Chordate Medical Holding (publ) (“Chordate”, “The Company”) publishes its year-end report for 2021 on Friday, February 25, 2022, at 08:30CET. On Monday, February 28 at 11:00CET, The Company invites to a webcast teleconference with CEO Anders Weilandt. The conference is followed by a question-and-answer session. The presentation will be held in English. You can follow the conference via computer or mobile devices.
For more information, please contact: Anders Weilandt, CEO Cell: +46 733-874277 e-mail: anders.weilandt@chordate.com
AboutChordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel and Saudi Arabia. Chordate Medical’s share is listed on Nasdaq First North Growth Market Stockholm (ticker: CMH). Read more at www.chordate.com
Chordate’s Certified Adviser on Nasdaq First North Growth Market Stockholm is Vastra Hamnen Corporate Finance AB, +46 40 200 250, ca@vhcorp.se.
Chordate Medical recently began marketing introduction of its migraine treatment in the UK with the help of marketing consultants Futures.Health LTD. In addition, the list change to Nasdaq First North Growth Market is now completed.
The company’s business strategy is to achieve significant market penetration in selected markets to pave way for a sale of the company to an international medtech player or another financial taker. Among Chordates’s selected markets are the Nordic region, Italy and Saudi Arabia, and the UK has just been added to the group.
Collaboration with Futures.Health
In order to launch its migraine treatment in the UK, Chordate Medical has signed an agreement with Futures.Health LTD. Since the summer, Futures.Health has been conducting an in-depth analysis of the market to identify an appropriate approach to the marketing of K.O.S. in the UK., and it is now ready to initiate work for market launch there.
The agreement, which initially runs for a year, means that Futures.Health will raise awareness about the migraine treatment and introduce K.O.S. to opinion-leading neurologists, primarily in private healthcare. In addition, marketing activities will be organised with the goal of achieving desirable sales figures as soon as possible.
According to Chordate Medical’s CEO Anders Weilandt, Futures.Health has the right competence to achieve a successful launch of K.O.S. in the UK:
“To introduce a specialist care product to a new market requires focused individual competence in the healthcare market’s structure, academia, compensation issues and marketing, and Futures.Health have just that.”
Chordate’s CEO sees potential in the UK
According to the National Health Service (NHS), around 10 million people aged 15-69 suffer from migraines in the UK. Furthermore, the cost of treating migraines is estimated to be 150 million GBP, while sick leave is estimated to cost society a as much as 4.4 billion GBP a year.
Anders Weilandt, could you first tell us a little about your partner Futures.Health LTD who will carry out the market introduction in the UK?
– The people behind Futures.Health have extensive experience in opening up the UK market to new medical devices, and also from introduction of pharmaceuticals. When it comes to specialist care, the number of contact points is relatively limited in a given market. What is important is the individual competence of the person or people who will carry out the work.
Why have you chosen the UK as the next priority market?
– The UK has a relatively large population and a structured migraine care programme. At the same time, the proportion of private and privately insured care is significant. This means that the conditions for a successful introduction should be good.
In your press release, you state that you want to achieve sales in the UK “at an early stage.” Can you elaborate on what you mean by this and how you define your desirable level of sales?
– We hope to engage a small number of private clinics as customers at an initial stage. But, as always, it takes time to get sales to take place, and early stage is hard to define – but within 9–12 months should be a restrained estimate.
Chordate’s shares have been traded on Nasdaq First North Growth Market since February 15th. What implications do you expect from the list change?
– We believe that the change of stock market listing can increase awareness of the company both in Sweden and internationally, make it easier for industrial investors to become shareholders and have a positive impact on the company’s relationships with partners and potential customers.
Chordate Medical is now listed on the Nasdaq First North Growth Market. At the bell ringing ceremony on February 15th, Chairman of the Board Henrik Rammer gave a short speech about the company and its future, whereafter company CEO Anders Weilandt rang the Nasdaq bell.
Chordate’s change of stock exchange list is judged by the company’s board to increase the company’s awareness both in Sweden and internationally, make it easier for industrial investors to become shareholders, and have a positive impact on the company’s relationships with partners and potential customers.
Chordate Medical announces that the Company’s shares are traded on the Nasdaq First North Growth Market (“First North”) as of today, February 15th, 2022. Chordate has received final approval from Nasdaq Stockholm AB and the Company’s shares are traded on First North as of today with unchanged short name CMH and ISIN code SE0009495559. The shareholders of Chordate do not need to take any action in connection with this.
Advisor Västra Hamnen Corporate Finance AB is Chordate’s advisor regarding the list change and Certified Adviser.Wistrand Advokatbyrå AB is Chordate’s legal advisor.
For more information, please contact: Anders Weilandt, CEO Cell: +46 733-874277 e-mail: anders.weilandt@chordate.com
AboutChordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel and Saudi Arabia. Chordate Medical’s share is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more atwww.chordate.com
Chordate’s Certified Adviser on Nasdaq First North Growth Market Stockholm is Vastra Hamnen Corporate Finance AB, +46 40 200 250, ca@vhcorp.se.
Chordate Medical (publ) (“Chordate”, “the company”) has entered into an agreement with Futures.Health LTD, UK to introduce the company’s product for preventive migraine treatment on the UK market. The agreement is initially signed for one year and has been preceded by a detailed market analysis to determine the best approach – carried out by Futures.Health.
The agreement means that Futures.Health on behalf of Chordate will introduce the K.O.S treatment to opinion-leading neurologists in the UK, primarily in the private health sector, and spread knowledge about K.O.S and the company. The agreement also includes that Futures.Health will organize marketing activities and bring about sales at an early stage. At the same time, Chordate terminates the agreement with the company’s former distributor in the UK.
According to the NHS, around 10 million people aged 15-69 suffer from migraines in the UK. In total, the NHS estimates that it spends around £ 150 million a year on treating migraines and £ 250 million on the care of headache patients. The cost to the national economy is around £ 4.4 billion a year lost to three million migraine-related sick days.
“After an in-depth analysis of the market that has been ongoing since last summer, it’s positive that we have now started the project. We have a lot of work ahead of us, but based on the market access analysis, I have full confidence in the expertise of Futures.Health. To introduce a specialist care product to a new market requires focused individual competence in the healthcare market’s structure, academia, compensation issues and marketing, and Futures.Health have just that”, says Anders Weilandt, CEO of Chordate.
Information: This disclosure contains information that Chordate Medical Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person below, on February 11th, 2022, at 08:40 a.m. CET.
For more information, please contact: Anders Weilandt, CEO Cell: +46 733-874277 e-mail: anders.weilandt@chordate.com
AboutChordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel and Saudi Arabia. Chordate Medical’s share is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more at https://www.chordate.com/en/
On January 31, 2022, Chordate announced that the Company has received preliminary approval from Nasdaq Stockholm AB (“Nasdaq”) regarding the List change. The first day for trading on the Nasdaq First North Growth Market is tentatively February 15th, 2022, subject to Chordate receiving final approval from Nasdaq, with the last day for trading on the Nordic SME being February 14th, 2022. Provided that Chordate receives final approval from Nasdaq, the company’s shares will continue to be traded under the short name CMH with the current ISIN code SE0009495559. Shareholders in Chordate will not have to take any action in the event of a change of trading venue.
The Company description is not deemed to contain any previously unpublished information that could have a material effect on the price of the Company’s share.
Advisor Västra Hamnen Corporate Finance AB is Chordate’s advisor regarding the planned list change and Certified Adviser.Wistrand Advokatbyrå AB is Chordate’s legal advisor.
Information: This disclosure was submitted for publication, through the contact person below, on February 10th, 2022, at 16:00 am CET.
For more information, please contact: Anders Weilandt, CEO Cell: +46 733-874277 e-mail: anders.weilandt@chordate.com
AboutChordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel and Saudi Arabia. Chordate Medical’s share is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more at https://www.chordate.com/en/
The last patient in the study on migraine carried out in Germany and Finland is expected to start treatment during the first quarter of 2022, according to the management of the Finnish part of the study. This after Finland eased pandemic restrictions and the clinics now considers themselves in a position to assess the final phase of recruitment. The clinics’ recruitment activities receive positive responses, and the forecast is that this time frame can be met.
The main purpose of the patient study, which began in 2018, was to enable a CE marking of the company’s preventive treatment of chronic migraine. As Chordate received the CE marking on interim data in May 2021, the purpose is fulfilled, however, a positive result from the patient study is still extremely important for continued marketing activities. The goal is to get a scientific article published. The article is expected to be completed and submitted for scientific review during the third quarter of 2022.
The international patient study on the patented treatment method K.O.S for chronic migraine began in 2018. The study, which is being carried out at nine clinics in Germany and Finland, was suspended due to the covid-19 pandemic in 2020 but has been resumed in stages from the beginning of 2021, completely due to the development of the pandemic.
Information: This disclosure was submitted for publication, through the contact person below, on February 2nd , 2022, at 12:50 pm CET.
For more information, please contact: Anders Weilandt, CEO Cell: +46 733-874277 e-mail: anders.weilandt@chordate.com
AboutChordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel and Saudi Arabia. Chordate Medical’s share is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more at www.chordate.com/en/
Chordate Medical Holding AB (publ) (“Chordate”) announces that the first privately insured chronic rhinitis patient in Saudi Arabia has now been treated with the company’s K.O.S treatment. This is the first time that the K.O.S treatment has been reimbursed by the health insurance company BUPA ARABIA in Saudi Arabia. The announcement means that all private hospitals and clinics in Saudi Arabia that have access to the code nationally can start treating patients who have been waiting.
“The result of this extensive project to establish sales on the private side and finally get the confirmation that the first treatment has been reimbursed, is a very important milestone for Chordate and for our hard-working distribution partner in Saudi Arabia. This is very satisfying”, says Anders Weilandt, CEO of Chordate.
As the company announced in November 2020, private health insurance companies in Saudi Arabia approved the insurance code that can be used by private care providers in the country when treating with K.O.S for chronic rhinitis. Now, the first insurance-reimbursed K.O.S treatment has been completed.
“One of our strategic goals is to prove the market opportunity in well-selected markets to enable expansion and growth and to be able to attract buyers of the company. Saudi Arabia is one of the markets selected and the news that the first privately insured patient now has been treated with K.O.S is a major step towards that goal.”
Information: This disclosure contains information that Chordate Medical Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person below, on December 8th, 2021, at 14:50 a.m. CET.
For more information, please contact: Anders Weilandt, CEO Cell: +46 733-874277 e-mail: anders.weilandt@chordate.com
About Chordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel, and Saudi Arabia. Chordate Medical’s share is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more at https://www.chordate.com/en/
Chordate Medical Holding AB (publ) (“the company, or “Chordate”) is a Swedish medical technology company that has developed and patented an innovative treatment method: K.O.S. The company’s existing EC-certificate for K.O.S has now been granted an extension with the indication Chronic Migraine and the intended use: Preventive treatment of chronic migraine in adults over 18 years. The CE marking means that the K.O.S treatment meets the clinical efficacy and safety requirements for in the European Medical Devices Directive for the new indication. The approval allows Chordate to commercialize the migraine treatment within the EU. This CE marking comes one year ahead of the company’s preliminary plan.
N.B. This English text is an in-house translation and adaption for language from the original Swedish text. Should there be any disparities between the Swedish and the English text, the original Swedish text shall prevail.
The CE mark for preventive treatment of chronic migraine has been granted after examination of the medical efficacy and safety demonstrated by results from the interim analysis of the ongoing clinical patient study in Germany and Finland – which was the basis for the application submitted in May 2019. The CE mark applies to the current regulations for medical devices: MDD 93/42/EEC. Chordate has also been granted an extension of the company’s CE marks until May 2024, including rhinitis.
“Obtaining a CE mark for the migraine treatment has been our main objective and something we have worked several years to achieve, by two alternative processes. However, the most probable scenario was that we would have needed the complete results from the current clinical study, to apply under the new EU regulation MDR, that will replace MDD as of 2021-05-26. Instead, the CE mark is now given within MDD which we considered less likely, i.e., on the interim results from 2019. The announcement is without comparison the most important event in Chordate’s history”, says Anders Weilandt, CEO of Chordate Medical.
The CE mark now obtained also means that Chordate has achieved the desired market position one year earlier than projected.
“Of course, the ongoing migraine study will continue until it is completed, but the significance of the study has now shifted from being needed to obtain a critical approval to develop the market, to becoming a good sales support and an academically published proof of the clinical effect. By this, we are instantly taking a big step forward strategically, enabling us to establish sales in our selected markets in Europe”, says Anders Weilandt, CEO of Chordate Medical.
The K.O.S treatment is since long CE marked for the treatment of chronic nasal congestion, rhinitis, which has also been introduced in selected EU markets and Saudi Arabia.
About the treatment method K.O.S
K.O.S, Kinetic Oscillation Stimulation, is a preventive neuromodulation treatment method for chronic migraine and chronic rhinits, with few or no unexpected side effects. K.O.S uses vibrations to stimulate the nerves in the mucous membranes of the nose, which is believed to balance the response of the autonomic nervous system with a positive effect on, for example, migraine.
K.O.S is an effective way to treat chronic migraine and chronic rhinitis. The treatment should be repeated with individual adjustment for best effect, as the full effect is achieved after several treatments. The treatment program for migraines involves more treatment sessions per year than for rhinitis. The treatment takes place in an out-patient clinic or doctor’s office and can easily be performed by a registered nurse.
About the market for the treatment of migraines
The proportion of the population who have migraine globally is reported to be 15-18 percent of women and 6-8 percent of men. Chronic migraine, which affects about 2 percent of the population, means having a headache more than 15 days a month with at least eight days of migraine episodes. Sales of migraine pharmaceuticals is estimated to reach SEK 84 billion in 2026, with annual growth of just over 10 percent in the seven major markets.
Chronic migraine is usually treated with different types of medication. Many patients experience a fading effect over time and need to change medication, or that unwanted side effects no longer can be tolerated. Another type of treatment is injections with OnabotulinumtoxinA (Botox) in the face and around the head. The treatment is carried out at the clinic about four times a year and each treatment involve about 30-40 injection sites. The market for botox injections for migraines is expected to amount to approximately SEK 7 billion in 2023.
Patients treated with botox for migraine is a priority target group for the K.O.S treatment. Migraine patients who choose botox often pay privately for the treatment in many markets. Chordate expects to be able to gain market share in that segment more quickly, especially since K.O.S has few or no unexpected side effects compared to botox.
About Chordate Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new treatment method through nerve stimulation for chronic nasal congestion and chronic migraine. The company sells its product system including treatments via distributors to clinics and hospitals, which in turn treat patients. Chordate Medical is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more at www.chordate.com.
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