Montréal, Québec, June 3, 2024 – Triple Hair Group Inc. (“Triple Hair” or the “Company”), a company specializing in the development of innovative treatments for androgenic alopecia, is pleased to announce that it has closed a $4 million financing with a group of investors.
The main investors are Prevail Partners, New Brunswick Innovation Fund and the Québec government, through its Impulsion PME program (biopharmaceutical component), managed by Investissement Québec.
This financing is a first step in the evolution of Triple Hair’s capital structure leading to the execution of Phase III clinical trials in several countries for the Company’s flagship prescription product, Therapy-07. The trials will measure the efficacy of Therapy-07 on hair regrowth to treat androgenic alopecia.
“This is an important milestone for Triple Hair, both in terms of securing funding and the recognition of the potential value of Therapy-07 by reputable financial institutions,” said Jean-Philippe Gravel, President and CEO of Triple Hair. “These funds will notably enable us to prepare the Phase III clinical trials planned for Therapy-07. We have Health Canada’s approval to begin our Phase III clinical trials, and awaiting approvals from other jurisdictions, notably the US and Europe. As soon as we receive these approvals, we will proceed to finalize our capital structure and begin clinical trials in several countries.”
“Triple Hair’s ingenious approach to alopecia is inspiring, and promises to improve the lives of many. I’m particularly proud to see this Montreal-based company make its mark in the biotech field. It’s a prime example of the dynamism and innovation that characterize our region,” said Christopher Skeete, Minister for the Economy, Minister Responsible for the Fight Against Racism and Minister Responsible for the Laval Region.
“We’re proud to support young Québec companies like Triple Hair, which are helping to make our industries, such as biopharmaceuticals, more innovative,” says Bicha Ngo, President and CEO of Investissement Québec. “With Impulsion PME, Investissement Québec has added another string to its financial bow, supporting entrepreneurs at critical moments in their history and giving them the impetus they need to pursue their development.”
According to a report published by Grand View Research, Inc. alopecia is an underserved global market valued at US$8.8 billion in 2023, and expected to reach US$16 billion by 2030.
About Triple Hair
Triple Hair Group Inc. is a Canadian biotechnology company specializing in developing innovative treatments for men and women suffering from alopecia. Its mission is to provide the underserved market with clinically proven and efficient prescription and over-the-counter treatments for hair regrowth.
The Company also sells its drug-free patented products for preventing hair loss and regaining hair density in mild to moderate cases of alopecia under the brands RIZNTM (www.rizn.ca) for men, and Plenty NaturalTM(www.plentynatural.ca) for women. RIZNTM and Plenty NaturalTM allow hair loss sufferers in their early stages to access effective and natural hair growth solutions without a prescription easily.
For more information, visit the Company’s website, at www.triplehair.ca/investors.