The CEO about the future

A clear strategy

In the autumn of 2019, we communicated for the first time that our underlying strategy is to build up the value of our company and eventually divest it. For some initiated investors, this strategy may have seemed obvious from the start, but we wanted to make it clear to everyone that we are aiming for a divestment, and thus provide our shareholders with a safer, and more transparent, investment horizon.


In addition, we are completely focused on one single technology which is used within two large and promising areas of use. It would be impossible to disregard the fact that the risk of offering just one single product increases over time, and often leads to business projects like ours to result in more or less technical expansions - through acquisitions or other means which may be difficult to keep a track of as a shareholder.

Our ambition is that the Chordate project will be easy for our investors to keep a track of, and that it will be perceived as logical step when we begin to approach an exit opportunity.

Ongoing studies

Clinical study of chronic migraine
In the spring of 2019, an interim analysis of the ongoing international multicenter study for the preventive treatment of chronic migraine was carried out. The analysis recommended that we continue the study without changing the number of patients taking part. We interpret this recommendation as a clear signal that the study is correctly designed and is likely to achieve the desired results.

We now forecast that the last patients will be treated in the study during the third quarter of 2021, after which study data will be analyzed. After that, the results can be adapted into a scientific article with the ambition to get it published. However, the time schedule may be further delayed by Covid-19 and the impact the pandemic has had on healthcare facilities worldwide. Once the article has been approved to be published by a scientific journal, we can publish the study results ourselves. The statistical outcome of the interim analysis made it possible to actually obtain the right to CE-mark the indication for "prophylactic treatment of adults with chronic migraine" already in May 2021, more than a year ahead of our initial plan. A most valuable addition to our therapeutic offering. 

Chronic rhinitis
In 2020, the University of Amsterdam published a study analyzing data material taken from an older study from 2013-14 and which focused on chronic rhinitis. The new study concluded that K.O.S. treatment had had a significantly better effect on patients in per-protocol analysis than placebo. This confirms our view that the market for K.O.S. treatment has great potential in the rhinitis area.

Structural resistance

Today, it is far more difficult for a small medtech company to build international sales success than it was 20 to 30 years ago. In the 1990s, it was relatively easy to register products and get a permit to sell them all over the world. Deals were struck directly with doctors, or wards. Today, there are increasing obstacles to overcome, in the form of, for example, regulatory requirements and structural resistance in the clinical market. As a result, only large global companies have the muscle and expertise to successfully establish new products globally today.

At the same time, the willingness of large companies to invest has decreased when it comes to internal technical research and development. In large organizations, the risk is simply considered too high, and the efficiency too low. This has led to a kind of symbiosis, where small, fast and risk-taking companies can deliver proven and relatively cheap medtech projects for the large companies to acquire. Chordate's goal is to be considered to be such a project.

Many examples

The table * below lists a number of minor acquisitions made by Medtronic (US), Boston Scientific (US) and LivaNova (UK) over the past five years. These three companies count among the five largest within nerve stimulation that have carried out company acquisitions. The table shows that, in addition to larger transactions – in which BigMedtech groups acquire and divest business areas in between themselves - they also acquire smaller specialized firms. Chordate's goal is to be such a company.

* Source: CrunchBase

Aquired company Buyer Published Price USD
AV Medical Medtronic 2019-10-11 30 000 000
VertiFlex Boston Scientific 2019-05-09 465 000 000
Veniti Boston Scientific 2018-08-08 160 000 000
Claret Medical Boston Scientific 2018-07-20 270 000 000
nVision Medical Boston Scientific 2018-04-16 275 000 000
VisionSense Medtronic 2018-04-09 75 000 000
NxThera Boston Scientific 2018-03-21 306 000 000
ImThera Medical Inc LivaNova 2017-12-05 225 000 000
Apama Medical Boston Scientific 2017-10-02 300 000 000
Symetis Boston Scientific 2017-03-30 435 000 000
EndoChoice Boston Scientific 2016-09-27 210 000 000
Smith & Nephew's gynecology business Medtronic 2016-05-18 350 000 000
Aircraft Medical Medtronic 2015-11-18 110 000 000
Lazarus Effect Medtronic 2015-10-01 100 000 000
Medina Medical Medtronic 2015-09-01 150 000 000
Twelve Medtronic 2015-08-25 458 000 000
RF Surgical Systems Medtronic 2015-07-13 235 000 000
CardioInsight Technologies Medtronic 2015-06-20 93 000 000
Aptus Endosystems Medtronic 2015-06-19 110 000 000
Xlumena Boston Scientific 2015-04-01 75 000 000

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 the K.O.S treatment, please see if the answer is here.

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