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Chordate decides on a preferential issue of units of approximately SEK 22.2 million consisting of ordinary shares and preference shares with a conditional share dividend upon sale of the business

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The board of Chordate Medical Holding AB (publ) ("Chordate" or the "Company") has today decided to carry out an issue of units consisting of Ordinary Shares and Preference Shares for an initial amount of approximately SEK 22.2 million (the "Rights Issue") with preferential rights for the Company's existing shareholders subject to the approval of the extraordinary general meeting. Notice of the extraordinary general meeting will be published shortly. The subscription price for a unit, consisting of an Ordinary share and a Preference share, amounts to SEK 12 ("Unit"). Around 79.9 percent of the Rights Issue is covered by subscription undertakings and guarantee commitments.

Summary

  • The board of Chordate has today decided on the Rights Issue subject to approval from an extraordinary general meeting. Notice to the extraordinary general meeting will be published shortly.
  • In order to enable the Rights Issue, the board has also decided to propose to the extraordinary general meeting to make a decision to i) introduce a new class of shares, Preference Shares, ii) introduce a redemption clause regarding the Preference Shares in the Company's articles of association, and iii) change the share and share capital limits in the Company's articles of association.
  • The net proceeds from the Rights Issue are intended to be used for the following purposes listed in order of priority; general corporate purposes, completion of clinical trials, continued efforts in focus markets and investments in production capacity.
  • The rights issue will, if fully subscribed, raise approximately SEK 22.2 million before issue costs. The issue costs for the Rights Issue are estimated to amount to approximately SEK 3.0 million including compensation for guarantees of approximately SEK 1.4 million, which is paid through newly issued Units, which means that the Company is expected to receive net cash of approximately SEK 20.6 million.
  • Anyone who is a shareholder in Chordate on the record date of January 31, 2025 has preferential rights to subscribe for Units in the Rights Issue in relation to the number of shares held on the record date.
  • One (1) existing share in Chordate on the record date entitles to one (1) unit right, three (3) unit rights gives the right to subscribe for five (5) Units consisting of one (1) Ordinary share and one (1) Preference share.
  • The subscription price has been set at SEK 12 per Unit.
  • For existing shareholders who do not participate in the Rights Issue will be diluted with a maximum of 77 percent, including the Preference Shares. Shareholders who do not wish to participate in the Rights Issue have the opportunity to receive financial compensation for the dilution by selling their unit rights.
  • The subscription period in the Rights Issue is estimated to run from and including February 3, 2025 to and including February 17, 2025.
  • The Rights Issue is covered by the subscription undertakings amounting to approximately 35.5 percent of the Rights Issue. No compensation is paid for submitted subscription undertakings.
  • The company has entered into underwriting guarantees totalling approximately SEK 9.9 million, corresponding to approximately 44.4 percent of the rights issue.
  • In total, approximately SEK 17.7 million, corresponding to around 79.9 percent, of the Rights Issue is covered by subscription undertakings and guarantee commitments.
  • The Board has also decided on an over-allotment issue of up to 300,000 Units, which can provide the Company with an additional SEK 3.6 M, conditional on the Rights Issue being oversubscribed.
  • The board also proposes that the general meeting decide to authorize the board to make a decision on further issue of Units with a deviation from the shareholders' pre-emptive right in order to be able to issue Units as guarantee compensation to the guarantors.

Full terms and instructions for the Rights Issue will be available in the information memorandum, which is expected to be published around January 31, 2025.

The Rights Issue
The Rights Issue containing Units, will, if fully subscribed, raise approximately SEK 22.2 million to Chordate before issue costs.

The Company's shareholders have preferential rights to subscribe for Units in the Rights Issue in relation to the number of shares held on the record date, which is expected to be January 31, 2025. One (1) existing share in the Company on the record date entitles to one (1) unit right, three (3) unit rights gives the right to subscribe for five (5) Units consisting of one (1) Ordinary share and one (1) Preference share.

The subscription price has been set at SEK 12 per Unit. Both Ordinary and Preference Shares are intended to be admitted to trading on the Nasdaq First North Growth Market.

In connection with the implementation of the Rights Issue, a new class of shares, Preference Shares, will be introduced. The preference share is subject to a redemption clause and, under certain specified circumstances, carries the right to a dividend of a maximum of SEK 12 per preference share, with priority over the ordinary shares. Complete terms and conditions for the Preference Shares can be found in the notice published shortly after this press release. In the event of a fully subscribed Rights Issue, a maximum of 1,847,460 Preference Shares and 1,847,460 Ordinary Shares will be issued.

The Board has also decided on an over-allotment issue of up to 300,000 Units which can raise an additional SEK 3.6 million ("Over-allotment Issue"), conditional on the Rights Issue being oversubscribed. The main purpose of the Over-allotment Issue is to strengthen the Company's financial position and to finance the operations during 2025, including the recently initiated sale process of the Company's business.

The authorization and the Guarantee issue
A number of the Company's major shareholders including Sifonen AB, Hawoc Investment AB, Tommy Hedberg, Magnus Brandberg and related parties and the Company's CEO and other management personnel have committed to subscribe for Units for approximately SEK 7.9 million, corresponding to approximately 35.5 percent of the Rights Issue.

In addition, the Company has entered into bottom guarantee commitments with a number of external investors for a total of SEK 7.6 million, corresponding to 34.3 percent of the Rights Issue. Furthermore, three of the company's major shareholders and the chairman of the board, Otto Skolling, have provided top guarantee commitments totalling SEK 2.3 million, corresponding to 10.1 percent of the rights issue. In total, approximately 79.9 percent of the rights issue is covered by subscription undertakings and guarantee commitments.

The board also proposes that the general meeting decide to authorize the board to make a decision on further issue of Units with a deviation from the shareholders' pre-emptive right ("Authorization"). The purpose of the Authorization and the reason for the deviation from the shareholders' preferential right is to be able to carry out the issue of Units as guarantee compensation to the guarantors (the "Guarantee Issue"). The decision on the Authorization presupposes and is conditional on the general meeting deciding to approve the Rights Issue. When exercising the Authorization, the conditions for Units must be the same as in the Rights Issue, meaning that each Unit must consist of 1 new Ordinary Share and 1 new Preference Share. The number of Units that can be issued with the support of the Authorization may not exceed a total of 114,917, which is the total number of Units that corresponds to the agreed guarantee compensation that the Company has to issue to the guarantors.

The proceeds from the Rights Issue will strengthen the Company's financial position and finance operations during 2025, including the sale process of the Company's wholly owned subsidiary Chordate Medical AB, org. no. 556682-5062, (alternatively the business conducted therein) as described below (the "Divestiture").

The subscription period in the Rights Issue is expected to run from and including February 3, 2025 to and including February 17, 2025.

The company intends to publish an information memorandum regarding the Rights Issue around January 31, 2025.

Background and reason
Chordate develops and commercializes Ozilia, a medical device for the treatment of chronic migraine and rhinitis. In a pivotal randomized and placebo-controlled clinical trial, the Company has demonstrated that treatment with Ozilia has a preventive effect on chronic migraine with a significantly reduced number of headache days and days with migraine episodes as a result. Based on the study results, Chordate has received regulatory approval in Europe (CE mark) and commercialization has begun where the system is used for treatment in clinics in Europe and Saudi Arabia.

Migraine is a serious and commonly occurring medical condition, with around two percent of the population suffering from chronic migraine. The migraine treatment market is worth around USD 10 billion, with CGRP-inhibiting antibodies and Botox treatment accounting for just over a third each.

In clinical trials, Ozilia has demonstrated results that are in line with or better than what today's treatment options can achieve. Ozilia is a drug-free alternative that in trials has shown few unexpected side effects and is thus a welcome addition to preventive treatments for a chronic migraine. Ozilia is currently available for treatment at a limited number of clinics.

Chordate assesses that there is significant potential in Ozilia, but that a full-scale commercialization of the product is best done by a larger international company with sufficient resources. Hence, Chordate has initiated a process with the objective of carrying out the divestment to an industrial buyer. In October 2024, the Company announced that a Swiss advisor, Partner International, had been retained to carry out a divestment through a structured sales process.

Chordate bedriver utveckling och kommersialisering av Ozilia, en medicinteknisk produkt för behandling av kronisk migrän och rinit. I en avgörande randomiserad och placebokontrollerad klinisk studie har Bolaget påvisat att behandling med Ozilia har en preventiv effekt på kronisk migrän med signifikant minskat antal huvudvärksdagar och dagar med migränepisoder som resultat. Chordate har, baserat på studieresultaten, erhållit regulatoriskt godkännande i Europa (CE-märke) och kommersialiseringen har inletts där systemet används för behandling vid kliniker i Europa och Saudiarabien.

Migrän är ett allvarligt och vanligt förekommande sjukdomstillstånd där omkring två procent av befolkningen lider av kronisk migrän. Marknaden för behandling av migrän uppgår till omkring 10 miljarder USD där CGRP-hämmande antikroppar samt behandling med Botox står för drygt en tredjedel vardera.

I kliniska studier har Ozilia uppvisat resultat som är i linje med eller bättre än vad dagens behandlingsalternativ kan uppnå. Ozilia är ett läkemedelsfritt alternativ som i studier uppvisat få oväntade biverkningar och utgör därmed ett välkommet tillägg preventiva behandlingar en kronisk migrän. Ozilia finns idag tillgängligt för behandling på ett begränsat antal kliniker.

Chordate bedömer att det finns en betydande potential i Ozilia men att en fullskalig kommersialisering av produkten bäst sker av ett större internationellt bolag med tillräckliga resurser. Därav har Chordate initierat en process med målsättning att genomföra Avyttringen till en industriell köpare. I oktober 2024 offentliggjorde Bolaget att den schweiziska rådgivaren Partner International anlitats för att genom en strukturerad försäljningsprocess genomföra avyttringen.

Use of proceeds
In the event of full subscription in the Rights Issue, the Company will receive net cash of approximately SEK 20.6 M (after issue costs). The net proceeds are intended to be used for the following purposes, listed in order of priority:

  • General company purposes (approx. 50 percent)
  • Completion of clinical studies (approx. 10 percent)
  • Continued processing of focus markets (approx. 30 percent)
  • Investments in production capacity (approx. 10 percent)

Subscription undertakings and guarantee commitments
A number of the Company's major shareholders including Sifonen AB, Hawoc Investment AB, Tommy Hedberg, Magnus Brandberg and related parties and the Company's CEO and other management personnel have undertaken to subscribe for Units for approximately SEK 7.9 million, corresponding to approximately 35.5 percent of the Rights Issue. No compensation is paid for submitted subscription undertakings.

In addition, the Company has entered into bottom guarantee commitments with a number of external investors for a total of SEK 7.6 million, corresponding to approximately 34.3 percent of the Rights Issue. Furthermore, three of the company's major owners and the chairman of the board, Otto Skolling, have provided top guarantee commitments totalling SEK 2.3 million, corresponding to 10.1 percent of the rights issue. For the guarantee commitments, a compensation of 14 percent is paid out in newly issued Units with the support of the Authorization.

In summary, approximately 79.9 percent of the rights issue is covered by subscription undertakings and guarantee commitments.

Neither subscription undertakings nor guarantee commitments are secured by bank guarantee, pledged assets or the like. Additional information about subscription undertakings and guarantee commitments will be available in the information memorandum that will be published in connection with the Rights Issue.

The record date for participation in the Rights Issue is estimated to be January 31, 2025, and the subscription period for the Rights Issue is expected to run between February 3 and 17, 2025. The last day for trading in Chordate's shares, including the right to participate in the Rights Issue, is estimated to be January 29, 2025.

Subscription can also take place without unit rights. In the event that all Units are not subscribed with the support of unit rights, the board shall, within the limit of the Rights Issue's maximum amount, decide on the allocation of Units that are subscribed without the support of unit rights. In the event of oversubscription, allocation shall be made in accordance with the following principles: First, such allocation shall be made to those who subscribed for Units with the support of unit rights, regardless of whether they were shareholders on the record date or not and who have registered an interest in subscribing to Units without the support of unit rights and for that if allocation to these cannot take place in full, allocation must take place proportionally in relation to the number of unit rights that each of those who have registered an interest in subscribing to Units without the support of unit rights used for subscription of Units. Secondly, such allocation must be made to others who have subscribed for Units in the issue without the support of unit rights, and in the event that allocation to these cannot take place in full, allocation must be made pro rata in relation to the total number of Units for which the subscriber has registered for subscription. Thirdly, allocation must be made to those who have entered into so-called guarantee commitments in proportion to such commitment. To the extent that allocation according to above cannot take place proportionally, allocation shall be by lottery.

Trading in paid subscribed Units (“BTU”) on Nasdaq First North Stockholm is expected to take place during the period from and including February 3, 2025 until the Rights Issue has been registered, which is expected to take place around February 25, 2025.

Information memorandum
Complete terms and information regarding the Rights Issue, as well as information on subscription obligations and guarantee commitments as well as other information about the Company will be provided in an information memorandum which is expected to be published by the Company before the subscription period begins.

Shares and dilution
Due to the issuance decision, in order to enable the size and subscription price of the Rights Issue, the board has also decided to propose to the extraordinary general meeting to decide on changing the share and share capital limits in the Company's articles of association and to decide on reducing the Company's share capital. With the reduction, the quota value for the Company's shares will drop to SEK 4.0. The changes regarding the Company's share capital below are based on the new proposed quota value of SEK 4.0 per share.

Through the Rights Issue, the share capital will increase by up to SEK 14,779,680, from SEK 4,433,904 to SEK 19,213,584. The number of shares will increase by up to 3,694,920 shares, of which 1,847,460 are preference shares, from 1,108,476 shares to 4,803,396 shares. For existing shareholders who do not participate in the Rights Issue, this means a dilution of a maximum of 76.9 percent, including the preference shares, with the possibility of being financially compensated for the dilution effect by selling their unit rights.

If the Over-allotment Issue is fully utilized, the Company's share capital will increase by a further SEK 2,400,000 to a total of SEK 21,613,584 and the number of shares will increase by a further 600,000 new shares, of which 300,000 are preference shares to a total of 5,403,396 shares. For existing shareholders who do not participate in the Rights issue, and if the over-allotment issue is fully utilized, this means a dilution of a maximum of 11.1 percent including preference shares.

In order to restore the share capital, which is a prerequisite to avoid the time delay associated with the requirement for permission to reduce the share capital, the company's board has proposed to the extraordinary general meeting to decide on a bonus issue whereby free funds are returned to the share capital. With the bonus issue, the quota value of the shares will increase again.

Indicative time plan
29 January 2025 – Last day for trading including the right to subscribe for Units supported by unit rights

30 January 2025 – First day of trading excluding the right to subscribe for Units supported by unit rights

31 January 2025 – Record date for participation in the Rights Issue

31 January 2025 – Publication of information memorandum

3 – 17 February 2025 – Subscription period

3 – 13 February 2025 – Trading in unit rights

3 – 25 February 2025 – Trade in BTU

18 February 2025 – Publication of the outcome of the Rights Issue

Advisers
Chordate has engaged Bergs Securities as financial advisor and issuing agent in connection with the Rights Issue. CMS Wistrand is legal advisor in connection with the Rights Issue.

Importan information
Publication, announcement or distribution of this press release may in some jurisdictions be subject to restrictions by law and persons in the jurisdictions where this press release has been published or distributed should inform themselves of and comply with such legal restrictions. The recipient of this press release is responsible for using this press release and the information contained herein in accordance with the applicable regulations of the respective jurisdiction. This press release does not constitute an offer to sell or an invitation regarding an offer to acquire or subscribe for securities issued by the Company in any jurisdiction where such offer or invitation would be unlawful. In a member state of the European Economic Area ("EEA"), securities referred to in this press release may only be offered in accordance with the applicable exemptions in Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (the "Prospectus Regulation").

This press release does not constitute an offer or invitation to acquire or subscribe for securities in the United States. The securities referred to herein may not be sold in the United States without registration, or without application of an exemption from registration, under the then-current U.S. Securities Act of 1933 ("Securities Act"), and may not be offered or sold in the United States without being registered, subject to an exemption from, or in a transaction not subject to the registration requirements of the Securities Act. There is no intention to register any securities mentioned herein in the United States or to make a public offering of such securities in the United States. The information in this press release may not be published, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, in or to the United States, Australia, Japan, Canada, Hong Kong, New Zealand, Switzerland, Singapore, South Africa or any other jurisdiction where such publication, publication or distribution of this information would be in conflict with current regulations or where such an action is subject to legal restrictions or would require additional registration or other measures than what follows from Swedish law. Actions contrary to this instruction may constitute a violation of applicable securities legislation.

This press release is not a prospectus within the meaning of the Prospectus Ordinance and has not been approved by any regulatory authority in any jurisdiction. The company has not approved any offer to the public of securities in any member state of the EEA and no prospectus has been drawn up or will be drawn up in connection with the Rights Issue. In each EEA Member State, this notice is directed only to "eligible investors" in that Member State as defined in the Prospectus Regulation. This press release neither identifies nor purports to identify any risks (direct or indirect) that may be associated with an investment in shares. An investment decision to acquire or subscribe for Units in the Rights Issue may only be made based on publicly available information.

To the extent this press release contains forward-looking statements, such statements do not represent facts and are characterized by words such as "should", "expect", "believe", "estimate", "intend", "intend", "assume" and similar expressions. Such statements express Chordate's intentions, opinions or current expectations or assumptions. Such forward-looking statements are based on current plans, estimates and forecasts that Chordate has made to the best of its ability but which Chordate does not claim will be accurate in the future. Forward-looking statements involve risks and uncertainties that are difficult to predict and cannot generally be influenced by Chordate. It should be kept in mind that actual events or outcomes may differ materially from those contained in, or expressed in, such forward-looking statements.

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

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 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.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-12-23 12:55 CET.

Attachments
Chordate decides on a preferential issue of units of approximately SEK 22.2 million consisting of ordinary shares and preference shares with a conditional share dividend upon sale of the business

Chordate decides on a preferential issue of units of approximately SEK 22.2 million consisting of ordinary shares and preference shares with a conditional share dividend upon sale of the business

Chordate Medical Holding (publ) Interim Report January–September 2024

Summary of the period July–September 2024

  • Net turnover was SEK 147,993 (210,947)
  • Cash flow from operating activities was SEK -5,126,552 (-4,325,051)
  • Profit/loss after financial items was SEK -5,681,292 (-4,938,361)
  • Profit/loss after tax was SEK -5,681,292 (-4,938,361)
  • Earnings per share were SEK -5.80 (-10.62)

Summary of the period January–September 2024

  • Net turnover was SEK 578,611 (494,684)
  • Cash flow from operating activities was SEK -19,747,872 (-19,761,647)
  • Profit/loss after financial items was SEK -18,850,105 (-19,564,732)
  • Profit/loss after tax was SEK -18,850,105 (-19,564,732)
  • Earnings per share were SEK -21.39 (-42.48)

Final step of the strategy

The reporting period has been impacted by three key events. Because the SFDA has now announced market authorization for the migraine indication in Saudi Arabia, the Company can immediately start the introduction of Ozilia®Migraine, which further strengthens our Proof-of-Concept. Our post-market surveillance study PM010 shows promising results in monitoring collected data—so far the objectives of the study have been confirmed. Partner International Switzerland GmbH was recently appointed as an advisor to find an international buyer for the business. Overall, these three events entail that we have now taken a large step forward in the final step of the Company’s exit strategy.

  • Market authorization for the migraine indication and a first migraine order from Saudi Arabia
  • Positive results from the ongoing migraine study PM010
  • Swiss advisor appointed to initiate exit process
  • Commencement of TO8 subscription period

Market authorization for the migraine indication and a first migraine order from Saudi Arabia

We received the first order for two Ozilia systems from Saudi Arabia at the end of September. Several weeks later, the Saudi Food and Drug Authority also approved our application for market authorization for the migraine indication with the product system Ozilia®Migraine. Following the successes with Ozilia® for chronic rhinitis in Saudi Arabia, we are pleased that we can now immediately follow up with the introduction of Ozilia® in the migraine area as well. Given the approved market authorization for the migraine indication, our distributor Janin Medical can now immediately roll out on a broad front the introduction of the migraine treatment that was prepared in the spring.

Positive results from the ongoing migraine study PM010

After having recruited approximately 25 percent of the patient population to the long-term open study PM010, the decision was made to perform a monitoring session of the data collected so far. The study is still ongoing, and recruitment of patients is not affected by this data summary.

The conclusion reported by the study statistician is that the results are promising, which was also supported by the sensitivity analyses performed for each objective.

What is important in this post-market surveillance study is how the patients’ perception of their difficulties changed during the twelve-month period that they were monitored. More data needs to be accumulated before the conclusion can be reported in its final form.

Swiss advisor appointed to initiate exit process

In mid-October, the Company announced the Board of Director’s resolution to appoint Partner International Switzerland GmbH as an advisor to find an international buyer for the business. This marks the initiation of the final step in the Company's strategy. Partner International is a group with offices in Switzerland, Canada, USA and Australia that over 24 years has built a strong reputation as an advisor in numerous international deals in licensing, partnerships, and corporate sales, focusing on the life sciences sector.

We have made significant progress in establishing clear market validation in our focus markets, and this work will continue at the same rate in parallel to Partner International initiating its work to find the best buyer for the business.

Consolidation of shares completed

At the end of August, the Company’s Board of Directors set August 30, 2024, as the record date for the previously decided consolidation of shares. Through the consolidation, the total number of shares in the Company decreased from 490,111,500 to 980,223. In conjunction with this, the Company’s shares changed ISIN code to SE0022726139.

Commencement of TO8 subscription period

The subscription period for shares with the support of warrant series TO 8 commenced on November 4, 2024, and will run until November 18, 2024. The Company will primarily use the raised capital for the ongoing exit process, continued establishment of market validation, and the ongoing studies.

Focus during the rest of 2024

  • Market introduction of the migraine indication in Saudi Arabia and Switzerland
  • Exit process development
  • The studies PM009 and PM010

Kista, November 2024
Anders Weilandt, CEO

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

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 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.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-11-05 08:30 CET.

Attachments
Chordate Medical Holding (publ) Interim Report January–September 2024

Chordate Medical Holding (publ) Interim Report January–September 2024

Chordate Medical Holding (publ) Delårsrapport januari–september 2024

Sammanfattning av perioden juli-september 2024

  • Nettoomsättningen uppgick till 147 993 SEK (210 947)
  • Kassaflöde från den löpande verksamheten var -5 126 552 SEK (-4 325 051)
  • Resultat efter finansiella poster var -5 681 292 SEK (-4 938 361)
  • Resultat efter skatt var -5 681 292 SEK (-4 938 361)
  • Resultat per aktie var -5,80 SEK (-10,62)

Sammanfattning av perioden januari-september 2024

  • Nettoomsättningen uppgick till 578 611 SEK (494 684)
  • Kassaflöde från den löpande verksamheten var -19 747 872 SEK (-19 761 647)
  • Resultat efter finansiella poster var -18 850 105 SEK (-19 564 732)
  • Resultat efter skatt var -18 850 105 SEK (-19 564 732)
  • Resultat per aktie var -21,39 SEK (-42,48)

Sista steget i strategin

Rapportperioden har präglats av tre avgörande nyheter. Genom att SFDA nu har meddelat marknadstillstånd för migränindikationen i Saudiarabien så kan introduktionen av Ozilia®Migraine starta direkt, vilket ytterligare stärker vårt Proof-of-Concept/Marknadsbevis. Vår eftermarknadsstudie PM010 visar lovande resultat i monitorering av insamlade data – så långt bekräftas målen med studien. Nyligen anlitades Partner International Switzerland GmbH som rådgivare för att hitta en internationell köpare till verksamheten. Allt detta sammantaget innebär att vi nu tagit ett rejält kliv in i sista steget av bolagets strategi mot exit.

  • Marknadstillstånd för migränindikationen och en första migränorder mottagen från Saudiarabien
  • Positiva resultat från pågående migränstudien PM010
  • Schweizisk rådgivare anlitad för att inleda exitprocessen
  • TO8 teckningsperiod inledd

Marknadstillstånd för migränindikationen och en första migränorder mottagen från Saudiarabien

Vi fick den första ordern på två Ozilia-system för migrän från Saudiarabien i slutet av september. Några veckor senare godkände även Saudi Food and Drug Authority vår ansökan om marknadstillstånd för migränindikationen med produktsystemet Ozilia®Migraine. Efter framgångarna med Ozilia® för kronisk rinit i Saudiarabien är det glädjande att vi nu direkt kan följa upp med introduktionen av Ozilia® även på migränområdet. Med marknadstillståndet för migränindikationen på plats kan vår distributör Janin Medical direkt inleda den sedan i våras förberedda introduktionen av migränbehandlingen på bred front.

Positiva resultat från pågående migränstudien PM010

Efter att cirka tjugofem procent av patientpopulationen i den öppna långtidsstudien PM010 var rekryterad till studien genomfördes en uppföljning av de data som hittills samlats in. Studien pågår fortfarande och rekryteringen av patienter påverkas inte av denna datasammanställning.

Slutsatsen från studiens statistiker är att effektresultaten ser lovande ut vilket även stöddes av de känslighetsanalyser som gjordes för respektive effektmål.

Det viktiga med den här eftermarknadsstudien är hur patienternas besvärsbild utvecklas under de tolv månader som de följs upp. Det behöver komma in mera data innan den frågan kan redovisas i slutlig form.

Schweizisk rådgivare anlitad för att inleda exitprocessen

I mitten av oktober meddelade bolaget styrelsens beslut att anlita Partner International Switzerland GmbH som rådgivare för att hitta en internationell köpare till verksamheten. Detta innebär att det sista steget i bolagets strategi nu inleds. Partner International är en företagsgrupp med kontor i Schweiz, Kanada, USA och Australien som under 24 års tid har byggt upp ett starkt renommé som rådgivare i åtskilliga internationella affärer inom licensiering, partnerskap och bolagsförsäljningar – fokuserat på Life science-sektorn.

Vi har kommit en bra bit på vägen att bygga ett tydligt marknadsbevis på våra fokusmarknader, och det arbetet fortsätter i oförändrad takt parallellt med att Partner International inleder arbetet med att hitta den bästa köparen av verksamheten.

Sammanläggning av aktier genomförd

I slutet av augusti fastställde bolagets styrelse att avstämningsdag för den tidigare beslutade sammanläggningen av aktier skulle vara den 30 augusti 2024. Genom sammanläggningen minskade det totala antalet aktier i Bolaget från 490 111 500 till 980 223. Bolagets aktie bytte i samband med detta ISIN-kod till SE0022726139.

TO8 teckningsperiod inledd

Teckningsperioden av aktier med stöd av teckningsoptioner serie TO 8 inleddes den 4 november 2024 och pågår till och med den 18 november 2024. Detta tillför bolaget kapital som främst kommer användas för den pågående exitprocessen och fortsatt byggande av marknadsbevis och de pågående studierna.

Fokus under resten av 2024

  • Marknadsintroduktion av migränindikationen i Saudiarabien och Schweiz
  • Exitprocessens utveckling
  • Studierna PM009 och PM010

Kista, november 2024
Anders Weilandt, vd

För mer information, vänligen kontakta:
Anders Weilandt, vd
anders.weilandt@chordate.com
Telefon: 0733-87 42 77

Om Chordate
Chordate Medical Holding AB (publ) är ett medicintekniskt bolag som har utvecklat, patenterat och CE-märkt Ozilia® Migraine, en neuromodulerande och läkemedelsfri behandlingsteknik mot kronisk migrän och kronisk rinit. Behandlingen har bevisad effekt enligt en nyligen genomförd kliniskt studie och marknadsförs på utvalda marknader i EU och Mellanöstern. Chordate Medical är noterat på Nasdaq First North Growth Market Stockholm (kortnamn: CMH). Läs mer på chordate.com

Bolagets Certified Adviser på Nasdaq First North Growth Market Stockholm är Vator Securities AB.

Denna information är sådan information som Chordate Medical Holding är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 2024-11-05 08:30 CET.

Bifogade filer
Chordate Medical Holding (publ) Delårsrapport Januari September 2024

Chordate Medical Holding (publ) Delårsrapport Januari September 2024

Chordate Medical anlitar schweizisk rådgivare för att inleda exitprocessen

Chordate Medical Holding AB (publ) (”Chordate” eller ”Bolaget”) meddelar styrelsens beslut att anlita Partner International Switzerland GmbH som rådgivare för att hitta en internationell köpare till verksamheten. Detta innebär att det sista steget i bolagets strategi nu inleds.

– Som tidigare kommunicerats är slutsteget i vår strategi att sälja verksamheten till en global aktör som ser ett värde i att förvärva vår läkemedelsfria och patenterade metod – Ozilia® för migrän- och rinitbehandling – som tillägg till sin förmodat redan existerande produktportfölj, säger Otto Skolling, styrelseordförande i Chordate.

– Vi har kommit en bra bit på vägen att bygga ett tydligt marknadsbevis i våra fokusmarknader, och vi fortsätter givetvis med den uppgiften. Styrelsens uppfattning är dock att det tar relativt lång tid att genomföra en framgångsrik exit-process varför vi vid den här tidpunkten väljer att inleda arbetet med den sista strategidelen, avslutar Otto Skolling.

Partner International är en företagsgrupp som under 24 års tid har byggt sitt renommé som rådgivare genom åtskilliga internationella affärer inom licensiering, partnerskap och bolagsförsäljningar fokuserat på Life science-sektorn. Gruppen har kontor i Boniswil, Schweiz; Dartmouth, Nova Scotia, Kanada; East Brunswick, New Jersey, USA samt Hawthorn, East Victoria i Australien.

För mer information, vänligen kontakta:
Anders Weilandt, vd
anders.weilandt@chordate.com
Telefon: 0733-87 42 77

Om Chordate
Chordate Medical Holding AB (publ) är ett medicintekniskt bolag som har utvecklat, patenterat och CE-märkt Ozilia® Migraine, en neuromodulerande och läkemedelsfri behandlingsteknik mot kronisk migrän och kronisk rinit. Behandlingen har bevisad effekt enligt en nyligen genomförd kliniskt studie och marknadsförs på utvalda marknader i EU och Mellanöstern. Chordate Medical är noterat på Nasdaq First North Growth Market Stockholm (kortnamn: CMH). Läs mer på chordate.com

Bolagets Certified Adviser på Nasdaq First North Growth Market Stockholm är Vator Securities AB.

Denna information är sådan information som Chordate Medical Holding är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 2024-10-15 08:30 CEST.

Bifogade filer
Chordate Medical anlitar schweizisk rådgivare för att inleda exitprocessen

Chordate Medical anlitar schweizisk rådgivare för att inleda exitprocessen

Chordate Medical retains Swiss Advisor to initiate the exit process

Chordate Medical Holding AB (publ) (”Chordate” or ”The Company”) announces the board’s resolution to appoint Partner International Switzerland GmbH as an advisor to find an international buyer for the business. This marks the initiation of the final step in the company's strategy.

"As previously communicated, the final step in our strategy is to sell the business to a global player who sees value in acquiring our drug-free and patented method – Ozilia® for migraine and rhinitis treatment – as an addition to their presumably existing product portfolio," says Otto Skolling, Chairman of the Board at Chordate.

"We have made significant progress in establishing clear market validation in our focus markets, and we will of course continue with that task. However, the board's opinion is that completing a successful exit process will take a relatively long time, which is why we are starting the final part of our strategic plan at this point in time," concludes Otto Skolling.

Partner International group has over 24 years built its reputation as an advisor over numerous international deals in licensing, partnerships, and company sales, focusing on the life sciences sector. The group has offices in Boniswil, Switzerland; Dartmouth, Nova Scotia, Canada; East Brunswick, New Jersey, USA; and Hawthorn, East Victoria, Australia.

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

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 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.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-10-15 08:30 CEST.

Attachments
Chordate Medical retains Swiss Advisor to initiate the exit process

Chordate Medical retains Swiss Advisor to initiate the exit process

Chordate Medical Holding (publ) Delårsrapport januari-juni 2024

Sammanfattning av perioden april-juni 2024

  • Nettoomsättningen uppgick till 172 941 SEK (163 316)
  • Kassaflöde från den löpande verksamheten var -6 999 204 SEK (-6 320 325)
  • Resultat efter finansiella poster var -7 023 261 SEK (-7 292 267)
  • Resultat efter skatt var -7 023 261 SEK (-7 292 267)
  • Resultat per aktie var -0,01 SEK (-0,03)

Sammanfattning av perioden januari-juni 2024

  • Nettoomsättningen uppgick till 430 617 SEK (283 737)
  • Kassaflöde från den löpande verksamheten var -12 907 262 SEK (-14 800 251)
  • Resultat efter finansiella poster var -13 042 462 SEK (-14 405 401)
  • Resultat efter skatt var -13 042 462 SEK (-14 405 401)
  • Resultat per aktie var -0,03 SEK (-0,06)

Genombrott på ny fokusmarknad och omfattande internationellt intresse
Den stora höjdpunkten under årets andra kvartal var en första order från Schweiz efter att bolaget valde landet som en ny fokusmarknad. Under kvartalet fortsatte även arbetet med att introducera Ozilia på olika typer av investerarkongresser runt om i Europa.

En annan höjdpunkt var beslutet från det amerikanska patentverket USPTO att de kommer bevilja ytterligare en patentansökan från bolaget. Detta innebär att ett fjärde amerikanskt patent läggs till en växande patentfamilj.

  • Schweiz ny fokusmarknad, en första order mottagen
  • Det amerikanska patentverket kommer bevilja ytterligare en patentansökan
  • Stort intresse för Ozilia på internationella investerarkonferenser
  • Ozilia presenterat för nationella specialistföreningar från Tyskland, Schweiz & Österrike

Schweiz ny fokusmarknad, en första order mottagen
I mitten av juni la Chordate till Schweiz som ny fokusmarknad för Ozilia-behandlingen och tecknade avtal med Neurolite AG som distributör och regulatorisk representant i Schweiz och Liechtenstein. Senare under juni kom en första order in till ett värde av cirka 370 KSEK.

Vi har under längre tid märkt av ett stort intresse för Ozilia i Schweiz och vi har fört diskussioner med ett flertal intressenter. Detta, i kombination med att Schweiz präglas av hanterbara beslutsprocesser med förhållandevis korta vägar till ersättningskod för försäkringsbetalning, gör det till en mycket passande fokusmarknad för bolaget.

Det amerikanska patentverket kommer bevilja ytterligare en patentansökan
I början av maj utfärdade det amerikanska patentverket USPTO, United States Patent and Trademark Office, beslut om att de avser bevilja vår patentansökan US 17/942,912 från 2022. Patentansökan rör behandling av huvudvärk med fokus på att skydda bolagets produkt Ozilia Migraine. Att ansökan beviljas innebär att ett fjärde amerikanskt patent läggs till en växande patentfamilj inriktad mot den huvudvärksbehandling som bolaget byggt upp sedan 2011.

I dagsläget innehar bolaget därmed 79 patent fördelade på 32 länder och 9 patentfamiljer, som behandlar olika aspekter av bolagets behandlingstekniker. Det immaterialrättsliga försvaret av bolagets teknologi som stöd för den fortsatta affärsutveckling är en viktig del i det som vi betraktar som kärnvärden i bolaget.

Stort intresse för Ozilia på internationella investerarkonferenser
Under kvartalet introducerade vi Ozilia på investerarkongresser i Oslo, London, Basel och Lund, där vi såg ett betydande intresse för teknologin och kom hem med ett antal skarpa leads.

I och med ordern från Schweiz har vi nu ett första konkret resultat som direkt kan härledas till våra marknadsaktiviteter och planen är att fortsätta arbeta med att introducera Ozilia i våra fokusmarknader under resten av året.

Ozilia presenterat för nationella specialistföreningar från Tyskland, Schweiz & Österrike
I april deltog vi också på huvudvärkskongressen Dreiländertagung Kopfschmerz i Schweiz som arrangerades gemensamt av specialistföreningarna från Tyskland, Schweiz och Österrike. Detta var en bra möjlighet för oss visa och informera om Ozilia för ett stort antal migrän- och huvudvärksspecialister från tre betydande europeiska marknader vid ett och samma tillfälle.

Utöver att öka kännedomen om Ozilia för potentiella investerare och köpare av bolaget så är det viktigt att vi fortsätter bearbeta även professionen. Intresset för neuromodulation som behandlingsteknik bland specialister och neurologer växer, och där är Ozilia ett unikt alternativ som allt fler inom migränvården utvärderar.

Fokus under resten av 2024

  • Bearbetning av fokusmarknaderna
  • Skapa uppmärksamhet inom industri och investerarkretsar
  • Studierna PM009 och PM010
  • Pågående produktregistreringar

Kista, augusti 2024
Anders Weilandt, vd

För mer information, vänligen kontakta:
Anders Weilandt, vd
anders.weilandt@chordate.com
Telefon: 0733-87 42 77

Om Chordate
Chordate Medical Holding AB (publ) är ett medicintekniskt bolag som har utvecklat, patenterat och CE-märkt Ozilia® Migraine, en neuromodulerande och läkemedelsfri behandlingsteknik mot kronisk migrän och kronisk rinit. Behandlingen har bevisad effekt enligt en nyligen genomförd kliniskt studie och marknadsförs på utvalda marknader i EU och Mellanöstern. Chordate Medical är noterat på Nasdaq First North Growth Market Stockholm (kortnamn: CMH). Läs mer på chordate.com

Bolagets Certified Adviser på Nasdaq First North Growth Market Stockholm är Vator Securities AB.

Denna information är sådan information som Chordate Medical Holding är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 2024-08-30 08:30 CEST.

Bifogade filer
Delårsrapport Chordate Medical Holding (publ) Januari Juni 2024

Chordate Medical Holding (publ) Delårsrapport Januari Juni 2024

Chordate Medical Holding (publ) Interim Report January–June 2024

Summary of the period April–June 2024

  • Net turnover was SEK 172,941 (163,316)
  • Cash flow from operating activities was SEK -6,999,204 (-6,320,325)
  • Profit/loss after financial items was SEK -7,023,261 (-7,292,267)
  • Profit/loss after tax was SEK -7,023,261 (-7,292,267)
  • Earnings per share were SEK -0.01 (-0.03)

Summary of the period January–June 2024

  • Net turnover was SEK 430,617 (283,737)
  • Cash flow from operating activities was SEK -12,907,262 (-14,800,251)
  • Profit/loss after financial items was SEK -13,042,462 (-14,405,401)
  • Profit/loss after tax was SEK -13,042,462 (-14,405,401)
  • Earnings per share were SEK -0.03 (-0.06)

Breakthrough on new focus market and extensive international interest
The major highlight of the second quarter of the year was the first order from Switzerland after the Company decided to make the country a new focus market. Work also continued during the quarter to introduce Ozilia at different types of investor congresses throughout Europe.

Another highlight was the decision from the United States Patent and Trademark Office (USPTO) that it will grant another patent application from the Company. This means the Company can add a fourth US patent to its growing patent family.

  • Switzerland new focus market, first order received
  • The USPTO will approve another patent application
  • Strong interest in Ozilia at international investor conferences
  • Ozilia presented to national specialist associations from Germany, Switzerland & Austria

Switzerland new focus market, first order received
In mid-June, Chordate added Switzerland to its focus markets for the Ozilia treatment and signed an agreement with Neurolite AG to be the Company's distributor and regulatory representative in Switzerland and Liechtenstein. At the end of June a first order was received with a value of approximately SEK 370,000.

We have been noting considerable interest in Ozilia in Switzerland for some time, and we have been engaged in discussions with a number of interested parties. This, combined with Switzerland’s manageable decision-making processes, which have relatively short paths to remuneration codes for insurance payments, makes Switzerland a very suitable focus market for the Company.

The USPTO will approve another patent application
At the beginning of May, the USPTO issued a decision that it intends to approve our patent application US 17/942,912 from 2022. The patent application is related to treatment of headache with a focus on protecting the Company’s product Ozilia Migraine. The approved application means that a fourth US patent is added to the growing patent family the Company has been building since 2011 to target headache treatment.

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. The intellectual property rights defense for the Company’s technology as support for continued business development is an important part of what we consider to be the Company’s core values.

Strong interest in Ozilia at international investor conferences
During the quarter, we introduced Ozilia at investor congresses in Oslo, London, Basel and Lund, where we saw strong interest in the technology and came home with a number of strong leads.

Given the order we received from Switzerland, we now have a first concrete result that can be directly traced to our marketing activities. The plan is to continue to work to introduce Ozilia in our focus markets during the rest of the year.

Ozilia presented to national specialist associations from Germany, Switzerland & Austria
In April, we also participated at the headache conference Dreiländertagung Kopfschmerz in Switzerland, which was arranged jointly by specialist associations in Germany, Switzerland and Austria. This presented us with an excellent opportunity to present Ozilia to a large number of migraine and headache specialists from three significant European markets at one location.

In addition to increasing awareness for Ozilia among potential investors and buyers of the Company, it is important that we continue to develop the profession as well. Interest in neuromodulation as a treatment technique among specialists and neurologists is growing, and in this area Ozilia is a unique alternative that an increasing number of migraine care providers are considering.

Focus during the rest of 2024

  • Development of focus markets
  • Generate attention in industry and investor circles
  • The studies PM009 and PM010
  • Ongoing product registrations

Kista, August 2024
Anders Weilandt, CEO

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

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 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.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-08-30 08:30 CEST.

Attachments
Chordate Medical Holding (publ) Interim Report January–June 2024

Chordate Medical Holding (publ) Interim Report January–June 2024

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

En del av Chordate Medicals strategi är att påvisa proof-of-concept på ett antal utvalda fokusmarknader. Bolaget lägger nu till Schweiz som ny fokusmarknad för Ozilia-behandlingen och tecknar avtal med Neurolite AG som distributör och regulatorisk representant i Schweiz och Liechtenstein. Samtidigt avvecklas satsningen i Storbritannien.

– Det finns ett stort intresse för Ozilia på den schweiziska marknaden vilket vi märkt under flera av de kongresser som vi deltagit i. I dagsläget förs diskussioner med ett antal skarpa leads och intressenter, där vi bedömer att flera av dem kan resultera i installationer i närtid. Därför är det naturligt att Schweiz blir en av bolagets nyckelmarknader, säger Anders Weilandt, vd Chordate.

Chordates fokusmarknader utmärker sig på två olika sätt. Dels har de en välutvecklad privat vårdsektor med ett försäkringssystem som tillåter att behandlingar som Ozilia erhåller ersättningskod, dels är vägen till marknadstillstånd för medicintekniska produkter som Ozilia gynnsam.

– Att erhålla en ersättningskod som gör det möjligt för patientförsäkringar att täcka kostnaderna för Ozilia-behandlingen, som vi tidigare fått i Saudiarabien och delvis i Italien, är en nyckelfaktor för oss. Precis som Tyskland präglas Schweiz av hanterbara beslutsprocesser med förhållandevis korta vägar till ersättningskod för försäkringsbetalning.

Chordates distributör och regulatoriska representant i Schweiz och Liechtenstein blir Neurolite AG som är specialiserade på att leverera de senaste medicintekniska lösningarna inom neurologi till sjukhus och privatkliniker i de båda länderna.

– De har tidigare med stor framgång introducerat produkter som inom samma segment som vår behandling, och de bedöms ha rätt kompetens och kontaktnät för att även lyckas med Ozilia.

Samtidigt som Chordate lägger till Schweiz som fokusmarknad plockas Storbritannien bort från listan.

– Storbritanniens offentliga sjukvård, NHS, har visat sig ha alltför långa beslutsvägar och stora utmaningar vid införande av ny medicinsk teknik, vilket har påverkat vår verksamhet i landet.

Läs mer om Neurolite AG

För mer information, vänligen kontakta:
Anders Weilandt, vd
anders.weilandt@chordate.com
Telefon: 0733-87 42 77

Om Chordate
Chordate Medical Holding AB (publ) är ett medicintekniskt bolag som har utvecklat, patenterat och CE-märkt Ozilia® Migraine (tidigare K.O.S), en neuromodulerande och läkemedelsfri behandlingsteknik mot kronisk migrän och kronisk rinit. Behandlingen har bevisad effekt enligt en nyligen genomförd kliniskt studie och marknadsförs på utvalda marknader i EU och Mellanöstern. Chordate Medical är noterat på Nasdaq First North Growth Market Stockholm (kortnamn: CMH). Läs mer på chordate.com

Bolagets Certified Adviser på Nasdaq First North Growth Market Stockholm är Vator Securities AB.

Denna information är sådan information som Chordate Medical Holding är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 2024-06-13 08:30 CEST.

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

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

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."

Read more about Neurolite AG

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

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.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-06-13 08:30 CEST.

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

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

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

For more information, please contact:
Anders Weilandt, CEO
anders.weilandt@chordate.com
Cell: +46 733-874277

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.

This information is information that Chordate Medical Holding is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-24 08:30 CEST.

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

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

Chordate Medical Holding AB (publ) är ett medicintekniskt bolag som har utvecklat, patenterat och CE-märkt Ozilia®, en neuromodulerande och läkemedelsfri behandlingsteknik mot kronisk migrän och kronisk rinit. Behandlingen har bevisad effekt enligt en nyligen genomförd kliniskt studie och marknadsförs på utvalda marknader i EU och Mellanöstern. Chordate Medical är noterat på Nasdaq First North Growth Market Stockholm (kortnamn: CMH).

Bolagets Certified Adviser på Nasdaq First North Growth Market Stockholm är Bergs Securities AB.

Pressmeddelanden

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164 51 Kista
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