There is an enormous need for migraine treatments. About 110 to 170 million people worldwide suffer from chronic migraines, meaning they experience crippling headaches for fifteen days or more each month, with at least eight days of migraine episodes. Migraines reportedly affect about 15-18% of adult women and 6-8% of men. Consequently, the 2017 GlobalData health report estimates that the migraine drug market will grow by 10% in the seven major markets and be worth around 84 billion Swedish kronor ($8.5 billion) in revenues by 2026.
Chronic migraines cause great personal suffering and force many to take sick leave, which, when you aggregate it, leads to substantial production loss and healthcare costs.
Most treatments are currently based on drug medication, which, in many cases produce none or limited lasting results, and often cause unwanted side effects. Here lies a potential market for Chordate since our Kinetic Oscillation Stimulation (Ozilia® Migraine.) is a drug-free alternative with limited or no side effects.
Botox is also a drug-free alternative, but has side effects and can be costly for patients, which is why we believe Ozilia® Migraine. is a strong alternative for this target group. Botox treatment is performed four times a year, with 30-40 injections per session in the face and around the head. The market for Botox treatment is expected to grow to approximately $3.5 billion by 2027. We therefore operate with the assumption that we can take market shares in that segment relatively quickly, especially since Ozilia® Migraine. has few or no unexpected side effects.
The Ozilia® Migraine. treatment for chronic migraine was the subject of a clinical study at nine clinics in Germany and Finland that was finalized in July, 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® treatment is thus clinically proven to be as good or better than drug-based alternatives against migraine.
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.
In January of 2025, the highly esteemed scientific journal Neurology published a scientific article on Chordate Medical’s pivotal PM007 registration study on preventive neurostimulation treatment for chronic migraine.
The publication signifies that the article and the study’s results have undergone a peer review by an independent expert panel. The journal’s review has given the study’s methodology and results the highest classification, Class I, as evidence that intranasal kinetic oscillation stimulation is associated with a reduced number of headache days per month in patients with chronic migraine.
The results from the study serve as sales support to develop the market, both within and outside the EU.
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Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia®, 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 Bergs Securities AB.
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