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Neuromodulation can be defined as “a change in nerve activity through targeted stimuli to specific neurological areas of the body”. Chordate’s treatment method, Ozilia®, is based on Kinetic Oscillation Stimulation which uses vibration to stimulate the nerves in the mucous membranes of the nose. Other ways to stimulate the nerves are through magnetic fields, electricity or medication.
Neuromodulation uses the body’s natural biological response through the stimulation of nerve cells. Various forms of neuromodulation are today used to treat a wide range of symptoms, including chronic pain, hearing loss, neurological diseases, urinary and gastric disorders, and mental illness.
The market for neurostimulation is undergoing strong growth and research is constantly making new progress. In 2018, the total market for neuromodulation was estimated at SEK 65.7 billion. By 2024, the market is expected to have grown to SEK 133.3 billion.
The largest market share is made up of neurostimulation to treat chronic pain of various kinds. In 2018, pain treatment accounted for 54 percent of the total market for neurostimulation, which corresponded to approximately SEK 35.7 billion. The pain segment is expected to grow by about 8 percent per year, which means a market of SEK 57 billion in 2024. Ozilia® can be included in the pain segment.
Products for nerve stimulation are divided into implants that are operated into the body and non-implants used outside the body, usually for temporary use. Even though Chordate’s Ozilia® treatment is used in the nostrils, it is considered minimally invasive and for temporary external use. About 90 percent of sales of medical technology products for neurostimulation are implants, and the rest are various external stimulators.
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Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine (formerly K.O.S), 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 Vator Securities AB.