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

Biostock interviews Chordate Medical’s CEO Anders Weilandt about the International Headache Congress in Seoul, where the results from the migraine study will be presented, and about the manuscript for a scientific article that has now been submitted.

“It is a much-awaited achievement that now, after thorough analysis and writing process by the authors, can be ticked off as delivered. The data material is extensive and in many parts very interesting. As I understand it, there has been some work in choosing what to include in this first article. It is not unlikely that further analysis may result in several articles on aspects other than those presented in this article. Overall, I am very pleased good that the article has been produced – it will provide good support for our marketing work when the article is approved for publication”, says Anders Weilandt to Biostock.

Read the full article

The complete study results from Chordate Medical’s migraine study 007 have today been submitted as a manuscript for publication in one of the three most prominent journals within the migraine field.

“This is a pivotal step, and once the scientific article is published, it will be a valuable tool for the company in marketing and sales efforts. Additionally, the article will be an important basis in upcoming reimbursement processes,” says Anders Weilandt, CEO of Chordate Medical.

Chordate Medical will announce when the authors have received approval for publication in the journal in question.

The final results from Chordate Medical’s PM007 study demonstrate that the company’s migraine treatment, K.O.S, exhibits a significant reduction in the number of headache days and migraine days in adult patients with moderate to severe chronic migraine. The results also show that K.O.S maintains a sustained therapeutic effect and is well-tolerated, with few unexpected side effects. This sets apart the unique treatment, which is non-pharmaceutical, from other preventative treatments in the market, also due to its favorable side effect profile.

After the results from Chordate Medical’s clinical study PM007 were presented at both the American Headache Society Scientific Meeting in the USA and at a congress in Berlin, Biostock interviewed the principal investigator, Dr. Jan Hoffmann, about the results and how the study has been received.

“For the attendees, the findings were of great interest as K.O.S. is based on an entirely new and non-pharmacological treatment concept. In addition, in contrast to some of the other available neuromodulation techniques, the efficacy of K.O.S. was demonstrated by a sham-controlled trial and not just by an open-label study.”

Read the full interview here

After the results of Chordate Medical’s migraine study PM007 were first presented at the American Headache Society Scientific Meeting, co-author Dr. Charly Gaul from the Headache Center Frankfurt will present the study at The German Migraine and Headache Society’s congress in Berlin on June 30th. Chordate Medical’s Clinical Research & Medical Director, Jan Hermansson, will be present in Berlin, where the company will participate in an exhibition alongside its German partner, MTIGER GmbH.

“The interest in the study and its results is significant within the migraine field, and this is a great opportunity for us to inform about K.O.S as a treatment method. Germany is one of the Chordate’s prioritized markets, and our partner, MTIGER GmbH, has made significant progress in introducing the K.O.S treatment to key neurologists and opinion leaders in the country,” says Anders Weilandt, CEO of Chordate.

The German Migraine and Headache Society (DMKG) was founded in 1979 by a group of dedicated headache scientists and today has more than 450 members, mainly Neurologists, Anaesthetists and General Practitioners, as well as Psychologists and Pharmacologists. One of the organization’s goals is to improve treatment options for patients with acute and chronic headaches.

Chordate Medical’s pivotal clinical study, PM007, was presented at the American Headache Society Scientific Meeting in Austin, Texas, by the coordinating principal investigator, Dr. Jan Hoffmann from King’s College, London. This is the first time the primary parts of the final results from the study have been presented at a scientific congress, and Dr. Hoffmann’s presentation 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. According to the physicians I spoke with after the lecture, the need for alternatives and complements to commonly used medications was confirmed. Having access to a therapy that does not entail drug side effects is seen as an important aspect in the migraine care sector”, says Anders Weilandt, Chordate CEO.

Dr. Jan Hoffmann at American Headache Society Scientific Meeting 2023.

In the abstract that forms the basis of Dr. Hoffmann’s lecture, the authors write “The findings of the clinical trial show that intranasal K.O.S is an effective and safe option for the preventive treatment of chronic migraine. The non-pharmacological nature of the treatment option positions K.O.S as a valuable addition to the current therapeutic portfolio for the management of chronic migraine as beyond having a solid and sustained treatment effect, it stands out from other preventive treatments by its favorable side effect profile”.

“It is important to remember that our treatment method is a completely new concept for the world at large, and we are only at the beginning of disseminating knowledge about K.O.S. treatment. It is gratifying to have the opportunity to do so here in the United States, where approximately 39 million people suffer from migraines”, says Anders Weilandt.