conducted a separate training on the company’s treatment method, Ozilia® Migraine (formerly K.O.S). The Walton Centre is a leading neurology hospital in the UK, serving an area of about four million people, and the medical team’s intention is to begin implementing Ozilia® into their treatment arsenal, starting with their private clinic side.

“Together with our clinical application specialist, Petra Libert, I had the opportunity to train seven specialist doctors and nurses on the practical use of the Ozilia® migraine treatment. It is very rewarding to work directly with the specialists who actually performs the treatment and helps patients, while also taking the first practical steps towards increasing business,” says Anders Weilandt, Chordate Medical CEO.

The Walton Centre is a specialist hospital providing comprehensive neurological, neurosurgical, pain management, and rehabilitation services. The hospital has about 1,450 employees and treats over 140,000 patients each year.

Chordate Medical’s booth was well-attended during the International Headache Congress in Seoul, which took place from September 14th to 17th, and CEO Anders Weilandt and Clinical Research & Medical Director Jan Hermansson were busy discussing Ozilia® Migraine (formerly K.O.S).

“Thanks to Dr. Hoffmann’s poster and presentation, as well as other presenters mentioning Ozilia® Migraine as an alternative in their talks – combined with our marketing effort as a sponsor of the congress, the traffic to our booth was very satisfying,” says Anders Weilandt, CEO of Chordate.

IHC 2023 marked the launch of Ozilia® Migraine, the new brand for Chordate Medical’s migraine treatment. Ozilia® replaces K.O.S as the brand in all markets where Chordate is active.

“During the congress, we received clear confirmation that Ozilia® Migraine is seen as a relevant drug-free alternative, and awareness of our treatment technique was effectively disseminated among influential congress participants. We were able to establish valuable new contacts in both Europe and the USA that have the potential to lead to interesting developments of our business venture,” says Anders Weilandt.

Biostock interviews Chordate Medical’s CEO Anders Weilandt about the new Ozilia® brand, which is the next step in the commercialization project of the company’s migraine treatment, and which will be launched at the International Headache Congress in Seoul September 14-17.

 “It will be incredibly exciting to present Ozilia and our unique technology for preventive migraine treatment without drugs. The global leaders in migraine care, research and industry are gathered at this congress, which is our first international exhibition. Our expectation is to be able to create many good contacts to support the commercialisation project.  

Read the full article

Analyst Group has published an updated analysis of Chordate Medical following the company’s Q2 report released on August 31, 2023. In the analysis, Analyst Group comments on Chordate’s sales efforts with a focus on a future exit strategy and the international attention garnered by the company’s migraine study:

“Chordate’s migraine study, PM007, was presented in June at the American Headache Society Scientific Meeting in Austin, Texas, as well as at the German Migraine and Headache Society congress in Berlin. The presentations were well-received and generated significant interest, with Chordate confirming the substantial need for an additional treatment option for chronic migraines through discussions with medical professionals. Subsequently, Chordate has been invited to present its migraine treatment at the International Headache Congress (IHC) 2023 in Seoul in September, and in October, Chordate will also be present at the Deutscher Schmerzkongress in Mannheim. In November, the company will participate in Neurologdagarna in Helsinki. It is abundantly clear that Chordate has rapidly gained and continues to receive a great deal of attention regarding its migraine treatment.”

Read the full analysis (in Swedish)

During the International Headache Congress in Seoul from September 14 to 17, Chordate Medical is introducing the new brand Ozilia® Migraine for the company’s migraine treatment. Ozilia® Migraine replaces K.O.S as the brand name in all markets where Chordate is active.

“This is the next step in the rollout and commercialization of the treatment in our focus markets. Migraine is predominantly a women’s health matter, and the previous designation, K.O.S, has long felt as too technical and rather uninspiring as a brand. The meaning of the name Ozilia® revolves around her need for freedom – and that is also the core of what we want to offer to all people in the world who suffer from migraines”, says Anders Weilandt, CEO of Chordate.

Ozilia® Migraine will be showcased for the first time at the IHC in Seoul, the largest international platform for headache experts and migraine specialists.

“The interest in our study and its results is significant within the migraine field. Exhibiting at this congress is an excellent opportunity for us to introduce Ozilia® Migraine as a drug-free treatment option with a very favorable side effect profile and long-lasting preventive effects.”

Summary of the period April–June 2023

• Net turnover was SEK 163,316 (19,538)
• Cash flow from operating activities amounted to SEK -6,320,325 (-5,812,210)
• Profit/loss after financial items was SEK -7,292,267 (-5,962,508)
• Profit/loss after tax was SEK -7,292,267 (-5,962,508)
• Earnings per share were SEK -0.03 (-0.04)

Summary of the period Jan–June 2023

• Net turnover was SEK 283,737 (88,170)
• Cash flow from operating activities amounted to SEK -14,800,251 (-13,228,791)
• Profit/loss after financial items was SEK -14,405,401 (-13,341,661)
• Profit/loss after tax was SEK -14,405,401 (-13,341,661)
• Earnings per share were SEK -0.06 (-0.08)

INCREASED ACTIVITY ON SEVERAL KEY MARKETS
The second quarter of the year centered around the presentation of the final results from Chordate Medical’s crucial clinical study PM007 at international arenas for the industry in the USA and Germany. Interest in the study’s results is strong and growing, and when I meet doctors active in the migraine field it becomes clear that there is a considerable need for alternatives and complements to the medications that are normally used. We are also continuing to see strong and increasing activity in our key markets, where one highlight was that in May we received an order for rhinitis treatment from a private hospital chain in Jeddah, Saudi Arabia.

• Presentation of study results in the USA and Germany
• Breakthrough order from Saudi Arabia
• Ethical approval from NHS for new migraine study
• Fully subscribed incentive program for the Board of Directors and management
• PM007 presentation at IHC2023 in Seoul – we will have an exhibition
• Submission of article manuscript for PM007

Presentation of study results in the USA
The crucial clinical study PM007 was presented at the American Headache Society Scientific Meeting in Austin, Texas, by coordinating principal investigator Dr. Jan Hoffmann from Kings College in London. It was the first time the primary parts of the final results from the study were presented at a scientific congress, and Dr. Hoffmann’s lecture was attended by approximately 300 migraine specialists. Judging by the subsequent questions from the audience, the presentation was received with great interest. The questions asked mainly pertained to the study design, patient population, and the ease of use of the K.O.S product.
 
Article submitted for PM007We are pleased to report that the authors of this crucial article have now submitted a manuscript to a prominent scientific journal. After publication, the article will be a valuable tool in our marketing and sales effort. Published results are also a necessary basis for success in various reimbursement processes.
 
Breakthrough order from Saudi Arabia
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 K.O.S for chronic rhinitis. The customer is the private healthcare company Nahdi Care Clinics, which has four hospitals located in the country’s second largest city, Jeddah.

In addition to the installations we already have in Saudi Arabia, three publicly owned hospitals in Jeddah, Makkah and Dammam have evaluated K.O.S, and Janin Medical is expecting orders from all three. In addition to the efforts to increase the business within chronic rhinitis, Janin Medical is also driving the process of registering a market authorization for K.O.S for chronic migraine.

Ethical approval from NHS for new migraine study
At the beginning of May, the ethics committee of the National Health Service (NHS) in the UK approved the study design for our upcoming scientific study PM009, which aims to evaluate the efficacy of K.O.S in the preventive treatment of chronic migraine on patients not responding to treatment with monoclonal antibodies targeting the CGRP pathway. Any level of positive outcome in the study will likely mean a great opportunity for the Company since the patient group in question has very few treatment options left. The first patient can be expected in mid-September.
 
Fully subscribed incentive program for the Board of Directors and management
The Company’s two newly established incentive programs were fully subscribed in May by management and the Board of Directors. The aim of the incentive programs is for current and future employees and consultants at Chordate Medical to be able to become long-term owners and benefit from and advocate for a positive value development in the share in the Company during the period covered by the proposed program and that the Company will be able to keep and recruit competent and engaged staff. Subscription to the programs entails an increase in share capital by SEK 1,000,000 and SEK 375,000, respectively if the warrants are fully used to subscribe shares in the subscription period.
 
Focus during the rest of the year
Through the end of the year, work will continue on sales in all our focus markets: Finland, Germany, UK, Italy, Israel and Saudi Arabia. Our marketing specialists are pursuing a number of prospects with the goal of receiving final orders. Marketing to support these efforts will primarily take the form of exhibitions at specialist congresses:

• IHC2023, Seoul, South Korea, 9/14–17
• Deutscher Schmerzkongress 2023, Mannheim, Germany, 10/18–21
• Neurologdagarna 2023, Helsinki, Finland, 11/1–3
• Regional symposiums and congresses

Kista, August 2023
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 a neuromodulation and drug-free treatment technology for chronic migraine and chronic nasal congestion (rhinitis), Kinetic Oscillation Stimulation (K.O.S). The treatment has clinically proven efficacy according to a recent study, and is marketed in Finland, Germany, the UK, Italy, Israel, and Saudi Arabia. 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 Västra Hamnen Corporate Finance 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 2023-08-31 08:30 CEST.

On Thursday, August 31st, Chordate Medical will release its interim report for Q2 2023. On the same day at 2 PM, the company will hold a webcast presentation and Q&A session with CEO Anders Weilandt and Västra Hamnen Corporate Finance. The presentation will be conducted in Swedish and can be followed via computer or mobile devices.

To register for the web conference, please sign up using the following link: https://attendee.gotowebinar.com/register/5303405709530509661

The number of spots is limited, so we recommend registering well in advance to secure your spot.

A recording of the web conference will be available on the company’s website www.chordate.com and on the Västra Hamnen Corporate Finance YouTube channel after the conference concludes.

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

Chordate Medical Holding (publ) is releasing its interim report for Q2 2023 on Thursday, August 31, 2023, at 08:30. On Friday, September 1st, at 10:00, 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/q2-2023/

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 http://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