Chordate Medical Holding AB (publ) (”Chordate” or ”The Company”) announces the board’s resolution to appoint Partner International Switzerland GmbH as an advisor to find an international buyer for the business. This marks the initiation of the final step in the company’s strategy.

“As previously communicated, the final step in our strategy is to sell the business to a global player who sees value in acquiring our drug-free and patented method – Ozilia® for migraine and rhinitis treatment – as an addition to their presumably existing product portfolio,” says Otto Skolling, Chairman of the Board at Chordate.

“We have made significant progress in establishing clear market validation in our focus markets, and we will of course continue with that task. However, the board’s opinion is that completing a successful exit process will take a relatively long time, which is why we are starting the final part of our strategic plan at this point in time,” concludes Otto Skolling.

Partner International group has over 24 years built its reputation as an advisor over numerous international deals in licensing, partnerships, and company sales, focusing on the life sciences sector. The group has offices in Boniswil, Switzerland; Dartmouth, Nova Scotia, Canada; East Brunswick, New Jersey, USA; and Hawthorn, East Victoria, Australia.

Chordate Medical announces that the Saudi Food and Drug Authority (SFDA) has approved the application for market authorization for the migraine indication of the Ozilia®Migraine product system. This means that Chordate and the distributor Janin Medical can initiate the introduction of Ozilia® in the migraine market in Saudi Arabia.

“Saudi Arabia’s competent authority, SDFA, is undergoing rapid development, which for us means more bureaucracy, but also better predictability. It is therefore very gratifying that our application was approved earlier than expected. Janin, together with our General Manager in Jeddah, has been processing customer prospects for some time, and we can now immediately begin the introduction of the migraine treatment in the market,” says Anders Weilandt, CEO of Chordate.

On Tuesday, October 15th, at 11:15, Chordate’s CEO Anders Weilandt will participate at the investor event Aktieportföljen. He will present the latest developments in the company, such as the first migraine order from Saudi Arabia, the breakthrough in Switzerland and the progress on the other focus markets, the new patent in the US, as well as the next step of the exit-strategy.

“It is important for us to get out and meet both existing and potential new shareholders. We want to seize every opportunity to inform the market, and Aktieportföljen gathers a large investor community,” says Anders Weilandt, Chordate CEO.

Aktieportföljen runs an investor network on Facebook in Sweden and Denmark with a total of 150,000 members.

Aktieportföljen Live can be streamed on Direkt Studios Youtube channel, and viewed on-demand in the Aktieportföljen Facebook group.

Chordate Medical non-executive Director and main owner Caroline Lundgren Brandberg will participate in Feminvest’s investor conference “Fearless” in Stockholm on October 8th. She will take part in a panel discussion on entrepreneurship within publicly traded companies and growth in the life science sector.

“We participated in Fearless in Oslo earlier this year and received very positive response both on the Ozilia treatment method and the investment case itself. Feminvest represents a broad and strong network of investors with a particular focus on femtech and life science, where Chordate and Ozilia are a good fit given that migraine is a condition that primarily affects women,” says Caroline Lundgren Brandberg, board member 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 operation. It is currently the largest platform for female investors and entrepreneurs in the Nordics, with nearly 47,000 subscribers. Feminvest also manages a network of 300 female angel investors.

“Over the past year, we have increased our efforts to raise awareness of the company and Ozilia both among potential investors and in segments surrounding Life Science. Feminvest covers both of these groups, making it a particularly suitable forum for us,” says Anders Weilandt, CEO of Chordate.

Caroline Lundgren Brandberg, MSc. in Engineering 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 senior roles focusing on sales and marketing. She also holds several board and advisory board positions, including at Stockholm University.

Fearless Stockholm 2024 October EditionOctober 8th, 2024
Musikaliska Kvarteret, Nybrokajen 11, Stockholm
Read more: https://feminvest.se/en/event/fearless-stockholm/

The American magazine Wired recently published an article on neuromodulation as an emerging method for treating migraines. Wired describes the technique as a “non-invasive method that can reprogram nerve signals” and potentially provide an effective alternative for patients who do not respond to traditional medications.

The article highlights Chordate Medical’s development of the Ozilia treatment, which targets a specific nerve cluster in the nose (sphenopalatine ganglion) to alleviate migraine symptoms. It also emphasizes how neuromodulation, being drug-free and with minimal side effects, could challenge conventional approaches.

Several researchers are quoted, explaining that by stimulating the nervous system through the nose, this method may influence the onset and intensity of migraines, offering hope to patients searching for new options.

“Beyond awareness in the healthcare sector and research community, this type of international media attention is, of course, positive. The more people become aware of neuromodulation as an effective and safe migraine treatment, the greater the opportunity to establish Ozilia as a recognized treatment available to people suffering from migraines worldwide,” says Anders Weilandt, CEO of Chordate.

Chordate Medical has an ongoing project to obtain FDA market approval for the Ozilia treatment method and was granted a fourth patent in the United States as recently as May this year.

Read the full article in WIRED

Chordate Medical has received its first order for the Ozilia migraine treatment from Janin Medical, the company’s distributor in Saudi Arabia. The order is for two Ozilia systems that can be used for migraine treatment as soon as marketing approval for Ozilia’s migraine indication is obtained in the country.

“Following the success of Ozilia for chronic rhinitis in Saudi Arabia, it is encouraging to see results also in the migraine segment. This order is a result of hard work by Janin Medical, who are also working on securing the registration for the migraine treatment as soon as possible,” says Anders Weilandt, CEO of Chordate.

Saudi Arabia and the rest of the Gulf region have long been among Chordate’s priority markets to demonstrate proof of concept, and Ozilia has been used for a longer period by several private hospitals for rhinitis treatment.

Kalqyl has published an updated analysis of Chordate Medical following the company’s Q2 report, which was released on August 30. In the analysis, Kalqyl comments on Switzerland as a new focus market and Chordate’s sales growth of 51.8 percent during the first six months of the year. Kalqyl’s valuation of the company remains unchanged.

“The slower growth rate in Q2 was not dramatic as the business operations are still fluctuating. Furthermore, the addition of Switzerland as a focus market was positive news that positions the company one step closer to fulfilling the market plan. Overall, we believe the investment case remains intact, and our valuation remains unchanged. Looking ahead, we focus on the events surrounding the redemption of TO8 in November, which could provide the company with the necessary working capital to continue achieving the results required for the final step in the strategic plan,” writes Kalqyl in the analysis.

Read the full analysis (in Swedish)

Biostock has interviewed Chordate CEO Anders Weilandt, after the company conducted an initial data analysis in the long-term study PM010 with its migraine treatment Ozilia, with promising results:

“It is absolutely crucial to get a checkpoint that shows the study is on the right track, so we do not allocate resources to the wrong things. In an open study, you can do this at appropriate times, compared to a normal clinical study where interim analyses only can be done if specified in the study design. The indication we have now received is obviously an advantage in our marketing – even though we are not sharing many specific details”, says Anders Weilandt to Biostock.

Read the full interview

As this Post Market Surveillance study is open (uncontrolled) it is possible – as well as the responsibility of the sponsor – to actively monitor the study data during the ongoing trial. It is regulatory and scientifically permitted to summarise both efficacy and safety data.

At approximately twenty-five percent of the population recruited to the study it was decided to perform a monitoring session of the data collected so far.

The purpose of the monitoring was to summarize parts of the data – focusing on some of the efficacy data – recorded in the study from start of inclusion until August 23, 2024. The study is still ongoing, and recruitment of patients is not affected by this data summary.

The conclusion reported by the study statistician was as follows:

• Results regarding the primary endpoint/objective: the “reduction of days with moderate or severe headache” are promising.
• The sensitivity analysis of the primary objective shows results in the same magnitude/direction as the main analysis.
• The major secondary efficacy objective: “Change from Baseline in proportion of migraine days” shows promising results as well – also supported by the sensitivity analysis.

“I am very satisfied that PM010 thus far confirms the results from the pivotal randomized controlled trial PM007. The results are surprisingly clear, already at this early stage,” says Anders Weilandt, Chordate CEO, and continues:

“This is a long study with twelve-months follow up, and a lot more data needs to be accumulated – but it is very good to get this confirmation that the study is on track.”

Biostock interview Chordate CEO Anders Weilandt about the comapny’s report for the second quarter, and focus for the rest of the year.

The strategy we have been working on since the fall of 2019 is largely confirmed as correct and desirable by most we meet. A relevant patent portfolio, clinical evidence from studies, and clear results from selected focus markets are what are considered necessary for the final step in our plan.

Read the full interview