Chordate Medical Holding (publ) Interim Report April-June 2023

Summary of the period April–June 2023

  • Net turnover was SEK 163,316 (19,538)
  • Cash flow from operating activities amounted to SEK -6,320,325 (-5,812,210)
  • Profit/loss after financial items was SEK -7,292,267 (-5,962,508)
  • Profit/loss after tax was SEK -7,292,267 (-5,962,508)
  • Earnings per share were SEK -0.03 (-0.04)

Summary of the period Jan–June 2023

  • Net turnover was SEK 283,737 (88,170)
  • Cash flow from operating activities amounted to SEK -14,800,251 (-13,228,791)
  • Profit/loss after financial items was SEK -14,405,401 (-13,341,661)
  • Profit/loss after tax was SEK -14,405,401 (-13,341,661)
  • Earnings per share were SEK -0.06 (-0.08)

The second quarter of the year centered around the presentation of the final results from Chordate Medical’s crucial clinical study PM007 at international arenas for the industry in the USA and Germany. Interest in the study’s results is strong and growing, and when I meet doctors active in the migraine field it becomes clear that there is a considerable need for alternatives and complements to the medications that are normally used. We are also continuing to see strong and increasing activity in our key markets, where one highlight was that in May we received an order for rhinitis treatment from a private hospital chain in Jeddah, Saudi Arabia.

  • Presentation of study results in the USA and Germany
  • Breakthrough order from Saudi Arabia
  • Ethical approval from NHS for new migraine study
  • Fully subscribed incentive program for the Board of Directors and management
  • PM007 presentation at IHC2023 in Seoul – we will have an exhibition
  • Submission of article manuscript for PM007

Presentation of study results in the USA
The crucial clinical study PM007 was presented at the American Headache Society Scientific Meeting in Austin, Texas, by coordinating principal investigator Dr. Jan Hoffmann from Kings College in London. It was the first time the primary parts of the final results from the study were presented at a scientific congress, and Dr. Hoffmann’s lecture was attended by approximately 300 migraine specialists. Judging by the subsequent questions from the audience, the presentation was received with great interest. The questions asked mainly pertained to the study design, patient population, and the ease of use of the K.O.S product.
Article submitted for PM007We are pleased to report that the authors of this crucial article have now submitted a manuscript to a prominent scientific journal. After publication, the article will be a valuable tool in our marketing and sales effort. Published results are also a necessary basis for success in various reimbursement processes.
Breakthrough order from Saudi Arabia
At the beginning of May, our new distributor in Saudi Arabia, Janin Medical, received its first key order for equipment and supplies for the treatment method K.O.S for chronic rhinitis. The customer is the private healthcare company Nahdi Care Clinics, which has four hospitals located in the country’s second largest city, Jeddah.

In addition to the installations we already have in Saudi Arabia, three publicly owned hospitals in Jeddah, Makkah and Dammam have evaluated K.O.S, and Janin Medical is expecting orders from all three. In addition to the efforts to increase the business within chronic rhinitis, Janin Medical is also driving the process of registering a market authorization for K.O.S for chronic migraine.

Ethical approval from NHS for new migraine study
At the beginning of May, the ethics committee of the National Health Service (NHS) in the UK approved the study design for our upcoming scientific study PM009, which aims to evaluate the efficacy of K.O.S in the preventive treatment of chronic migraine on patients not responding to treatment with monoclonal antibodies targeting the CGRP pathway. Any level of positive outcome in the study will likely mean a great opportunity for the Company since the patient group in question has very few treatment options left. The first patient can be expected in mid-September.
Fully subscribed incentive program for the Board of Directors and management
The Company’s two newly established incentive programs were fully subscribed in May by management and the Board of Directors. The aim of the incentive programs is for current and future employees and consultants at Chordate Medical to be able to become long-term owners and benefit from and advocate for a positive value development in the share in the Company during the period covered by the proposed program and that the Company will be able to keep and recruit competent and engaged staff. Subscription to the programs entails an increase in share capital by SEK 1,000,000 and SEK 375,000, respectively if the warrants are fully used to subscribe shares in the subscription period.
Focus during the rest of the year
Through the end of the year, work will continue on sales in all our focus markets: Finland, Germany, UK, Italy, Israel and Saudi Arabia. Our marketing specialists are pursuing a number of prospects with the goal of receiving final orders. Marketing to support these efforts will primarily take the form of exhibitions at specialist congresses:

  • IHC2023, Seoul, South Korea, 9/14–17
  • Deutscher Schmerzkongress 2023, Mannheim, Germany, 10/18–21
  • Neurologdagarna 2023, Helsinki, Finland, 11/1–3
  • Regional symposiums and congresses

Kista, August 2023
Anders Weilandt, CEO

For more information, please contact:
Anders Weilandt, CEO
Cell: +46 733-874277

About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked a neuromodulation and drug-free treatment technology for chronic migraine and chronic nasal congestion (rhinitis), Kinetic Oscillation Stimulation (K.O.S). The treatment has clinically proven efficacy according to a recent study, and is marketed in Finland, Germany, the UK, Italy, Israel, and Saudi Arabia. Chordate Medical is listed on Nasdaq First North Growth Market Stockholm (ticker: CMH). Read more at

The company’s Certified Adviser on Nasdaq First North Growth Market Stockholm is Västra Hamnen Corporate Finance AB.
N.B. The English text is an in-house translation of the original Swedish text. Should there be any disparities between the Swedish and the English text, the Swedish text shall prevail.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-08-31 08:30 CEST.

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