English-arkiv - Chordate

Chordate Medical receives first order from Switzerland worth approximately KSEK 370

Chordate Medical's regulatory partner and distributor in Switzerland and Liechtenstein, Neurolite AG, has made a first order for Ozilia products with an order value of approximately KSEK 370. In connection with the order, Neurolite also announced that the registration of Neurolite as the regulatory representative for Chordate is now complete.

“The registration means that Neurolite can now freely sell Ozilia Migraine in Switzerland and Liechtenstein, and it is of course pleasing that they immediately secured a first order. As I have said before, we see interesting potential for Ozilia in Switzerland and this rapid process leading to a first order is proof of that”, says Anders Weilandt, CEO of Chordate.

Chordate added Switzerland as a new focus market for the Ozilia treatment, and signed an agreement with Neurolite AG as distributor and regulatory representative in Switzerland and Liechtenstein earlier in June.

About Chordate
Chordate Medical Holding AB (publ) is a medical technology company that has developed, patented and CE-marked Ozilia® Migraine (formerly K.O.S), 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 Vator 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 Medical receives first order from Switzerland worth approximately KSEK 370

Chordate Enters New Partnership Agreement with Neurolite, Switzerland – Adjusts List of Focus Markets

A part of Chordate Medical’s strategy is to demonstrate proof-of-concept in a number of selected focus markets. The company is now adding Switzerland as a new focus market for the Ozilia treatment and has signed an agreement with Neurolite AG as distributor and regulatory representative in Switzerland and Liechtenstein. At the same time, efforts in the UK are being phased out.

“There is significant interest in Ozilia in the Swiss market, which we have observed during several of the congresses we’ve attended. Currently, we are in discussions with several strong leads and interested parties, and we believe that a number of these can result in installations in the near future. Therefore, it is natural that Switzerland becomes one of the company’s key markets,” says Anders Weilandt, Chordate CEO.

Chordate's focus markets stand out in two distinct ways. Firstly, they have a well-developed private healthcare sector with an insurance system that allows treatments like Ozilia to receive reimbursement codes. Secondly, the path to market approval for medical devices like Ozilia is favorable.

“Obtaining a reimbursement code that allow patient insurance to cover the cost of Ozilia treatment, which we have previously achieved in Saudi Arabia and partially in Italy, is a key factor for us. Similar to Germany, Switzerland is characterized by manageable decision-making processes and a relatively short path to reimbursement code for insurance payment.”

Chordate’s distributor and regulatory representative in Switzerland and Liechtenstein will be Neurolite AG, which specializes in delivering the latest medical technology solutions in neurology to hospitals and private clinics in the two countries.

“They have previously, with great success, introduced products in the same segment as our treatment, and they are assessed to have the right expertise and network to succeed with Ozilia as well.”

As Chordate adds Switzerland as a focus market, the UK is being removed from the list.

“The UK’s public healthcare system, NHS, has been shown to have excessively long decision-making processes and significant challenges in implementing new medical technology, which has affected our operations in the country."

Kalqyl in updated Analysis of Chordate Medical: ”Making Progress in All Areas of the Market Plan”

Kalqyl has published an updated analysis of Chordate Medical following the company's Q1 report released on May 24. In the analysis, Kalqyl comments on Chordate's continued sales growth, and states that the company is on the right track towards achieving measurable market penetration in selected markets:

"Chordate continues on its current path by making progress in all areas of the market plan, which in the long term should enable the sale of the company. At this stage, we particularly view the increase in sales over five consecutive quarters and the sustained growth rate positively. The company also received a net liquidity of SEK 18.7 million through a rights issue, which provided increased opportunities to continue market and sales efforts. Overall, the company meets our expectations, and our valuation remains unchanged."

Read the full analysis (in Swedish)

Kalqyl in updated Analysis of Chordate Medical: "Making Progress in All Areas of the Market Plan"

Chordate Medical Presents at The Global Forum by Biostock 2024

Chordate’s CEO Anders Weilandt will present Ozilia at Biostock’s Global Forum on May 29, 2024. This event is one of several this spring where Chordate is participating to increase awareness of Ozilia among various investor segments within the Life Science sector.

– This particular event focuses largely on companies that are preparing to enter markets outside the Nordic region, and this aligns well with Chordate. We have already achieved success in several of our key markets and are now ready for the next step, says Anders Weilandt, CEO of Chordate.

Biostock’s Global Forum is designed to connect Nordic growth companies with a global network of potential investors and partners, from USA, Europe, and Asia.

– Over the past few months, we have worked hard to introduce Ozilia to as many potential investors in Life Science as possible, and this is yet another opportunity for us.

Finwire Interview: CEO Anders Weilandt on Chordate Medical’s Q1 Report

Today, May 24, Chordate's CEO Anders Weilandt presented the company's Q1 report for 2024 on Finwire TV. He also answered questions from viewers and talked, among other things, about the reception of Ozilia in industrial and investor circles.

"Based on the results delivered by PM007, they can see, sometimes with quite a bit of surprise, how effective this is. We can show that we are as good as or better in terms of medical efficacy, we have as good or better response than all other alternatives, and we have no side effect profile to speak of. Then you can see that this must be taken seriously, especially since many people know that many patients prefer to avoid their heavy medications.”

"Industry evaluators see that this is extremely exciting, that's the impression we have. This also applies to the clinical side, where many doctors and clinics want to have other options in their toolbox to offer patients when they run out of alternatives. So, the reception is very positive, I would say."

Watch the full interview: https://www.youtube.com/live/sPwIWGr6fm8?si=ir1_dJ19K_uBP1lL

Finwire Interview: CEO Anders Weilandt on Chordate Medical’s Q1 Report

Chordate Medical Holding AB (publ) Interim Report January-March 2024

Summary of the period January–March 2024

Net turnover was SEK 257,677 (120,421)

Cash flow from operating activities was SEK -5,908,058 (-8,479,928)

Profit/loss after financial items was SEK -6,019,201 (-7,113,134)

Profit/loss after tax was SEK -6,019,201 (-7,113,134)

Earnings per share were SEK -0.02 (-0.03)

Breakthrough in several markets and strengthened cash flow via an issue
During the first quarter of the year, much of our focus has been on introducing Ozilia Migraine in the industry and investor circles surrounding Life Science. During several investor congresses, we have connected with interesting contacts who see the potential in Ozilia.

We find another highlight during the first months of the year in Germany, where the first migraine patients started treatment with Ozilia. It is very satisfying that the first clinic with private paying patients has started on a central focus market.

First migraine patients treated in Germany

Strong interest at several investing congresses

New case report on Ozilia published: “Effective for both pain relief and reduced frequency of migraine attacks”

Patents approved in Europe and USA

Cash strengthened by approximately SEK 23 million before costs after the rights issue. Additional proceeds may come from warrant series T08

First migraine patients treated in Germany
At the beginning of January, Chordate trained clinic staff and assisted in the initiation of treatment for the first three patients in Germany. Chordate and the clinic signed an agreement in November 2023 for the installation of Chordate's drug-free alternative for preventive migraine treatment.

At the end of January, we also signed an agreement with a second clinic in Germany. The Company's ambition for the German market is to eventually also establish individual insurance compensation for the treatment. This is a key first step for being able to further scale up sales.

Strong interest at several investing congresses
We participated during the first quarter and thereafter in several international investing congresses that target Life Science, including in Switzerland, London and Oslo. As Ozilia reaches higher levels of acceptance and success on our focus markets, we are working to increase knowledge about the Company and Ozilia among potential investors and buyers of the Company. This is part of the Company's overarching strategy and thus something we will continue to work with even during the rest of the year.

New case report on Ozilia published: “Effective for both pain relief and reduced frequency of migraine attacks”
In March, an Italian case report on Ozilia by a team at Campus BioBedico in Rome was published in the prestigious scientific journal Cephalalgia Reports. The case report describes a 60-year-old male patient whose days with migraines decreased significantly, from 18 to 7 days per month, with a simultaneous significant reduction in pain level.

The article also 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.

Patents approved in Europe and the USA
In February, the European Patent Office granted Chordate's patent application EP 20163024.1 from 2020. The patent application pertains to the Company's treatment technique Ozilia, especially targeting chronic migraine. After the end of the period, at the beginning of May, the United States Patent and Trademark Office announced its intention to grant Chordate's patent application US 17/942,912 from 2022.

The Company thus currently has 79 patents distributed between 32 countries and 9 patent families related to different aspects of the Company's treatment techniques. Each newly granted patent is positive since the Company’s intellectual property rights enable exclusivity on the market, which is a pillar of the ownership value the Company is building.

Strengthened cash after rights issue
The rights issue conducted in January 2024 was subscribed to approximately 55 percent and raised approximately SEK 23 million for the Company before issue costs, and in the event of full exercise of all warrants series TO 8 that are issued, Chordate Medical may receive additional proceeds in November 2024.

Focus in 2024

Proof-of-Concept in the focus markets

Generate attention in the industry and investor circles

Product registration in China, Saudi Arabia, UAE and USA

The studies PM009 and PM010

Kista, May 2024
Anders Weilandt, CEO

Chordate Medical Holding AB (publ) Interim Report January March 2024

Chordate Medical presents interim report for Q1 2024 on Finwire TV

Chordate Medical Holding (publ) is releasing its interim report for Q1 2024 on Friday, May 24, 2024, at 08:30. On the same day, at 11:00, the company invites you to a webcast presentation of the report with CEO Anders Weilandt on Finwire TV.

The presentation can be viewed through the following link: https://www.finwire.tv/webcast/chordate-medical/q1-2024/

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.

Chordate Medical presents interim report for Q1 2024 on Finwire TV

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 15, 2024. 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 2023.

Dividend
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, that no dividend shall be distributed for the financial year 2023 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 2023.

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.

Amendment to the articles of association with respect to the share capital
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, on an amendment to the articles of association in order to enable the reduction of the share capital. The amendment of the articles of association entail that the limits of share capital are changed from that the share capital shall not be less than SEK 55,000,000 and not more than SEK 220,000,000 to that the share capital shall not be less than SEK 9,000,000 and not more than SEK 36,000,000.

Reduction of the share capital
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, on an reduction of the share capital. The share capital shall be reduced by SEK 48,808,786.50. The reduction of the share capital shall be carried out without withdrawal of shares, and the amount from the reduction shall be allocated to unrestricted equity. The reduction is implemented for the purpose of reducing the quota value of the shares from SEK 0.12 per share to SEK 0.02 per share. Following the reduction, the company's share capital will amount to SEK 9,761,757.30, divided into a total of 488,087,865 shares (before the issue of shares in accordance with the below and the consolidation of shares in accordance with the below).

Directed issue of shares (equalization issue)
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, on an issue of shares, with deviation from the shareholders’ preferential rights, in order to achieve a number of shares in the company that is evenly divisible by five-hundred (500), in order to enable the consolidation of shares in accordance with the below and to contribute shares to the shareholders whose number of shares is not evenly divisible by five-hundred (500).

Through the share issue, the company’s share capital is increased by not more than SEK 40,472.70 through the issue of not more than 2,023,635 new shares, each with a quota value of SEK 0.02 (after the completion of the reduction set out above). The right to subscribe for the new shares shall vest with Vator Securities AB. The reasons for the deviation from the shareholders preferential rights is to ensure that the total number of shares in the company is evenly divisible by five-hundred (500) and that the relevant shares can be allotted to shareholders whose shareholding are not evenly divisible by five-hundred (500).

A subscription price of SEK 0.02 shall be paid for each new share. The subscription price corresponds to the shares’ quota value (after the completion of the reduction set out above). Subscription for shares shall be made not later than three (3) days following the general meeting’s resolution. Payment shall be made not later than five (5) days following the general meeting’s resolution. The board of directors shall have the right to extend the subscription period and the time for payment.

Amendment to the articles of association with respect to the number of shares
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, on an amendment to the articles of association in order to enable the consolidation of shares. The amendment of the articles of association entail that the limits regarding the number of shares are changed from that the number of shares in the company shall not be less than 450,000,000 and not more than 1,800,000,000 to that the number of shares in the company shall not be less than 900,000 and not more than 3,600,000.

Consolidation of shares
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, on a consolidation of the company’s shares, whereby the number of shares in the company is reduced by combining five-hundred (500) shares into one (1) share, in order to achieve a suitable number of shares in the company. The annual general meeting authorized the board of directors to determine the record date for the consolidation.

If a shareholder’s shareholding does not correspond to a full number of new shares, i.e., is not evenly divisible by five-hundred (500), such shareholder will receive as many shares as necessary free of charge (1-499) that their shareholding, after adding the shares provided, becomes evenly divisible by five-hundred (500), so-called rounding up.

Further information on the procedure for the consolidation will be announced in connection with the board of directors resolving on the record date.

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.

Amendment of the articles of association
The Annual General Meeting resolved, in accordance with the Board of Directors’ proposal, on an amendment of the articles of association in order to enable the board of directors to adopt a resolution that a general meeting shall be held digitally.

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

Chordate Presents Ozilia at Pharma Partnering EU Summit 2024

Chordate Medical's CEO, Anders Weilandt, will present the company and the migraine treatment Ozilia at Pharma Partnering EU Summit in Basel, Switzerland, on May 22–23. The congress gathers leading figures from around the world, primarily within the pharmaceutical industry, focusing on licensing, commercialization, investment, and other partnership opportunities.

"Unlike other investment conferences we participate in, this one is focused on the pharmaceutical industry, where we know there is substantial interest in innovations like Ozilia. The goal is to come away with a number of promising leads to follow up on," says Anders Weilandt.

Chordate's participation in the Pharma Partnering EU Summit is part of the company's efforts to increase awareness about the company and Ozilia in various industry and investor segments.

"The company's exit strategy is based on how the entire medtech industry has evolved in recent years – large players increasingly acquire smaller development companies that have demonstrated proof of concept and market potential, rather than developing innovative treatments themselves. This is especially true for the pharmaceutical industry."

Chordate Presents Ozilia at Pharma Partnering EU Summit 2024

Chordate will be granted a fourth patent in the USA

Chordate Medical Holding AB (Publ.) announces that the United States Patent and Trademark Office has issued a decision to grant Chordate's patent application US 17/942,912 from 2022.

The patent application relates to the treatment of headaches, focusing on protecting the company's product Ozilia Migraine. The granting of the application means that a fourth U.S. patent is added to a growing patent family focused on headache treatment, which the company has been building since 2011.

"One of the three cornerstones of our strategic efforts to build shareholder value is to fulfill our patent strategy. The intellectual property defense of our technology to support our ongoing business development is an essential part of what we consider core values in the company," says Anders Weilandt, CEO of Chordate Medical.

Chordate Medical today holds 79 patents across 32 countries and 9 patent families, covering various aspects of the company’s treatment technologies. The patent families deal with various aspects of Chordate’s technology and are designed to provide the best possible protection for the inventions that is the basis for the company’s products.

Chordate will be granted a fourth patent in the USA

Chordate Medical receives first order from Switzerland worth approximately KSEK 370

Chordate Enters New Partnership Agreement with Neurolite, Switzerland – Adjusts List of Focus Markets

Kalqyl in updated Analysis of Chordate Medical: ”Making Progress in All Areas of the Market Plan”

Chordate Medical Presents at The Global Forum by Biostock 2024

Finwire Interview: CEO Anders Weilandt on Chordate Medical’s Q1 Report

Chordate Medical Holding AB (publ) Interim Report January-March 2024

Chordate Medical presents interim report for Q1 2024 on Finwire TV

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

Chordate Presents Ozilia at Pharma Partnering EU Summit 2024

Chordate will be granted a fourth patent in the USA

Pressmeddelanden

Chordate Medical får första order från Schweiz till värde av ca 370 KSEK

Chordate i nytt partneravtal med Neurolite, Schweiz – justerar listan över fokusmarknader

Kalqyl i uppdaterad aktieanalys av Chordate Medical: ”Tar steg inom samtliga delar av marknadsplanen”

Chordate Medical AB