Business case

Everything we do is based on a strong conviction that people are increasingly seeking alternatives that can eliminate, or alleviate pain without drugs, and thus almost without any side effects. Neurostimulation, which is our area of expertise, is such an alternative.

Global medtech companies also share this view and invest large sums in the neurostimulation/neuromodulation sector on a yearly basis, targeting a variety of different medical conditions. In 2024, the global market for neurostimulation products is expected to be worth around SEK 132.8 billion.

Migraine and Rhinitis

Chronic migraine is the condition we have chosen to focus on. Initially, Ozilia® was exclusively a treatment for rhinitis. Gradually, doctors discovered that many patients also experienced that their migraine symptoms improved. Therefore, we began to investigate exactly how Ozilia® can be used against chronic migraine.

Both rhinitis and migraine affect a large number of people globally. Marketing and introduction of the migraine indication is now taking place in Germany, UK, Italy, Israel and Finland.

CE marking

Since May 2021, Chordate Medical’s Ozilia® treatment has been CE-marked for the preventive treatment of chronic migraine in adults over 18 years of age, and is sold in selected European markets as well as in Israel. In August 2021, the Ozilia® Migraine treatment began to be used for the treatment of chronic migraine in regular clinical practice in Sweden.

Since before, Ozilia® has also been CE-marked for the treatment indication rhinitis, and the treatment for rhinitis is available in the Nordics, on selected markets in the EU, in Israel and Saudi Arabia.

Read more about the clinical studies that have been carried out.

A clear Exit Strategy

Chordate Medical has a clear exit strategy. We have built our market capitalization on three pillars: a comprehensive patent portfolio, strong scientific evidence from clinical trials, and by demonstrating early sales achievements in a few selected markets.

Chordate’s overall strategy is based on how the entire medtech industry has developed, where large players profit from acquiring smaller companies that have demonstrated proof of concept and great market potential, instead of developing innovative treatments in-house.

As for in-house technical research and development, the will to invest by the big companies has decreased significantly. In large organizations, the risk is simply too big and the outcome too meager. This has led to a kind of symbiosis where small and risk-averse companies deliver proven and relatively cheap medtech projects that the big companies then buy up. Chordate’s aim is to be such a project.

Patent portfolio

Chordate holds 71 patents spread over 26 countries and nine patent families that are arranged to provide the best possible protection for the innovations underlying the Ozilia® treatment for migraine and rhinitis. The company has three more active patent applications. Chordate has been granted CE marking for the treatment method Ozilia® for both the indication rhinitis and chronic migraine, as well as an extension of the company’s CE marks until May 2024.

Scientific evidence

The patient study PM007, on the Ozilia® against chronic migraine, that started in 2018 was completed in August 2022. On September 8, 2022, a scientific poster was presented at the Migraine Trust International Symposium 2022 in London, which reported a statistically significant reduction in the number of headache days. On November 3, 2022, it was reported that the final analysis of the entire study confirmed statistical significance. Chordate’s Ozilia® Migraine treatment is thus clinically proven to be as good or better than drug-based alternatives against migraines.

In  june, 2023,  the study results was presented at the American Headache Society Scientific Meeting, by the coordinating principal investigator, Dr. Jan Hoffmann. The abstract said “The findings of the clinical trial show that intranasal K.O.S (Ozilia®) is an effective and safe option for the preventive treatment of chronic migraine. The non-pharmacological nature of the treatment option positions the treatment 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”.

In August, 2023, the complete study results was submitted as a manuscript for publication in one of the three most prominent journals within the migraine field.

Final study data will be communicated in detail by Chordate once the first scientific article has been approved for publication.

The results from the study serve as sales support to develop the market, both within and outside the EU.

Selected markets

The market for migraine treatment is significantly larger than for rhinitis, however, our treatment method is the same for both indications. This means that the marketing work we do has a positive impact on the sales potential in both indications.

Market introduction is currently underway in Germany, UK, Italy, Israel and Finland.

For questions about Chordate’s share price or other investment-related topics, please see if the answer is here.

For questions about the medical effects of Ozilia® Migraine, please see if the answer is here.

To get in touch with Chordate regarding other questions, use the adjecent form. We do our best to respond as quickly as possible.

Please note that the MAR rules (Market Abuse Regulation) prohibits us from providing information to individual inquirers regarding matters of the company’s share, share price, economy and financials, commercial and scientific activities, and other information that potentially can alter the Market valuation of the traded share. We refer in general to the public information published by the company for such questions. Hence, emails with such questions will not be responded to individually.

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