Chordate Medical has signed an agreement with another clinic for the Ozilia treatment for chronic migraine. The client is a specialist clinic in Munich, and Chordate’s market consultants in Germany have been handling the processing.

“Germany is one of the most important markets for Chordate, and this shows that we continue to convert prospects into orders there. Our market experts in Germany are continuing to work with a number of contacts from the fall conferences who have shown interest in Ozilia”, says Anders Weilandt, CEO of Chordate.

In November 2023, Chordate Medical entered into an agreement with a specialist clinic in Hamburg for Ozilia.

Chronic migraine in Germany

Migraine is one of the most common diseases worldwide; in Germany, approximately 12.5 million people suffer from migraines in some form. That is about one in seven Germans. Globally, it affects around 1.2 billion people. Between 1.5 and 1.8 million Germans have chronic migraines. Migraine and headache care in the country are among the most developed in Europe, and the market for migraine medications is one of the largest in the world. These conditions were part of the reason Chordate conducted its recently concluded clinical study in Germany.

The analysis firm Kalqyl has today, January 24, 2024, published a new company analysis of Chordate Medical. The analysis is based on the perspective of a potential buyer of Chordate, and it identifies a significant upside in the event of a potential acquisition of Chordate at the current stock price.

“The higher valuations of both listed and unlisted peers indicate that the market sees significant potential in the migraine market. It seems that investors are willing to invest in early-stage companies, driven by the hope of high future returns. This insight reinforces our view that the migraine market is attractive and that companies like Chordate, which are active in this area, can have a significant potential upside”, says Kalqyl in the analysis.

Chordate signed an agreement with Kalqyl for report monitoring and commissioned analyses in October, 2023. A significant portion of the analysis and conclusions is based on a comprehensive examination by Kalqyl of both listed and unlisted peer companies, with the aim to obtain an overall picture of valuations, particularly within the field of neurostimulation and similar methods for the treatment and prevention of migraines:

“When we analyze Chordate in this context, the company appears to be undervalued in comparison to all companies in our peer group. This is remarkable, especially considering the scientific basis on which Chordate’s technology rests, the extensive patent protection, as well as the progress being made in materializing proof of concept in several markets. We find no obvious explanation for this discrepancy in values. Rather, our observations suggest that Chordate may be undervalued relative to its peers.

Furthermore, the higher valuations of both listed and unlisted peers indicate that the market sees significant potential in the migraine market. It seems that investors are willing to invest in early-stage companies, driven by the hope of high future returns. This insight reinforces our view that the migraine market is attractive and that companies like Chordate, which are active in this area, can have a significant potential upside”, says Kalqyl in the analysis.

“Kalqyl adopts the perspective of a potential buyer, aligning closely with Chordate’s strategy. Our ambition is for shareholders and stakeholders to have access to a relevant analysis of the company and the market potential that corresponds with the company’s strategy”, says Anders Weilandt, Chordate CEO.

Read the full analysis from Kalqyl

Chordate Medical has now completed the training of clinic staff and assisted in the initiation of treatment for the first three patients at the private clinic in Hamburg, which is the first commercial customer in Germany for Ozilia® migraine treatment. Chordate and the clinic signed an agreement in November 2023 for the installation of Chordate’s drug-free alternative for preventive migraine treatment.

“Our application specialist, Petra Libert, has trained doctors and nurses at the clinic, after which three patients have started the initial series of six weekly Ozilia® treatments. After successful work by one of our two market experts in Germany, it is very satisfying that the first clinic with privately paying patients has started,” says Anders Weilandt.

Petra Libert, Chordate’s Clinical Application Specialist, at the clinic in Hamburg.

Germany’s migraine and headache care is among the most well-developed in Europe, which is one reason it is one of Chordate’s focus markets.

“Our German colleagues are working on several prospects that hopefully can yield results in the near future. The company’s ambition for the German market is to eventually establish individual insurance reimbursement for the treatment. This is an important first step to further scale up sales.”

In a new article, Biostock summarizes Chordate Medical’s 2023 and interviews CEO Anders Weilandt about the focus and goals for 2024.

“First and foremost, we aim to achieve product registration for both indications in the United Arab Emirates and for migraine in Saudi Arabia. The Chinese registration project is expected to meet its targets for the period, and work on obtaining market clearance in the USA will continue […] Furthermore, the year is entirely focused on generating more sales and gradually initiating more clinics, primarily for the migraine indication but also for rhinitis – where we have the potential to make headway in securing deals”, says Anders Weilandt to Biostock.

Read the full article

Chordate Medical Holding AB (publ) (“Chordate”) announces today that the first seven patients have been included in the company’s post-Market Study PM010. The seven patients have been enrolled by the study at neurology clinics in Hull, Glasgow, Frankfurt, Essen, and Jerusalem.

“All participating clinics are led by reputable specialists, and it is satisfying that the first patients are now enrolled. The PM010 study is part of the regulatory requirement for the CE marking of migraine treatment but also holds significant importance in providing information to treating physicians about how often the treatment needs to be administered to different types of patients”, says Anders Weilandt, CEO of Chordate.

About PM010

The PM010 study is an ongoing, open post-marketing clinical follow-up investigation to follow long-term performance and safety of Chordate Medical’s preventive migraine treatment Ozilia® in subjects with chronic migraine during regular clinical treatment. The study will recruit 200 subjects and will be conducted at approximately 15 clinics in four European countries, the follow-up is 12 months. Data from this open study will be reported in intervals and used to fine-tune recommendations for the clinical treatment regime.

Chordate Medical’s CEO Anders Weilandt and CSO Jan Hermansson are currently in Barcelona at the European Headache Congress to present Ozilia to the gathered migraine and headache industry. The congress is attended by 2,200 delegates from both Europe and other markets, and the interest in Ozilia is continuing to grow.

“During the first days, we have generated an impressive number of leads from stakeholders who clearly indicate buying interest. Awareness of Ozilia is beginning to establish itself at very satisfactory levels. We cannot currently serve all interested stakeholders since some markets outside the EU and GCC require product registration – but the need for Ozilia as a drug-free treatment alternative for migraine is evident,” says Anders Weilandt.

Chordate is in Barcelona together with the company’s Italian distributor Vedise Hospital S.p.A, who will bring home a number of leads. EHC is one of the foremost meeting places for the headache and migraine sector, with representatives from both research and industry from around the world.

“In addition to significant interest from the healthcare sector, we also notice that the exploratory interest from the pharmaceutical industry has increased significantly compared to previous congresses where we have participated. It is evident that they both want to learn more and, at the same time, understand what we are doing.”

Biostock interviews Chordate Medical’s CSO Jan Hermansson about the inclusion of the first patient in the company’s open pilot study PM009. The purpose of the study is to evaluate the effectiveness of Chordate’s migraine treatment, Ozilia, in patients who do not respond to treatment with CGRP inhibitors and other treatment options.

“Of course, we hope that many patients will have a significant reduction in their migraine and days with headache. Every patient who reports improvement will be considered a success, especially since other alternatives have not had the desired effect […] The number of migraine and headache days is measured daily via an electronic diary. Even a reduction of 2 – 3 migraine days per month is considered a significant improvement for the patient. Since the study is open, we can continuously follow the patients and see the trends”, says Jan Hermansson to Biostock.

Read the full interview

Chordate Medical’s CEO, Anders Weilandt, and CSO, Jan Hermansson, will participate and exhibit at the European Headache Congress from December 6 to 9 alongside Chordate’s Italian distributor, Vedise Hospital S.p.A. Chordate will present Ozilia and share the case study from the migraine study PM007.

“EHC is one of the largest gatherings for physicians and professionals in the headache field in general, and the migraine sector in particular. We anticipate a significant number of Italian delegates at the congress, and Vedise can address inquiries about Ozilia,” says Anders Weilandt.

The theme of the 2023 European Headache Congress is “Headache: Expanding the horizon,” and over the four days of the congress, the latest developments and innovations in the headache field will be highlighted. In addition to Italy, delegates from other important European markets for Chordate.

“This is another opportunity for us to raise awareness about Ozilia. We have participated in several congresses in recent months, and the interest in Ozilia has been substantial,” says Anders Weilandt.

Chordate Medical Holding AB (publ) (“Chordate”) announced today that the first patient has been included in the company’s open pilot study PM009. The study aims to evaluate the effectiveness 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 important study with significant potential upside for the company. Every level of positive results from the study could represent a great opportunity for the company, as the patient group in question has very few treatment options left”, says Anders Weilandt, Chordate CEO.

PM009 is being conducted at King’s College in London with three to four referring clinics and Dr. Jan Hoffmann as the responsible principal investigator. The goal is to include 25–30 patients in the study.

“PM009 is a pilot study where we can learn more about how Ozilia can help people with chronic migraine who have no other options left. The patients participating in the study have already tried at least three other preventive medications before being treated with CGRP inhibitors, and when they also do not respond to CGRP, there are not many more possibilities. Hopefully, Ozilia can have a positive effect for some of them”, says Jan Hermansson, Chordate CSO.

Chordate Medical’s CEO, Anders Weilandt, recently returned from Saudi Arabia and the United Arab Emirates, where he met with both existing and potential clients, and signed an agreement with a new marketing agent for the UAE.

“It has been a rewarding week where, together with our General Manager for GCC, Alain Durante, and Janin Medical, we met several healthcare organizations interested in Ozilia. We also visited IMC International Medical Center Jeddah, which has been treating rhinitis with Ozilia for a long time, and Nadicare Clinics with now six sites around Jeddah, which recently started using Ozilia on the first clinic,” says Anders Weilandt.

The Gulf region has long been one of Chordate’s priority markets to demonstrate proof of concept, and Ozilia has been used by several private hospitals for the treatment of rhinitis for an extended period.

“It is clear that the demand for treatments like Ozilia is significant in the region, and after the gradual establishment of the rhinitis treatment in the market, the next step is to launch Ozilia for chronic migraine and simultaneously bring in more clients on the rhinitis side,” says Anders Weilandt.