Summary of the period October-December 2024
- Net turnover was SEK 86,076 (481,597)
- Cash flow from operating activities was SEK -4,659,856 (-7,501,648)
- Profit/loss after financial items was SEK -8,529,829 (-9,842,912)
- Profit/loss after tax was SEK -8,529,829 (-9,842,912)
- Earnings per share were SEK -8.22 (-0.04)
Summary of the period January-December 2024
- Net turnover was SEK 664,687 (976,281)
- Cash flow from operating activities was SEK -24,407,728 (-27,263,296)
- Profit/loss after financial items was SEK -27,253,583 (-29,186,675)
- Profit/loss after tax was SEK -27,253,583 (-29,186,675)
- Earnings per share were SEK -27.96 (-0.13)
COMMENTS FROM CEO ANDERS WEILANDT
Market breakthrough and last step toward exit
In 2024, Chordate Medical Holding passed several significant milestones. We had a breakthrough in orders for our migraine treatment in both Germany and Saudi Arabia at the same time as Switzerland became a new focus market, and we also received our first order there. However, the largest event of the year was the initiation of the last step in our exit strategy through the appointment of Partner International Switzerland GmbH as an advisor to find an international buyer.
In January 2025, after the end of the period, the Company achieved yet another significant goal when the scientific article on the PM007 migraine study was published in the scientific journal Neurology*. The publication confirms that the medical efficacy of the Ozilia treatment is on par with conventional drug-based alternatives for the preventive treatment of chronic migraine. We also conducted a successful rights issue through which the Company received approximately SEK 17.7 million before costs, which will be used in continued work to achieve an exit.
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 entail a comparatively manageable process for realizing insurance remuneration, makes Switzerland a very suitable focus market for the Company.
Breakthrough for the migraine treatment in Saudi Arabia and Germany
At the beginning of January, Chordate trained clinic staff and assisted in the initiation of treatment for the first three patients in Germany. 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 step for being able to further scale up sales.
At the end of September, we received the first order for two Ozilia systems for migraine from Saudi Arabia. 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.
Joint-venture agreement in Shanghai terminated
The Company's joint-venture agreement from 2018 with a partner in Shanghai automatically ended in December 2024 since product registration in China was not successfully achieved. Chordate has only contributed information to the partner's registration process and has not invested own funds in the joint-venture company. For Chordate, the project was an explorative attempt to create value on the market based on the Chinese patents that continue to remain in our possession.
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 marked 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 working to find the best buyer for the business.
Strengthened cash after rights issue
The rights issue conducted in February 2025 was subscribed to approximately 80 percent and raised approximately SEK 17.7 million for the Company before deduction of issue costs. With the improved cash flow, we can now both pursue the ongoing exit process toward the desired outcome and finance the activities and measures we believe are necessary to achieve this. We are very pleased that the Company has continued to receive support from its owners on the way to the exit, and I would like to thank all of our shareholders for this and for the confidence they have shown in us.
Focus in 2025
- Pursue a successful exit process
- Increase the number of installations in the focus markets
- Implement the ongoing clinical studies according to plan
Kista, March 2025
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 2025-03-28 08:30 CET.
