Over the last year, we have pursued the commercialization of our TH-16 medical cosmetic product, focusing on maximizing its commercial potential with a minimum of capital through two sales strategies: private label sales, and online sales under our own brand.
In May, we signed an exclusive worldwide licensing agreement with a US-based international cosmetic company for private label sales of TH-16. Prior to entering into this agreement with us, the international company conducted its own research, testing and comparing the TH-16 formula to competitors’ products on the market on a large group of participants. Their Focus Group’s results proved that our product outperforms other leading brands in terms of effectiveness and purchasing intentions. The performance of TH-16 and the feedback from their Focus Group participants are what convinced them to sign the deal.
On July 30, 2021, we launched TH-16 for men under our new brand: RIZN.
We did an online pre-launch for subscribers who had pre-registered to our VIP list on our website, www.rizn.ca. This pre-launch allowed us to test our online sales model before opening it up to a larger audience. With minimal marketing efforts, we achieved strong sales in the first month of operation.
We expect to see sales grow as we raise RIZN’s brand awareness with complete and well-thought digital campaigns using Social Media, Google Ads, Newsletters, Remarketing and more marketing strategies.
We are also working on Plenty Natural, a brand dedicated to women’s hair growth. We added clinically proven ingredients to our TH-16 formula to create TH-17. Plenty Natural’s online pre-launch is expected in the fourth quarter of 2021.
We recorded the first sales of our TH-07 prescription hair growth product in the Physician Dispensing market in Canada and the United Kingdom in Q4 2020. Since then, we have made further sales and are currently in negotiations to develop this market in the US, potentially a very lucrative market for Triple Hair.
Over the past few months, we have been preparing the documents required to list our shares on a Canadian stock exchange. The documents will be filed shortly for review by the regulatory authorities. We anticipate that the listing process, which may include a third round of financing, will be completed by the end of the year. We will keep you posted on each step of the process.
On July 31, 2021, we closed our second round of financing for a total of $2,000,000. The funds raised will be used primarily to commercialize our TH-16 and TH-07 products, negotiate licensing agreements for TH-07 and fund our work towards listing on a Canadian stock exchange.
With respect to the TH-07 Phase III clinical trials, we expect to receive approvals from Health Canada and the US FDA to start the trials in 2022.
In other important matters, we are still in negotiations with international pharmaceutical companies regarding potential partnerships or the sale of licences for TH-07. We will keep you informed of any developments in that regard as well.
Finally, our annual shareholder’s meeting is scheduled for Friday, October 29, 2021. Shareholders will receive all the necessary information by mail in the coming days.
This sums up the news for our Q4 2021 newsletter.
Stay tuned, as we expect to have more news to share very soon.
President and Chief Executive Officer