"We have made 4-5 quite substantial efforts during the autumn at international migraine congresses. It has generated a substantial number of leads with prominent interest from various countries. When it comes to our target markets, we work on that directly from Stockholm first, and make sure to establish contact. Then we work together with our market access consultants in each country and/or distributors to continue the process. This has been ongoing throughout the autumn and is still ongoing now, and more results from this will be coming very soon."

Anders also specifically discussed the interest in Ozilia at Swiss Nordic Bio, and the plan going forward:

"We received very good feedback and had many interesting meetings. We will continue to devote a lot of time to this type of partner and investor meetings in an organized manner. We had a presence at another congress in Amsterdam a few weeks earlier, and there are a few more coming up during the spring. Marketing ourselves in that environment is part of the work to fulfill the strategic plan."

Watch the full interview

The presentation can be viewed through the following link: https://www.finwire.tv/webcast/chordate-medical/bokslutskommunike2023/.

Following the presentation, there will be a Q&A session where viewers can submit questions.

A recording of the presentation will be made available afterwards on the company’s website www.chordate.com and on Finwire TV’s YouTube channel.

"This is another example of a patient who does not respond to, or no longer receives benefit from, common medications for chronic migraines, but where Ozilia treatment appears to have worked well," says Anders Weilandt, CEO of Chordate. Weilandt adds that it should be noted that this does not refer to the expected publication of Chordate's significant migraine study PM007.

The report indicates that pain relief and reduction of migraine days from the initial treatment period had a sustained effect. After about three months, the patient underwent another treatment period with Ozilia, resulting in a quicker and more significant response:

"The preliminary results confirm that KOS treatment is effective both in relieving acute pain and reducing attack frequency. Although the precise mechanism by which KOS modulates the trigeminal-autonomic reflex is still speculative, it could be a viable alternative to the treatment of resistant and refractory chronic migraine, when other approved treatments have been shown to be ineffective or poorly tolerated," the authors write in the conclusion of the report.

The report, Extended regular use of kinetic oscillation stimulation (KOS) in refractory chronic migraine: case report of a first, single-subject experience, was authored by a group of doctors and researchers under the leadership of Professor Fabrizio Vernieri, Director of Headache and Neurosonology at Bio-Medico Campus University Hospital in Rome.

Read the full report

"As we continue to penetrate key markets, we will increasingly focus on raising awareness about the company and Ozilia within the industrial and investor circles surrounding Life Science. Swiss Nordic Bio is one of several important forums in this context during the spring where we participate to present Ozilia's potential", said Anders Weilandt, CEO of Chordate.

Swiss Nordic Bio has been held for 17 years and was previously known as the Swiss Scandinavian Bio-Business Seminar. The conference is hosted by Vator Securities and Business Sweden and organized together with stakeholders from the Nordic countries in collaboration with Swiss partners.

"The conference focuses on biotechnology, medtech, and the pharmaceutical industry. In addition to development companies like Chordate, and investors, global companies from these three fields also participate, making this the perfect forum for us to be a part of.”

Read more about Swiss Nordic Bio

Largest Market for Migraine Medications in Europe
12.5 million Germans suffer from migraine, of which 1.5–1.8 million have chronic migraine. The socioeconomic cost is estimated at 6500 EUR per patient per year, and the German migraine medication market is one of the largest in the world, with an estimated value of 2.5 billion USD by 2030 (Data Detective Dispatch 360).

German migraine and headache care are among the best in Europe. Over 90 percent of migraine patients are treated by specialist physicians (Journal of Headache and Pain). Healthcare services are funded through mandatory health insurance funds. Germans have the right to freely choose both insurance funds and where they want to seek care, a fact that benefits Chordate.

German healthcare is characterized by diversity, significant patient choice, and absence of waiting lists. Ten percent of the population has private health insurance. In addition, statutory occupational health care provides treatment for migraine to all employees.

Private Healthcare is Growing
Germany is Europe's largest healthcare market. The gross value of healthcare amounted to 883 billion USD in 2023. Healthcare is divided into three sectors: public, private non-profit, and private for-profit. All sectors operate under the same conditions. The for-profit healthcare sector in Germany has been growing for many years. In 2004, there were 444 private hospitals; by 2022, there were 596 operated by private for-profit companies – 20 percent of all hospitals, an increase of over 30 percent (Statista).

One reason for increased private ownership is reduced funding from states, another is changes in healthcare financing focusing on variable costs. The largest cost in a hospital is labor. Since 1990, the number of hospital employees in Germany has decreased by nine percent, and private healthcare providers can solve their tasks more efficiently.

The largest private players in the German healthcare market in terms of market value in 2023 were Siemens Healthliners (63 billion USD), Fresenius Medical Care (13 billion), and Röhn-Klinikum (0.9 billion) (Statista).

Chordate Medical in Germany
In August 2022, Chordate signed an agreement with MedTech Innovation Germany (MTIGER) to introduce Ozilia, a treatment method for chronic migraine, to opinion leading neurologists in Germany in both private and public healthcare. In November 2023 and January 2024, Chordate Medical signed two agreements with private specialist clinics in Hamburg and Munich to use Ozilia Migraine for migraine treatment.

"Germany is an important market for us, where we have had a breakthrough with the two agreements. This will certainly make it easier for us to continue converting prospects into orders in the country," says Anders Weilandt, CEO of Chordate Medical.