Summary of the period October–December 2023
- Net turnover was SEK 481,597 (20,347)
- Cash flow from operating activities amounted to SEK -7,501,648 (-6,126,772)
- Profit/loss after financial items was SEK -9,842,912 (-8,078,967)
- Profit/loss after tax was SEK –9,842,912 (-8,078,967)
- Earnings per share were SEK -0.04 (-0.05)
Summary of the period January–December 2023
- Net turnover was SEK 976,281 (108,517)
- Cash flow from operating activities amounted to SEK -27,263,296 (-24,979,043)
- Profit/loss after financial items was SEK –29,186,675 (-27,942,965)
- Profit/loss after tax was SEK –29,186,675 (-27,942,965)
- Earnings per share were SEK -0.13 (-0.18)
- The Board proposes that no dividend be paid for the 2023 financial year
COMMENTS FROM CEO ANDERS WEILANDT
Breakthrough in several markets and strengthened cash via new issue
During 2023, we reached many important milestones. The decisive results of the migraine study were presented at several international congresses and could be used as strong support for our marketing after the mid-year mark. Furthermore, during the year we achieved breakthroughs in our key markets Germany and Saudi Arabia. After the end of the period, a rights issue was carried out that brought the Company approximately SEK 23.0 million before issue costs, which we are now using to further increase sales work and come closer to our strategic goal.
- Several market breakthroughs
- Strong interest in Ozilia and study results at several scientific congresses
- First patients included in two new studies
- Launch of Ozilia in the United Arab Emirates
- Cash was strengthened in February 2024 by approximately SEK 23 million before costs
Several market breakthroughs
At the beginning of May, our new distributor in Saudi Arabia, Janin Medical, received its first key order for equipment and supplies for the treatment method Ozilia® for chronic rhinitis. The customer was the private healthcare company Nahdi Care Clinics, which has four hospitals located in the country’s second-largest city, Jeddah. Janin Medical is also driving the process of securing market authorization for the migraine indication.
A first agreement with a clinic in Germany at the end of November was followed by another at the beginning of 2024. It is very satisfying to be able to tick off a breakthrough in one of the markets we are focusing on. This is another important step toward the goal of building up a volume of returning patients at a number of clinics as regular customers.
Strong interest in Ozilia at several congresses
During the fourth quarter, we continued to exhibit and present Ozilia at several international fairs and congresses such as European Headache Congress in Barcelona and Deutsche Schmerzkongress in Mannheim. The many leads we have brought home from these marketing efforts clearly show that awareness of Ozilia is starting to establish itself at very satisfactory levels.
The primary results from the PM007 migraine study were presented for the first time at the American Headache Society's congress in Austin, Texas, in June and then also at International Headache Congress in Seoul in September. The scientific article with the results that will be published in the near future will be an extremely important tool for us in our continued sales efforts.
First patients included in two studies
The Company's two active studies PM010 and PM009 included the first patients at the end of the year. PM010 is an after-market study, which is part of the regulatory requirement for the migraine product's CE marking, but it is also very important as a basis for treating doctors about how often the treatment needs to be given to different types of patients.
The pilot study PM009 aims to evaluate the effect of Ozilia in the preventive treatment of patients with chronic migraine who do not respond to treatment with CGRP inhibitors and other migraine medications. PM009 is an exploratory study with a possible potential upside for the Company.
Launch in the United Arab Emirates
At the end of November, the Company contracted MEDSWAN MEDICAL SUPPLIES L.L.C, Dubai as a market expert in the United Arab Emirates (UAE) for the introduction of the Company's product Ozilia on the UAE market.
Strengthened cash after rights issue
The rights issue that was carried out in January 2024 was subscribed to approximately 55 percent and brought the Company approximately SEK 23 million before issue costs, and if all issued warrants in series TO 8 are fully exercised, Chordate Medical may receive additional issue proceeds in the fall of 2024. With the improved cash flow, we can now finance the continued market and sales work. The support for the Company's path toward an exit is a clear indication of the strength of Chordate's offer, and I would like to thank all our shareholders for the support and confidence shown in the issue.
Focus in 2024
- Continue to increase the number of clinic installations in focus markets
- Market authorization in Saudi Arabia, United Arab Emirates, USA and China
- Additional markets may be added to the list
- Continue to inform the major players in the neurology market about the Company's successes
Kista, March 2024
Anders Weilandt, CEO
