Triple Hair Group Closes $4 Million Financing
Corporate, MEDIA
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 focused on the development of innovative therapies for androgenic alopecia, a condition affecting hundreds of millions of men and women worldwide.
The global hair-loss treatment market was valued at approximately US$8.8 billion in 2023 and is projected to reach over US$16 billion by 2030, reflecting the significant demand for safe and effective treatment options.
Triple Hair’s lead product candidate, TH07, is a patented prescription topical therapy currently in Phase III clinical development.
For more information, visit the Company’s website, at www.triplehair.ca/investors.
Contact:
Triple Hair Group
Jean-Philippe Gravel
President and CEO
investors@triplehair.ca
