We’d like to thank OpportunitiesNB for writing an article following an interview with our CEO Jean-Phillipe Gravel that highlights our innovative topical treatments for hair regrowth and the work Triple Hair has been doing over the past few months. You can access the full article below or on the opporunitiesNB website https://onbcanada.ca/triple-hair-new-brunswick/
Dieppe-based biotech company Triple Hair is revolutionizing the treatment of androgenic alopecia for both men and women. Founded in 2013 by Moncton-based ophthalmologist Dr. Houfar Sekhavat and pharmacist Peter Ford, Triple Hair has made incredible strides in the hair regrowth industry with its patented Therapy-07 topical spray. In June, Therapy-07 was given approval by Health Canada to move to a phase III clinical trial, which Triple Hair hopes to begin in late 2023.
President and CEO Jean-Philippe Gravel notes that the company’s proof of concept trial put Therapy-07 ahead of the top names in alopecia treatment. “Monotherapies like minoxidil (Rogaine) and finasteride (Propecia) generate regrowth in 25 to 40 per cent of patients. So, over 50 per cent of patients will see little to no results. Our initial trial achieved regrowth of some kind in 100 per cent of patients. That has never been seen in the history of hair regrowth products.”
While that 100 per cent figure is impressive on its own, a deeper dive into the numbers is equally encouraging. Gravel says Triple Hair’s solution generated either dense or moderate regrowth in 82 per cent of patients. “This is great news for those seeking hair loss solutions that work,” he says. “Minoxidil was first approved in 1986, then finasteride in 1997. It’s been over 26 years since a hair loss drug was approved by either Health Canada or the FDA. To be part of a New Brunswick startup achieving that feat is exciting.”
Gravel credits Triple Hair’s rise in part to New Brunswick’s strong support for innovative local companies. “From our initial patient cohort to organizations like ONB, ACOA, and the NBIF, to our investors, we’ve been fortunate to receive great support from the New Brunswick community. I would estimate 80 per cent of our investors are New Brunswick-based, with 10 per cent from Atlantic Canada, and the balance from Quebec and Ontario.”
He says ACOA support was crucial in commercializing Triple Hair’s over-the-counter (OTC) products while ONB helped with securing multiple product patents. “We’re only as strong as our intellectual property,” he says. “ONB’s support increased the number of patents we were able to get, increasing our international footprint and export potential in multiple jurisdictions. That’s valuable because it’s exactly what pharma partners are looking at when they agree to license our products.”
Triple Hair was one of a handful of companies accompanying ONB reps to the BIO International Convention in May. “BIO is an important conference as it’s a chance to meet potential partners, identify gaps, and gain valuable market intel,” notes Gravel. “We signed a licensing agreement with a South Korean company that we met at BIO. It’s a multimillion-dollar co-development deal. They’re not only licensing Therapy-07 in South Korea but investing in our phase III trial.” Triple Hair also managed to sign a licensing agreement with a major American beauty brand for its Therapy-16 OTC product as a result of its travels to BIO. Gravel says that agreement will generate nearly two million in sales.
The rest of 2023 will see Triple Hair focused on raising its target of $10M to support its phase III trial, which is expected to be comprised of 529 patients. Phase III will begin once approvals have been received from other jurisdictions, including Europe and the US. “If there are investors – local or from anywhere – looking to invest in a rising New Brunswick company with huge potential, reach out to us,” Gravel says. “We’re focused on ensuring we have the resources to execute a flawless phase III. We’ll be looking to recruit people with a background in clinical trial execution and that takes money. We have a game-changing solution for an industry that is still underserved and will be worth an estimated $12 billion USD by 2025. It’s an exciting time to work in this space.”
Link to OpportunitiesNB article : https://onbcanada.ca/triple-hair-new-brunswick/