Summary of the period January-March 2022
- Net turnover was SEK 68,633 (101,626)
- Cash flow from operating activities was SEK -6,765,843 (-5,489,848)
- Profit/loss after financial items was SEK -7,379,154 (-5,799,097)
- Profit/loss after tax was SEK -7,379,154 (-5,799,097)
- Earnings per share were SEK -0.05 (-0.05)
COMMENTS FROM CEO ANDERS WEILANDT
WHAT AN EXCITING START TO 2022
At the beginning of the year and up to now in May 2022, we are seeing growing international interest in Chordate as a company and our technology. The combination of the listing on Nasdaq First North and the CE marking for migraines seems to have increased our exposure internationally. We are constantly analyzing the marketing opportunities that potentially should be developed, for example the choice of the model to start our establishment in the UK.
- The migraine study is now fully recruited
- Independent scientific article published on the KOS treatment for rhinitis.
- Opening a representative office in Saudi Arabia and recruited General Manager Alain Durante
- Completed pre-study on US FDA application, DeNovo application started
- Our share switched to NASDAQ First North for improved visibility and service for our shareholders
- Signed agreement with new marketing consultant in the UK
Saudi Arabia will be the base for expansion in the region
In order to best develop Saudi Arabia and expand the operations to the other countries in the GCC (Gulf Cooperation Council), we are in the process of opening a representative office in Riyadh and have recruited Alain Durante to be the general manager. He has almost twenty years of experience in sales and marketing in medical technology in Saudi Arabia and has led the work with our products at our distributor for over two years. We thus have a very good set-up to develop the region.
Our new marketing consultants in the UK see potential for the migraine treatment
The market potential is significant with around 10 million migraine patients in the country according to the NHS. This is a long-term project that we assess could generate profit over time.
During the initial phase, the marketing activities in the UK will be focused on building up a network of opinion-leading neurologists, primarily among private care providers.
Listing on Nasdaq First North
The Companys share has been listed on NGM SME since March 2017. Following a decision by the Board to switch to the NASDAQ First North, the listing change went ahead on February 15. The Board of Directors makes the assessment that the listing change is positive for Chordates development and the fulfillment of our expressed exit strategy.
Project for US market approval from the FDA
The pre-study, which aims to find the right path for an application for marketing authorization for the migraine indication in the USA, resulted in the shift in March-April to a so-called DeNovo application. The project has now entered Phase 2, which, together with our US consultants at RQM+, is to obtain the FDAs view on how we have chosen to plan the final application.
The patient study on migraine is fully recruited
The remaining four Finnish clinics in the study have now recruited the last patient to start treatment. A patient spends ten weeks in the study in total. The scientific article from the study is expected to be completed as early as the end of the third quarter of this year. Since CE marking has already been obtained, the sole aim of the study in Germany and Finland is to support future marketing activities and gather data for the publication of a scientific article.
In the cards for 2022
Everything is progressing according to plan so far. We continue to follow the marketing plan for 2022. This applies naturally to both the migraine and the rhinitis indications, but we will have a stronger focus on migraine.
This disclosure contains information that Chordate Medical Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the contact person below, on May 27th, 2022, at 08:30 a.m. CET.
For more information, please contact:
Anders Weilandt, CEO
Cell: +46 733-874277
The following documents can be retrieved from beQuoted
Chordate Medical Holding AB (publ) is a medical technology company that for over ten years has developed, patented and CE-marked a new neuromodulation treatment technology for chronic nasal congestion (rhinitis) and chronic migraine. The company offers its product via distributors to clinics and hospitals in selected European markets, Israel, and Saudi Arabia. Chordate Medicals share is listed on Nasdaq First North Growth Market Stockholm (ticker: CMH). Read more at www.chordate.com
Chordate's Certified Adviser on Nasdaq First North Growth Market Stockholm is Västra Hamnen Corporate Finance AB, +46 40 200 250, firstname.lastname@example.org.
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.