Hawoc Investment AB had previously committed to a subscription of SEK 500,000. In addition to this, Hawoc has now informed the company that they intend to subscribe to their full pro rata right in the ongoing issue, amounting to a total of SEK 2,122,000, including the original commitment. Hawoc Investment AB is the company's second-largest shareholder.

Furthermore, David Nyman has informed the company of his intention to subscribe to his pro rata right, equivalent to SEK 528,000.

"It is highly gratifying to receive this strong support for the company and the rights issue from our major shareholders. The confirmation of continued support and confidence in our strategic plan from so many of our principal owners is of crucial importance to the company," says Anders Weilandt, CEO of Chordate.

This means that Chordate Medical's rights issue will now be subscribed for an additional circa 9.7 percent, bringing the total subscription level to at least circa 90 percent. In other words, the company will receive an additional circa SEK 2.2 million, or a total of at least circa SEK 20 million.

“This publication confirms that the medical efficacy of the Ozilia treatment is on par with conventional drug-based alternatives for the preventive treatment of chronic migraine, a market estimated at approximately USD 8 billion in sales globally, with strong growth,” says Anders Weilandt, CEO of Chordate.

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.

In the article, the authors write about Ozilia (formerly K.O.S):

"The Chordate System provides significant benefits to patients with Chronic Migraine by reducing the number of Monthly Headache Days. The nonpharmacologic nature of the treatment option positions K.O.S as a valuable addition to the current therapeutic portfolio for the management of Chronic Migraine.”

The article, titled “Kinetic Oscillation Stimulation for the preventive treatment of chronic migraine – a randomized, double-blind, sham-controlled trial,” reports that the primary efficacy measure in the PM007 study demonstrated a significantly greater reduction in average monthly headache days (MHD) during the measurement period with active treatment (-3.5 days, n=67) compared to sham/placebo treatment (-1.2 days, n=65, p=0.0132). Compared to the sham treatment, active treatment also consistently resulted in a significant reduction in MHD during the follow-up period (-2.7 days [-4.3; -1.0, p=0.0014]). Similarly, the key secondary efficacy measure, average monthly migraine days (MMD), showed a significant reduction during both the measurement period (-2.4 days [-4.1; -0.7, p=0.0048]) and the follow-up period (-2.9 days [-4.5; -1.2, p=0.0008]).

“It is rare for medical technology in a clinical study to demonstrate this level of clarity and significance, and the importance of this publication for the company’s value can hardly be overstated,” says Anders Weilandt.

The PM007 study was registered on clinicaltrials.gov (NCT03400059) on January 17, 2018. The first patient was recruited on March 22, 2018, and the last patient completed the study on October 1, 2022. Five clinics in Germany and four in Finland recruited the study’s 132 patients, all diagnosed with chronic migraine. Half of the patients were randomized to active Ozilia treatment, while the other half received sham/placebo treatment. No treatment-related serious adverse events were observed.

Patients are diagnosed with chronic migraine if they have experienced more than 15 headache days per month, including at least 8 migraine episodes, for a minimum of three months.

The full article is available via open access at: https://www.neurology.org/doi/10.1212/WNL.0000000000210220

"The PM010 study is progressing well, with approximately 40 percent of the maximum number of patients currently recruited. One of the study's goals is to obtain as broad an overview as possible of different markets and healthcare models, which is why it is important that our new focus market, Switzerland, is also represented in the study. Inselspital in Bern is also an important reference clinic for Neurolite, our Swiss distributor," says Anders Weilandt, CEO of Chordate.

PM010 is an ongoing open clinical post-market surveillance to monitor long-term outcomes and safety of Ozilia® in patients with chronic migraine under routine clinical care. The study is designed to recruit up to 200 patients and is being conducted at 12 clinics across four European countries, with a follow-up period of 12 months. Data from this study will be reported at intervals and also be used to refine recommendations for the clinical treatment regimen.

“The revenue potential a buyer sees in the Ozilia treatment technology will determine the price they are willing to pay, likely in competition with others aiming to add Ozilia to an existing product portfolio,” says Anders Weilandt, CEO of Chordate Medical.

Chordate Medical holds 79 granted patents across 9 patent families, spanning 32 countries. These patents provide intellectual property protection for the inventions underlying the company’s products for treating chronic migraine and rhinitis. Each family includes one or more patents, registered in the EU and several other key markets, collectively describing various unique aspects and potential variants of the company’s technology and clinical efficacy. Currently, one patent application is in the review phase and has yet to be granted.

“It’s reasonable to assume that a potential buyer of the business will want to establish a global product sales strategy under patent protection for quite some time. The patents are a fundamental factor in the company’s sales value when a buyer calculates how long they can invest in sales growth with minimal disruption from direct competition,” says Anders Weilandt.

Chordate’s exit strategy focuses on demonstrating market penetration in selected markets. The company’s value is built on three pillars: robust scientific evidence from clinical studies, demonstrating sales success in a number of selected markets, and a comprehensive portfolio of intangible assets, such as patents and trademarks. Since October 2024, Chordate has engaged Partner International Switzerland GmbH as an advisor to find an international buyer for its operations.