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.
Today, August 30th, Chordate’s CEO Anders Weilandt presented the company’s Q2 report for 2024 on Finwire TV. He also answered questions from viewers and discussed, among other things, the expectations for Switzerland as a new focus market and the results of the company’s participation in investor conferences around the world.
“It’s clear that the market is very responsive; it reacts extremely well. I have the impression that it is a decentralized healthcare market where decisions can be made at much lower levels than, for example, in Sweden or England for that matter. And on top of that, we can add that Neurolite, our distributor, are very active in building and penetrating the market. They focus solely on neurology, so they are very knowledgeable and have well-established contacts and good trust from the healthcare side. I expect things to happen relatively frequently in Switzerland.”
“What has opened up through the conferences is a network of contacts that we were looking for in connection with the final steps in our exit process and our strategy in general. It’s important to ensure that the Chordate project and this rather fantastic treatment technology become well-known both among industrial stakeholders and partners, and among financial partners.”
Watch the full interview below (in Swedish):
Summary of the period April–June 2024
Summary of the period January–June 2024
Breakthrough on new focus market and extensive international interest
The major highlight of the second quarter of the year was the first order from Switzerland after the Company decided to make the country a new focus market. Work also continued during the quarter to introduce Ozilia at different types of investor congresses throughout Europe.
Another highlight was the decision from the United States Patent and Trademark Office (USPTO) that it will grant another patent application from the Company. This means the Company can add a fourth US patent to its growing patent family.
Switzerland new focus market, first order received
In mid-June, Chordate added Switzerland to its focus markets for the Ozilia treatment and signed an agreement with Neurolite AG to be the Company’s distributor and regulatory representative in Switzerland and Liechtenstein. At the end of June a first order was received with a value of approximately SEK 370,000.
We have been noting considerable interest in Ozilia in Switzerland for some time, and we have been engaged in discussions with a number of interested parties. This, combined with Switzerland’s manageable decision-making processes, which have relatively short paths to remuneration codes for insurance payments, makes Switzerland a very suitable focus market for the Company.
The USPTO will approve another patent application
At the beginning of May, the USPTO issued a decision that it intends to approve our patent application US 17/942,912 from 2022. The patent application is related to treatment of headache with a focus on protecting the Company’s product Ozilia Migraine. The approved application means that a fourth US patent is added to the growing patent family the Company has been building since 2011 to target headache treatment.
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. The intellectual property rights defense for the Company’s technology as support for continued business development is an important part of what we consider to be the Company’s core values.
Strong interest in Ozilia at international investor conferences
During the quarter, we introduced Ozilia at investor congresses in Oslo, London, Basel and Lund, where we saw strong interest in the technology and came home with a number of strong leads.
Given the order we received from Switzerland, we now have a first concrete result that can be directly traced to our marketing activities. The plan is to continue to work to introduce Ozilia in our focus markets during the rest of the year.
Ozilia presented to national specialist associations from Germany, Switzerland & Austria
In April, we also participated at the headache conference Dreiländertagung Kopfschmerz in Switzerland, which was arranged jointly by specialist associations in Germany, Switzerland and Austria. This presented us with an excellent opportunity to present Ozilia to a large number of migraine and headache specialists from three significant European markets at one location.
In addition to increasing awareness for Ozilia among potential investors and buyers of the Company, it is important that we continue to develop the profession as well. Interest in neuromodulation as a treatment technique among specialists and neurologists is growing, and in this area Ozilia is a unique alternative that an increasing number of migraine care providers are considering.
Focus during the rest of 2024
Kista, August 2024
Anders Weilandt, CEO
Attachments
Chordate Medical Holding (publ) Interim Report January–June 2024
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, 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 2024-08-30 08:30 CEST.
Chordate Medical Holding (publ) is releasing its interim report for Q2 2024 on Friday, August 30th, 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/q2-2024/
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.
At the annual general meeting in Chordate Medical Holding AB (publ) (“Chordate” or the “Company”) held on 15 May 2024, it was resolved to implement a consolidation of shares 1:500, meaning that five hundred (500) shares are combined into one (1) new share. The annual general meeting authorised the board of directors to determine the record date for the consolidation. The board of directors have, with support of the authorisation from the annual general meeting, decided that the record date shall be 30 August 2024.
The last day of trading in the Company’s shares before the consolidation is 28 August 2024 and the first day of trading in the Company’s shares after the consolidation is 29 August 2024. The Company’s share price will thus reflect the effect of the consolidation from 29 August 2024. The consolidation will be carried out automatically by Euroclear Sweden AB, and shareholders do not need to take any measures.
Through the consolidation, the total number of shares in the Company will decrease from 490,111,500 to 980,223.
As a result of the consolidation, the Company’s share will from 29 August 2024 change ISIN code. The new ISIN code for the Company’s share is SE0022726139.
The shareholders in the Company will automatically receive a new, lower, number of shares in proportion to their shareholdings at the record date. Those shareholders whose shareholding, on the record date, is not evenly divisible by five hundred (500) will receive shares free of charge for their shareholding to be evenly divisible by five hundred (500). The distribution of shares takes place through Euroclear Sweden AB without additional measures needed to be taken by shareholders.
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, 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 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.”
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.”
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)
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia®, 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).
The company’s Certified Adviser on Nasdaq First North Growth Market Stockholm is Bergs Securities AB.
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