"Following the success of Ozilia for chronic rhinitis in Saudi Arabia, it is encouraging to see results also in the migraine segment. This order is a result of hard work by Janin Medical, who are also working on securing the registration for the migraine treatment as soon as possible," says Anders Weilandt, CEO of Chordate.

Saudi Arabia and the rest of the Gulf region have long been among Chordate's priority markets to demonstrate proof of concept, and Ozilia has been used for a longer period by several private hospitals for rhinitis treatment.

At approximately twenty-five percent of the population recruited to the study it was decided to perform a monitoring session of the data collected so far.

The purpose of the monitoring was to summarize parts of the data – focusing on some of the efficacy data – recorded in the study from start of inclusion until August 23, 2024. The study is still ongoing, and recruitment of patients is not affected by this data summary.

The conclusion reported by the study statistician was as follows:

• Results regarding the primary endpoint/objective: the “reduction of days with moderate or severe headache” are promising.
• The sensitivity analysis of the primary objective shows results in the same magnitude/direction as the main analysis.
• The major secondary efficacy objective: “Change from Baseline in proportion of migraine days” shows promising results as well – also supported by the sensitivity analysis.

“I am very satisfied that PM010 thus far confirms the results from the pivotal randomized controlled trial PM007. The results are surprisingly clear, already at this early stage,” says Anders Weilandt, Chordate CEO, and continues:

“This is a long study with twelve-months follow up, and a lot more data needs to be accumulated – but it is very good to get this confirmation that the study is on track.”

"It's clear that the market is very responsive; it reacts extremely well. I have the impression that it is a decentralized healthcare market where decisions can be made at much lower levels than, for example, in Sweden or England for that matter. And on top of that, we can add that Neurolite, our distributor, are very active in building and penetrating the market. They focus solely on neurology, so they are very knowledgeable and have well-established contacts and good trust from the healthcare side. I expect things to happen relatively frequently in Switzerland."

"What has opened up through the conferences is a network of contacts that we were looking for in connection with the final steps in our exit process and our strategy in general. It's important to ensure that the Chordate project and this rather fantastic treatment technology become well-known both among industrial stakeholders and partners, and among financial partners."

Watch the full interview (in Swedish): https://www.youtube.com/live/fQqIm04dijA

Due to the reverse split above, a recalculation will be made in accordance with the terms and conditions of the Company's warrants series TO 8 regarding the subscription price and the number of shares that each warrant entitles to subscribe for. Other terms and conditions of the warrants series TO 8 will remain unchanged, such as the time of exercise of the warrants etc. and the total number of outstanding warrants will not change as a result of the consolidation and recalculation.

The new subscription price per share for warrants of series TO 8 shall correspond to 70 percent of the volume-weighted average price of the Company's share on Nasdaq First North Growth Market during the period from and including 16 October 2024 to and including 29 October 2024, however, not less than the share's quota value (SEK 10) and not more than SEK 75 (previously SEK 0.15), and the new number of shares that each warrant entitles to subscribe for amounts to 0.002 shares (previously 1 share) after the recalculation. Subscription cannot be made by part of a share, which means that 500 warrants of series TO 8 will be required for subscription of 1 new share in the Company. Subscription of shares with the support of warrants of series TO 8 can take place during the period commencing 4 November 2024 up to and including 18 November 2024.

The presentation can be viewed through the following link: https://www.finwire.tv/webcast/chordate-medical/q2-2024/.

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.

“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.

"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)