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Chordate Announces Cost Reduction and Focus on Company Sale

Chordate Medical Holding AB (Publ.) (the “Company”) has adopted a cost reduction program that includes focusing activities on the continued ambition to sell the Company. Together with the recently completed directed share issue of approximately SEK 2.55 million, the intention is to give the exit process as much time as possible.

The Board of Directors’ strategic decision means that, while maintaining the service level towards customers and upholding regulatory approvals and production capacity, all operations will focus on what is deemed necessary to directly support the exit process.

“Maximum transparency towards the market and other stakeholders, to provide a fair view of the Company’s operations, is a fundamental principle. The measures we present here may not individually represent radical changes – but the combined effect will be significant. The Company’s clear ambition to fully focus on the exit process with a new cost structure needs to be clearly communicated,” says Anders Weilandt, CEO of Chordate.

The measures taken and decided upon will have a gradual effect on the cost structure from mid-year until the end of September, after which ongoing monthly costs are estimated to decrease by about 60 percent compared to the average in the first half of 2025. The main cost items affected are presented below:

The recently announced closure of study PM010, following success in the long-term follow-up of the Ozilia treatment for chronic migraine, is expected to reduce operational costs by an average of SEK 300 thousand per month from September 2025.

As the distributor Narro Medical in Saudi Arabia is considered to have reached an acceptable activity level in the market, the Company’s own marketing resource for the Middle East will be phased out. Likewise, market introductions in Germany and Switzerland have been concluded. Together, this is estimated to reduce ongoing marketing costs by approximately SEK 150 thousand per month on average.

All operations will thus be fully focused on the exit process, maintaining regulatory status, and servicing the Company’s customers, which means that personnel-related and other operational costs can be reduced by an average of approximately SEK 700 thousand per month.

Furthermore, the Company will switch to semi-annual reporting for cost-saving reasons, which means that the upcoming Q2 2025 financial report will be the last quarterly report. In addition, financial reports will only be published in Swedish. For information purposes, a financial summary will be available on the Company’s English-language website.

About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine, 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). Read more at www.chordate.com

The company's Certified Adviser on Nasdaq First North Growth Market Stockholm is Bergs Securities 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.

Chordate Announces Cost Reduction and Focus on Company Sale

Chordate reports preliminary conclusions from long-term study on chronic migraine: PM010

Since this Post Market Surveillance study is open-label (uncontrolled), it is possible – and the sponsor’s responsibility – to actively monitor study data during the ongoing trial. It is both scientifically and regulatorily permissible to summarize efficacy and safety data.

“It is highly gratifying that all key efficacy endpoints defined in the study design have been met with statistical significance, and that the long-term follow-up confirms the preventive effect of the Ozilia treatment. This means we will close the study in August,” says Anders Weilandt, CEO of Chordate.

“Although additional data and further analyses will be performed ahead of a forthcoming full publication, this selection of results provides a clear indication of reduced medication intake and annual need for Ozilia treatment as long-term effects. The overall outcome strongly reinforces our ongoing efforts to sell the company.”

As approximately half of the study population had been recruited, a statistical monitoring analysis was conducted on the data collected. The purpose of this monitoring was to assess whether the data – focusing on a selection of efficacy outcomes recorded from the start of patient inclusion until May 26, 2025 – would be sufficient to meet the study objectives.
Parts of the preliminary analysis, as reported by the study statistician and pending full analysis and publication of all data, are summarized below:

Primary endpoint results for all participants:
“Change from baseline (i.e. 4-week screening period) in the proportion of days with moderate-to-severe headache compared with the 4-week period starting the day after the third treatment” showed an average reduction of more than 4 headache days, with high statistical significance.

Secondary endpoint results (selected) for all participants:
a) “Change from baseline in the proportion of migraine days (regardless of intensity)” showed an average reduction of more than 4 migraine days, with statistical significance.
b) “Proportion of participants with a ≥30% and ≥50% reduction in moderate-to-severe headache days” showed 29% achieving ≥30% reduction and 14% achieving ≥50% reduction.

Secondary endpoint results (selected) from long-term follow-up (estimated over 365 days) for all participants:
c) “Change (from baseline to 28-day periods after Visit 3) in the proportion and number of days with moderate-to-severe headache and/or migraine” showed a statistically significant reduction in the proportion of headache days compared with baseline, calculated across the entire one-year period as well as in each half-year period.
d) “Change from baseline in the proportion of migraine days compared with periods after Visit 3” showed a statistically significant reduction up to approximately 200 days, after which the number of reporting participants became too small for analysis.
e) Subgroup analysis of participants reporting >2 days’ reduction in headache days chosed to receive approximately 5.6 treatments per year.
f) “Change from baseline in the proportion of days with medication use compared with periods after Visit 3” showed a reduction in the number of days with medication over the one-year period, with a statistically significant reduction between approximately Day 60 and Day 200, after which the number of reporting participants became too small for analysis.

Chordate reports preliminary conclusions from long-term study on chronic migraine: PM010

Bulletin from the Extraordinary General Meeting of Chordate Medical Holding AB (publ)

At the Extraordinary General Meeting of Chordate Medical Holding AB (publ), held on 17 July 2025, the following resolution was passed. All resolutions were adopted in accordance with the proposals previously made public in the notice to attend the meeting.

Approval of the Board of Directors’ resolution on a directed share issue
The General Meeting resolved, with the required majority in accordance with Chapter 16 of the Swedish Companies Act (commonly referred to as the “Leo rules”), to approve the Board of Directors’ resolution from 30 June 2025 on a directed issue of not more than 637,500 preference shares. The share issue entails an increase in the company’s share capital of up to SEK 2,550,000.

The new shares shall be subscribed for by Sifonen AB, Tommy Hedberg and related parties, and Caroline Brandberg and related parties. The subscription price was set at SEK 4.00 per share, which represents a premium compared to both the closing price on the day of the Board’s resolution and the volume-weighted average price (VWAP) over the 20 trading days preceding 30 June 2025.

The purpose of the share issue is to strengthen the company’s financial flexibility in line with its overall strategic plan.

Bulletin from the Extraordinary General Meeting of Chordate Medical Holding AB (publ)

Notice of Extraordinary General Meeting of Chordate Medical Holding AB (publ)

The shareholders of Chordate Medical Holding AB (publ), Reg. No. 556962-6319, are hereby invited to attend an Extraordinary General Meeting to be held on Thursday, 17 July 2025, at 15:00 CEST at the company’s premises, Kista Science Tower, Floor 31, Färögatan 33, Kista, Sweden.

Registration and Notification
Shareholders who wish to participate in the meeting must:

be registered in the share register maintained by Euroclear Sweden AB as of Wednesday, 9 July 2025; and
notify their intention to attend the meeting no later than Friday, 11 July 2025 by mail to Chordate Medical Holding AB (publ), c/o Kista Science Tower, Floor 31, Färögatan 33, 164 51 Kista, Sweden (please mark the envelope “EGM Chordate”), by telephone at +46 (0)8-400 115 46, or by email to niklas.lindecrantz@chordate.com.

Shareholders whose shares are nominee-registered through a bank or other manager must, in addition to giving notice of attendance, register their shares in their own name to be entitled to participate in the meeting. Such registration may be temporary (so-called “voting rights registration”) and must be completed by the record date on 9 July 2025. Shareholders should request that their nominee perform such registration well in advance, in accordance with the nominee’s procedures. Voting rights registrations made by the nominee no later than 11 July 2025 will be considered in the preparation of the share register.

Proxies
Shareholders who wish to participate via proxy must submit a written, dated proxy signed by the shareholder to the company by mail to Chordate Medical Holding AB (publ), c/o Kista Science Tower, Floor 31, Färögatan 33, 164 51 Kista, Sweden. Proxy forms are available on the company’s website, www.chordate.com. If the shareholder is a legal entity, a certificate of registration or other authorization document must be attached.

Proposed Agenda

Opening of the meeting
Election of Chairman of the meeting
Preparation and approval of the voting list
Election of one or two persons to verify the minutes
Determination of whether the meeting has been duly convened
Approval of the agenda
Resolution to approve the Board of Directors' decision on a directed new issue
Closing of the meeting

Proposals for Resolutions

Item 7 – Resolution to approve the Board of Directors' decision on a directed new issue
The Board of Directors proposes that the Extraordinary General Meeting resolve to approve the Board’s decision of 30 June 2025 on a directed new issue of not more than 637,500 preference shares, resulting in an increase of the share capital by not more than SEK 2,550,000. The resolution shall otherwise be governed by the following terms:

The right to subscribe for the new shares shall accrue to Sifonen AB, Tommy Hedberg with related parties, and Caroline Brandberg with related parties. The reasons for the deviation from the shareholders’ preferential rights are the Board’s overall assessment, in which the possibility of raising capital through a rights issue has been considered. However, the Board has concluded that a rights issue at this time would entail excessive costs for the company and thus an excessive financial burden. Furthermore, a rights issue carries the risk of not being fully subscribed, meaning that the costs may further exceed what is proportionate to the expected issue proceeds. It is especially noted that in February 2025 the company announced the outcome of a rights issue which was only subscribed to just over 60 percent with preferential rights, whereby guarantee undertakings, for which the company paid compensation, had to be fulfilled. In addition, the Board assesses that a rights issue would likely have needed to be carried out at a discount to the current market price, which would not have been possible given the quota value of the share. The directed issue will be carried out at a premium to the market price, which is more favorable for the Company as well as its shareholders. The Directed Issue is expected to strengthen the company’s ability to carry out the final step of the strategic plan involving the sale of the business to an external party, which the Board considers would be advantageous for both the company and its shareholders.
A subscription price of SEK 4 shall be paid for each share, corresponding to the share’s par value. The subscription price represents a premium of 60 percent compared to the closing price on Nasdaq First North Growth Market on 30 June 2025 (2.50 SEK), and a premium of 7.53 percent to the volume-weighted average price (VWAP) over the last 20 trading days (SEK 3.72) prior to 30 June 2025. Since the subscription price, set at par value, is above both the closing and VWAP prices, the Board considers the price to be market-based and not granting any undue benefit to the subscribers.
The share premium shall be allocated to the unrestricted share premium reserve.
Subscription of the new shares shall be made within one week from the date of the meeting’s approval of the issue resolution. Payment shall be made within one week from subscription.
The Board shall be entitled to extend the subscription and payment period.
The new shares shall carry entitlement to dividends from the first record date for dividends following their registration with Euroclear Sweden AB.
The preference shares shall be subject to redemption conditions.
The Board of Directors, or the person appointed by the Board, is authorized to make minor adjustments to the resolution as may be required for registration with the Swedish Companies Registration Office (Bolagsverket).

Since the resolution partly relates to parties covered by Chapter 16 of the Swedish Companies Act (the so-called “LEO Law”), the resolution must be supported by shareholders representing at least nine-tenths of both the votes cast and the shares represented at the meeting to be valid.

Other Information
The Board of Directors and the CEO shall, if any shareholder so requests and the Board deems it possible without significant harm to the company, provide information regarding circumstances that may affect the assessment of any matter on the agenda.

Documents pursuant to Chapter 13, Section 6 of the Swedish Companies Act will be available on the company’s website, www.chordate.com, no later than two weeks prior to the meeting and will be sent to shareholders who request them and provide their address.

For processing of personal data, please refer to the privacy policy available via the following link:
https://www.euroclear.com/dam/ESw/Legal/Integritetspolicy-bolagsstammor-svenska.pdf
_____________________
Chordate Medical Holding AB (publ)
the board of directors

Notice of Extraordinary General Meeting of Chordate Medical Holding AB (publ)

Chordate decides on a conditional directed new issue of Preference Shares of approximately SEK 2.55 million

NOT FOR PUBLICATION, PUBLIC DISTRIBUTION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, WITHIN OR TO THE USA, RUSSIA, BELARUS, AUSTRALIA, HONG KONG, JAPAN, CANADA, NEW ZEALAND, SINGAPORE, SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE PUBLICATION, DISTRIBUTION OR DISTRIBUTION OF THIS PRESS RELEASE WOULD BE ILLEGAL, SUBJECT TO LEGAL RESTRICTIONS OR REQUIRE REGISTRATION OR OTHER ACTIONS.

The board of Chordate Medical Holding AB (publ) (“Chordate” or the “Company”) has today decided to carry out a directed new issue of a maximum of 637,500 Preference Shares at a subscription price of SEK 4 per Preference Share (the “Directed New Issue”), corresponding to an issue proceeds of approximately SEK 2.55 million before transaction-related costs. The Directed New Issue is conditional on the approval of an extraordinary general meeting. A notice to the extraordinary general meeting will be publicly disclosed via a separate press release. The Directed New Issue is expected to strengthen Chordate’s ability to complete the final step of its strategic plan with the sale of its business to an external buyer, which the board considers to be beneficial for both the Company and its shareholders.

The Directed New Issue
The board of Chordate has today decided on the Directed New Issue, subject to subsequent approval by an extraordinary general meeting. The Directed New Issue involves 637,500 new Preference Shares at a subscription price of SEK 4 per Preference Share, and the Company will thereby receive approximately SEK 2,550,000 before transaction-related costs.

The Directed New Issue has been preceded by an exploration of potential interested parties by the Company. The parties that have expressed interest are existing shareholders of Chordate. The entitled subscribers, deviating from the shareholders' preferential rights, are Sifonen AB, Tommy Hedberg with related parties, and Caroline Brandberg with related parties.

The reason that only these existing shareholders have been included among the eligible subscribers for the Directed New Issue is that these owners have expressed and demonstrated long-term interest in the Company, which the board believes creates security, stability, and favorable conditions for the Company’s growth, thereby being advantageous for both the Company and its shareholders. Furthermore, the Company has found it difficult to attract new investors.

The subscription price in the Directed New Issue has been determined through negotiations at arm's length between the subscribers and the Company. The subscription price represents a premium of 60 percent compared to the closing price of the preference share on Nasdaq First North Growth Market on June 30, 2025 (2.50 SEK) and a premium of 7.53 percent compared to the volume-weighted average price (VWAP) of the preference share during the last 20 trading days (SEK 3.72) prior to June 30, 2025. Since the subscription price, set at par value, is higher than both the closing price on June 30, 2025, and the volume-weighted average price (VWAP) over the last 20 trading days, the board assesses that the subscription price is market-based and does not provide any undue advantage to the eligible subscribers.

Background and Motivation
Chordate is developing and commercializing Ozilia, a medical device for the treatment of chronic migraine and rhinitis. In a crucial randomized and placebo-controlled clinical study, the Company has demonstrated that treatment with Ozilia has a preventive effect on chronic migraine, significantly reducing the number of headache days and days with migraine episodes. Based on the study results, Chordate has obtained regulatory approval in Europe (CE marking) and commercialization has begun, with the system being used for treatment at clinics in Europe and Saudi Arabia.

Chordate believes that there is significant potential in Ozilia but that full-scale commercialization of the product would be best carried out by a larger international company with sufficient resources. Therefore, Chordate has initiated a process with the goal of completing the divestment to an industrial buyer. In October 2024, the Company announced that the Swiss advisor Partner International had been engaged to conduct a structured sales process to implement the divestment.

The Directed New Issue is expected to strengthen the Company’s ability to complete the final step of the strategic plan with the sale of the business to an external buyer, which the board believes would be beneficial for both the Company and its shareholders.

Deviation from shareholders' preferential rights
The reasons for deviating from the shareholders' preferential rights are the board’s collective assessment, where the possibility of raising capital through a rights issue has been considered. However, the board has concluded that a rights issue at this time would entail too high costs for the Company, thereby placing an excessive financial burden on the Company. A rights issue also risks not being fully subscribed, meaning that the costs could further exceed what is proportionate to the expected issue proceeds. It is particularly noted that in February 2025, the Company announced the outcome of a rights issue that was only subscribed to just over 60 percent with preferential rights, where guarantee commitments, for which the Company paid compensation, had to be fulfilled. Furthermore, the board believes that a rights issue would likely have had to be carried out with a discount relative to the prevailing market price, which would not have been possible given the par value of the shares. The Directed New Issue will be carried out with a premium relative to the market price, which is more beneficial for both the Company and its shareholders.

Shares and Dilution
If the Directed New Issue is approved at the extraordinary general meeting, the Directed New Issue will result in the Company’s share capital increasing by a maximum of SEK 2,550,000 from SEK 17,163,056 to SEK 19,713,056. The number of shares will increase by a maximum of 637,500 from 4,290,764 shares to 4,928,264 shares, and the number of votes will increase by a maximum of 63,750 from 2,858,734.4 votes to 2,922,484.4 votes. The implementation of the Directed New Issue will result in a dilution for existing shareholders of approximately 12.94 percent relative to the total number of outstanding shares in the Company and approximately 2.18 percent relative to the total number of outstanding votes in the Company.

Extraordinary General Meeting
The board will issue a separate press release to convene an extraordinary general meeting to approve the Directed New Issue.

Advisors
CMS Wistrand is the legal advisor in connection with the Directed New Issue.

Important Information
This press release does not constitute an offer or invitation to acquire or subscribe for any securities in Chordate in any jurisdiction, neither by Chordate nor anyone else. Copies of this press release may not be made and may not be distributed or sent to the USA, Australia, Belarus, Russia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, South Korea, or any other jurisdiction where such distribution would be illegal or require registration or other actions. The recipient of this press release is responsible for using this press release and the information herein in accordance with applicable regulations in their respective jurisdiction.

This press release is not a prospectus under the meaning of Regulation (EU) 2017/1129 ("Prospectus Regulation") and has not been approved by any regulatory authority in any jurisdiction. Chordate has not approved any public offer of shares or other securities in any of the EEA countries and no prospectus has been or will be prepared in connection with the Directed New Issue. In all EEA member states, this message is addressed to and directed at qualified investors and equivalents in the member state as defined by the Prospectus Regulation.

This press release and the information contained within it may not be distributed to or within the USA. This press release does not constitute an offer to acquire securities in the USA. Securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), and may not be offered or sold in the USA unless they are registered, subject to an exemption, or intended for a transaction not requiring registration under the Securities Act. No offer will be made to the public in the USA to acquire these securities.

Chordate decides on a conditional directed new issue of Preference Shares of approximately SEK 2.55 million

Chordate presents conclusions from the second data monitoring of the ongoing open-label long-term study on chronic migraine: PM010

Since this Post Market Surveillance study is open (uncontrolled), it is possible – as well as the sponsor's responsibility – to actively monitor study data during the ongoing study. It is regulatory and scientifically permissible to summarize both efficacy and safety data.

As approximately fifty percent of the maximum patient population was recruited to the study, it was decided to carry out a follow-up of the data collected so far.

The purpose of the monitoring was a partial summary of the data – with a focus on some of the efficacy data – that were registered in the study from the start of inclusion until 26 May 2025. The study is still ongoing for the patients who are in the study, the recruitment of new patients has been discontinued because data compilation shows such satisfactory results that additional data cannot significantly improve the outcome.

The conclusion reported by the study's statisticians from the monitoring was as follows:

Results for the primary endpoint/endpoint: "the reduction in moderate or severe headache days during the last four weeks of the six-week initial treatment period" statistically demonstrate a clinically relevant reduction in the number of headache days compared to baseline (four-week baseline measurement period). This confirms the overall results published for the PM007 study: https://www.neurology.org/doi/10.1212/WNL.0000000000210220.

Regarding the main secondary endpoint: "Change from baseline in proportion of migraine days over 12 months from first treatment" also shows with statistical certainty a clinically relevant reduction in the number of days with migraine compared to baseline, over a reassuring period – where the study has so far collected a sufficient amount of data. The same applies to the reduction of headache days, but where the period of significant reduction is even longer.

“It is very gratifying that PM010 now with statistical significance further confirms the results from the PM007 study. This is of great importance in the work with the exit process," says Anders Weilandt, CEO of Chordate, and continues:

“This is a long study with twelve months of follow-up, and data is still being collected. An in-depth analysis is now underway to determine whether it is likely that such good results can be improved from a statistical perspective, or whether the data we have is sufficient to present a final picture of results.”

Chordate presents conclusions from the second data monitoring of the ongoing open-label long-term study on chronic migraine: PM010

Chordate Medical Holding AB (publ) Interim Report January-March 2025

Summary of the period January–March 2025

Net turnover was SEK 596,105 (257,677)
Cash flow from operating activities was SEK -6,046,406 (-5,908,058)
Profit/loss after financial items was SEK -5,756,609 (-6,019,201)
Profit/loss after tax was SEK -5,756,609 (-6,019,201)
Earnings per share were SEK -4.21 (-0.02)

Study publication and last stage financing – a good quarter
The first quarter’s obvious high point was that the scientific article on the PM007 migraine study was published in the scientific journal Neurology. The 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 and is a very important piece of the puzzle in our ongoing work with the exit process.

During the first quarter, the company also completed a rights issue that overall was subscribed to approximately 79.9 percent, which we view to be an excellent result in the current financing climate. The capital contribution of approximately SEK 17.7 million before deduction of issue costs will primarily be used to support the ongoing exit process.

Groundbreaking migraine study with Ozilia now published in prestigious Neurology journal
Follow-up study PM010 expanded with key university clinic in Switzerland
Rights emission subscribed in total to approximately 79.9 percent
Narro Medical qualified as a distributor for the migraine area in Saudi Arabia

Groundbreaking migraine study with Ozilia now published in prestigious Neurology journal
The highly esteemed scientific journal Neurology published at the beginning of January the scientific article on Chordate Medical’s PM007 registration study on preventive neurostimulation treatment for chronic migraine.

The publication entails that the article and the results of the study have now been scientifically reviewed by an independent expert panel. The journal’s classification of the study’s implementation and results gave the highest rating, Class I, as proof that intranasal kinetic oscillation stimulation effectively reduces the number of headache days per month among patients with chronic migraine.

Follow-up study PM010 expanded with key university clinic in Switzerland
Chordate added at the beginning of January a 12th study clinic to the post-market surveillance study PM010 for migraine treatment after Inselspital, Universitätsklinik für Neurologie, in Bern (CH) received ethical approval to join the study.

PM010 is an ongoing open clinical post-market surveillance study to follow the long-term performance and safety of Ozilia® in patients with chronic migraine during regular clinical treatment. The study is designed to be able to recruit up to 200 patients and is being carried out at 12 clinics in four European countries with a follow-up period of 12 months. Data from the study will be reported in intervals and, in addition to meeting regulatory requirements, will also be used to fine-tune recommendations for the clinical treatment regimen.

Rights emission subscribed in total to approximately 79.9 percent
In mid-February, the rights issue announced in December 2024 was completed. Overall, the rights issue was subscribed to approximately 79.9 percent, providing the Company with approximately SEK 17.7 million before deduction of issue costs. The capital contribution will primarily be used to support the work with the ongoing exit process, and all costs that are not judged to have a direct impact on the possibility for successful business will have to wait.

The outcome of the rights issue shows once again that the company has strong support from its owners, which is crucial since we are now in the middle of the work with the final step in the long-term strategy — successful divestment of the operations to a suitable partner.

Additional distributor in Saudi Arabia
During the quarter, the qualification of Narro Trading Est., Riyadh Saudi Arabia (Narro Medical) began as a non-exclusive distributor in the migraine area. We are already working with a distributor in Saudi, but we have seen a need to increase focus and expertise in the neurology field. Narro Medical fits well into this profile and is currently in the final stages of the qualification process, which includes demonstrating effective sales activities in the field and taking over the work with prospective customers we have previously engaged.

The quarter’s sales and performance
Net sales during the quarter amounted to approximately SEK 596,000 (258,000), an increase of approximately 131 percent compared to the corresponding period in 2024. The sales were broken down into 37 percent to the EU and 63 percent to the EMEA. This is a noteworthy increase but, relatively speaking, continued to be at a low level and falls within the fluctuation associated with the phase of early commercialization, which is where the company is currently positioned.

Consolidated earnings and cash flow during the quarter were largely unchanged compared to the corresponding period in 2024. Issue costs burdened the balance sheet but affect comparability for the quarter’s cash flow in relation to the figures for the full year. We are pleased to note increasing sales to the EMEA, which is a direct result of the addition of the new distributor Narro Medical for the migraine area in Saudi Arabia.

Focus in 2025

Pursue a successful exit process
Increase the number of installations in the focus markets
Implement the ongoing clinical studies according to plan

Kista, May 2025
Anders Weilandt, CEO

Chordate Medical Holding AB (publ) Interim Report January March 2025

Communiqué from the Annual General Meeting of Chordate Medical Holding AB (publ)

The Annual General Meeting of Chordate Medical Holding AB (publ) was held on May 21, 2025. The following decisions were made at the Annual General Meeting.

Income statements and balance sheets
The Annual General Meeting adopted the income statement and the balance sheet and the consolidated income statement and the consolidated balance sheet for the financial year 2024.

Dividend
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, that no dividend shall be distributed for the financial year 2024 and that the company’s result shall be carried forward in the new accounts.

Discharge from liability
The members of the Board of Directors and the CEO were discharged from liability for the administration of the company during the financial year 2024.

Election of members of the Board of Directors
The Annual General Meeting resolved, in accordance with the nomination committee’s proposal, that the Board of Directors, for the period running up until the end of the next Annual General Meeting, shall be composed of five board members with no deputy board members.

The Annual General Meeting resolved, in accordance with the nomination committee’s proposal, on the re-election of the board members Henrik Rammer, Tommy Hedberg, Caroline Lundgren Brandberg, Gunilla Lundmark and Otto Skolling for the period running up until the end of the next Annual General Meeting. Otto Skolling was elected Chairman of the Board of Directors for the period running up until the end of the next Annual General Meeting.

Election of auditor
The Annual General Meeting resolved, in accordance with the nomination committee’s proposal, that one registered accounting firm shall be elected as auditor for the period running up until the end of the next Annual General Meeting.

The Annual General Meeting re-elected, in accordance with the nomination committee’s proposal, the auditing firm Öhrlings PricewaterhouseCoopers AB as auditor for the period running up until the end of the next Annual General Meeting. The Authorized Public Accountant, Henrik Boman, will be the responsible auditor.

Fees to the board of directors and the auditor
The Annual General Meeting resolved, in accordance with the nomination committee’s proposal, that fees to the board of directors, for the period up until the end of the next annual general meeting, shall amount to a total of SEK 580,000 with the following distribution: SEK 180,000 to the chairman of the board of directors and SEK 100,000 to each of the other members of the board of directors who are not employed by the company.

The Annual General Meeting resolved, in accordance with the nomination committee’s proposal, that the fee to the auditor, for the period up to the end of the next annual general meeting, shall be paid as incurred on approved accounts.

Guidelines for appointing the nomination committee
The Annual General Meeting resolved, in accordance with the nomination committee’s proposal, that the nomination committee shall consist of the four largest shareholders namely HAWOC Investment AB, Sifonen, Isak Brandberg AB with closely related persons, and Tommy Hedberg with closely related persons. The term of the nomination committee shall run until a new nomination committee has been appointed.

Authorization for the board of directors to resolve on issuances
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, to authorize the board of directors, on one or more occasions, until the next annual general meeting, with or without preferential rights for the shareholders, to resolve upon issue of shares, convertibles and/or warrants. Such new issue resolutions may include provisions of payment in cash and/or payment by way of contribution of non-cash consideration or by set-off of a claim or that subscription shall be subject to other conditions. The terms and conditions for the issue shall be customary to market practice with the possibility to a customary issue discount and shares, warrants and/or convertibles may be issued up to a volume corresponding to in total not more than one-third (1/3) of the shares outstanding in the company at any given time.

Communiqué from the Annual General Meeting of Chordate Medical Holding AB (publ)

Chordate Medical Expands Migraine Offering in Saudi Arabia – Appoints Additional Distributor

Chordate Medical has appointed Narro Trading Est. (Narro Medical) as a non-exclusive distributor in Saudi Arabia. Narro Medical will initially focus on the migraine segment, and the qualification process as a distributor has been underway for some time.

“We already have a distributor in Saudi Arabia, but we see a need to increase focus and expertise in the neurology field. Narro Medical fits well into that strategy and is currently in the final stages of the qualification process. This includes demonstrating effective sales activities in the field, taking over the work with prospective customers we have previously engaged, and placing qualifying orders for demo equipment and stock – something they have successfully accomplished so far,” says Anders Weilandt, CEO of Chordate Medical.

Ozilia is currently offered as a rhinitis treatment at nine clinics in Jeddah and Riyadh. In September 2024, Chordate received its first order for Ozilia migraine treatment in Saudi Arabia, and shortly thereafter, the Saudi Food and Drug Authority (SFDA) approved the company’s application for market authorization for the migraine indication.

Chordate Medical Expands Migraine Offering in Saudi Arabia – Appoints Additional Distributor

Chordate Medical terminates the liquidity provider agreement for the preference share

Chordate Medical hereby announces that the company has terminated the agreement with Lago Kapital regarding the assignment as liquidity provider for the preference share CMH Pref.

The purpose of the liquidity provider has been to promote the liquidity of the company's preference share, reduce volatility and facilitate trading. Chordate Medical assesses that the current trading and liquidity in the share is good and that the benefit of the liquidity provider is limited.

The liquidity guarantee expires on 2025-06-17.

Chordate Medical terminates the liquidity provider agreement for the preference share

Chordate Announces Cost Reduction and Focus on Company Sale

Chordate reports preliminary conclusions from long-term study on chronic migraine: PM010

Bulletin from the Extraordinary General Meeting of Chordate Medical Holding AB (publ)

Notice of Extraordinary General Meeting of Chordate Medical Holding AB (publ)

Chordate decides on a conditional directed new issue of Preference Shares of approximately SEK 2.55 million

Chordate presents conclusions from the second data monitoring of the ongoing open-label long-term study on chronic migraine: PM010

Chordate Medical Holding AB (publ) Interim Report January-March 2025

Communiqué from the Annual General Meeting of Chordate Medical Holding AB (publ)

Chordate Medical Expands Migraine Offering in Saudi Arabia – Appoints Additional Distributor

Chordate Medical terminates the liquidity provider agreement for the preference share

Pressmeddelanden

Chordate Medical Holding AB (publ) Delårsrapport januari-juni 2025

Chordate meddelar kostnadsreduktion och fokusering på bolagsförsäljning

Chordate redovisar preliminära slutsatser från långtidsstudien om kronisk migrän: PM010

Chordate Medical AB