Interim Report Chordate Medical Holding AB (publ) january – december 2021

Summary of the period October–December 2021

  • Net turnover amounted to SEK 403,257 (81,015)
  • Cash flow from operating activities amounted to SEK -6,578,027 (-5,252,419)
  • Profit/loss after financial items was SEK -7,191,338 (-5,587,828)
  • Profit/loss after tax was SEK -7,191,338 (-5,587,828)
  • Earnings per share were SEK -0.05 (-0.05)

Summary of the period January–December 2021

  • Net turnover amounted to SEK 882,046 (618,007)
  • Cash flow from operating activities amounted to SEK -20,225,217 (-17,190,817)
  • Profit/loss after financial items was SEK -21,766,276 (-19,758,879)
  • Profit/loss after tax was SEK -21,766,276 (-19,758,879)
  • Earnings per share were SEK -0.19 (-0.32)



When I look back on everything that happened in 2021, I am struck by how important and exciting 2022 will be.

  • CE marking for the migraine indication was finalized, well over one year earlier than we had hoped
  • The migraine trial now appears to be approaching completion after a number of pandemic-related delays
  • Cash is strong from the outcome of TO7, which generated SEK 35.6 million before expenses. Our owners showed exceptional support, redeeming 99 percent of the warrants.
  • Renewed agreement for our joint venture company in Shanghai
  • Our share switched to NASDAQ First North, which improves visibility and service to our shareholders

In 2022, we will continue the market introduction of our product for chronic migraine after receiving CE marking in May of last year. The ambition is to find an approach that is highly effective and has the best possible control at as low a cost as possible. As previously communicated, we have the ambition to add more favorable markets to the market plan. Once the agreement renewal with our joint venture partner Nanos Medical was finalized, the product registration process for the rhinitis indication in China was restarted. Nanos makes the assessment that the market approval can be obtained in 2023.

At the same time, the sales work continues for the rhinitis indication primarily in Italy and Saudi Arabia, where the pandemic restrictions are once again relaxed and normal sales work can be resumed.

Introduction of the migraine treatment in England

During the second half of 2021, the consultancy firm Futures. Health (FH) completed the market analysis we commissioned to find the best way into the UK market. FH has now also received the assignment to handle the market introduction of the migraine treatment on the market. FH is starting with leading neurologists in private health care and intends later to also raise interest from the publicly financed specialist care. The market potential is significant with around 10 million migraine patients in the country according to the NHS. This is a long-term project that we assess could generate results over time.


With the generation of SEK 35.6 million before expenses from warrant series TO7, of which 99.23 percent was redeemed, there is cash to finance the plan for 2022 and part of 2023. This very strong support from our owners allows us to focus fully on developing the market, for which I am very grateful.

Change to NASDAQ First North

The company’s share has been listed on NGM SME since March 2017. After a decision by the Board of Directors to switch to NASDAQ First North Growth Market, the listing change was implemented on February 15. The Board of Directors makes the assessment that the listing change is positive for Chordate’s development and the fulfillment of our expressed exit strategy.

Project for US market approval from the FDA

The pre-study with the aim of finding the right approach for an application for marketing authorization for the migraine indica-tion in the USA that was previously communicated is now under way in a project together with the US consulting firm RQM+. The pre-study is expected to be completed in Q1 2022.

Clinical trial on migraine in its final stage

Since CE marking has already been obtained, the sole aim of the trial in Germany and Finland is to support future marketing activities and gather data for the publication of a scientific article. Patient recruitment, which once again slowed, this time by the spread of the omikron variant in Finland, is now at a point where the people responsible for the trial are making the assessment that the last patient can start treatment during the first quarter of the year. A patient spends ten weeks in the trial in total. It is estimated that the scientific article can be completed during the third quarter of the year.

Focus 2022

With all of the important prerequisites delivered last year now in place, we are fully focused on pursuing the market plan for 2022. This applies naturally to both the migraine and the rhinitis indications, but we will have a stronger focus on migraine. In particular, this entails the potential addition of important markets that we hope to be able to activate.

At the same time, we are continuing to support our existing market partners in every way, regardless of the indication focus they currently have.

Read the full report here

This disclosure contains information that Chordate Medical Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person below, on February 25th, 2022, at 08:30 a.m. CET.

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 for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel and Saudi Arabia. Chordate Medical’s share is listed on the Nordic Growth Market NGM – SME (ticker: CMH). Read more at

Vastra Hamnen Corporate Finance AB, +46 40 200 250,, is Chordate’s Certified Adviser.

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