Chordate comments on Q4 and case report
Chordate Medical has published the year-end report for 2023, which showed an increase in sales compared to the previous year. The company has also recently published a case report strengthening the company’s position. The case report describes the experience of a 60-year-old migraine patient who underwent the Ozilia treatment, resulting in reduction in the frequency of migraine days and the level of pain.
Chordate Medical has developed Ozilia, which is a minimally invasive and drug-free treatment for chronic migraine based on neuromodulation. The treatment stimulates the nerves in the mucous membrane of the nasal cavity through low-frequency vibrations.
Ozilia is currently being introduced in selected markets in the EU and the Middle East, with progress notably seen in Germany and Saudi Arabia during 2023. Additionally, the company is working on obtaining market approval in the USA and China. Meanwhile, two clinical studies, PM010 and PM009, are ongoing, with the first patients already included.
Increased sales in 2023
The company recently published the year-end report for 2023, which shows sales of SEK 0.98 million for the full year and SEK 0.48 million for the fourth quarter. This marks an increase from the previous year’s total sales of 0.1 million SEK.
At the end of 2023, the Group’s total cash position amounted to SEK 8.45 million. Since the turn of the year, the company has strengthened its cash position through a rights issue, which was subscribed to a total of approximately 55 per cent, meaning that the company will receive approximately SEK 23 million before issue costs. The proceeds from the rights issue will be utilised to further increase sales efforts and move closer to the strategic goal of achieving an exit.
Chordate may also obtain additional capital from the exercise of TO 8 series warrants that were issued in the rights issue. The exercise of warrants will take place from November 4 to November 18, 2024.
Case report from the Bio-Medico Campus in Rome
Meanwhile, a new case report with Ozilia has been published, showing that the treatment is effective for relieving pain and reducing frequency of migraine attacks. The case report was authored by a team at the Bio-Medico Campus University Hospital in Rome, Italy and published in the scientific journal Cephalalgia Reports – read it here.
The report presents the case of a 60-year-old man who suffers from chronic migraines and does not respond to common migraine medications. The patient received treatment with Ozilia once a week for six weeks. After one month, the patient’s monthly migraine days had decreased from 18 to seven days. By week six, the pain level had decreased significantly. Thus, the case study supports that Ozilia is also effective in the treatment of acute migraine.
The report showed that the Ozilia treatment had a sustained effect, but that an additional treatment cycle was required after three months, resulting in a quicker and more significant response.
CEO predicts continued market progress
BioStock reached out to the company’s CEO Anders Weilandt to find out more about both the year-end report and the case report.
First and foremost, what are the key messages in the year-end report?
– We are in an early stage of commercialisation, but there seems to be a trend shift from the first half of 2023. Compared to 2022, sales have increased approximately 9 times. The ambition is to sustain this trend. However, sales are still irregular, although an increasing part comes from repetitive use.
Why is the recently published case report important for Ozilia?
– All scientific publications that are independent of the company are very beneficial for us. In this case, it concerns a highly difficult-to-treat patient where Ozilia has demonstrated a strong clinical effect. This may indicate that Ozilia has a completely unique mechanism of action that tackles the problem in a completely different wat from available medications.
In the press release regarding the case description, you emphasise that it does not refer to the expected publication of Chordate’s migraine study PM007. How is that publication progressing?
– According to the information we have received from the authors of the manuscript, the scientific review has been completed, and they are now awaiting acceptance from the journal to which the article has been submitted.
Finally, what are your expectations for sales in 2024?
– We are diligently focused on adding more clinics as customers in our target markets and increasing the number of patients prescribed Ozilia. I anticipate that we will gradually succeed in doing so, and that it will also be reflected in our revenues.
The content of BioStock’s news and analyses is independent but the work of BioStock is to a certain degree financed by life science companies. The above article concerns a company from which BioStock has received financing.
