The first clinically validated hair growth product to be released in over two decades
Sydney, Australia, Thursday, 29 March 2012 / B3C newswire / - Cellmid Limited (ASX: CDY) advises that it has commenced the commercial launch of its Évolis™ hair growth products with an event in Sydney for representatives of the national printed and electronic media yesterday. The products have received celebrity endorsement from Paula Duncan, AM. The press release for the event can be accessed here.
In February 2012 Cellmid advised that it had received TGA approval and expected completion of the GMP manufacture and commercial launch of the Évolis™ products in May 2012. These events have now been brought forward and commercial sale of the products through pharmacies is likely to commence in the middle of the calendar year, three months earlier than previously planned.
The Évolis™ for Men and Évolis™ for Women products have important TGA approved claims of “promotes hair growth”, “helps prevent hair loss and thinning” and “restores the natural hair growth cycle”.
The Évolis™ products will not require a prescription and will be sold as over the counter medicines in individual pharmacies as well as pharmacy chains at the recommended retail price of $89 for each 50 ml bottle. The Company is targeting a minimum of 400 pharmacies nationally within the first twelve months.
It is estimated that 40% of women and 50% of men in western countries are affected by hair loss at some stage in their life. Current hair growth products either have serious side effects or lack evidence of efficacy. The key competitive advantage for the Évolis™ range is safety combined with efficacy and as such the products represent a significant market opportunity.
Cellmid, via its wholly owned subsidiary Advangen International Pty Ltd, holds exclusive manufacturing and distribution rights for the products in Australia, USA, Europe, India and South America with significant combined sales potential. Commercial launch outside Australia is expected to commence in late 2012.
The website for the Évolis™ products will be re-launched on 15th April 2012 with a commercial interface to facilitate internet sales and a promotional video which will also be released on site in participating pharmacies.
About Cellmid Limited (ASX: CDY)
Cellmid is an Australian biotechnology company developing innovative novel therapies and diagnostic tests for inflammatory diseases, heart attack and cancer. Cellmid holds the largest and most comprehensive portfolio of intellectual property related to midkine and midkine antagonists globally. The Company’s most advanced clinical development program is for the treatment of acute myocardial infarction (AMI) utilising the midkine protein. Cellmid is also developing anti-midkine antibodies for the treatment of inflammatory and autoimmune disorders. In addition, Cellmid is commercialising midkine as a biomarker for cancer diagnosis. Elevated midkine concentration in the blood and other body fluids is strongly indicative of cancer. Cellmid’s first product, the MK-ELISA, is a blood test that sensitively and accurately measures serum midkine levels.
About Advangen International Pty Ltd
Advangen International Pty Ltd is the wholly owned subsidiary of Cellmid Limited. Advangen develops and sells scientifically validated products to prevent and treat various forms of hair loss. The company’s products have well understood mechanism of action and have been extensively tested for safety and efficacy with published validation data. Advangen has two market ready product ranges, one for pharmacies (Évolis™) and one for professional hair salons (Jo-Ju™ and Lexilis™). In addition, the company is developing midkine in a high performance formulation for the treatment of age related hair loss.
About Advangen’s Products
Advangen’s products are based on using FGF-5 (Fibroblast Growth Factor 5) inhibitors to prevent hair loss, extend the growth phase of the hair cycle and activate resting follicles prompting them to grow. FGF-5 is known to cause hair to fall out and suppress hair growth. Its absence results in strong hair growth. FGF-5 has no other functions rendering its inhibitors safe. Advangen’s FGF-5 inhibitor products are plant extracts that have been tested for their ability to inhibit FGF-5 with propriety high through put assay. Several products have been developed, of which the Advangen range (Jo-Ju™ and Léxilis™) will be sold through hair salons as cosmeceuticals. The Évolis™ range has been registered by the TGA as a listed medicine and will be sold as an over the counter product in pharmacies.
Maria Halasz on +612 9299 0311