Cellmid books revenue growth with hair loss remedy

Like sciences company Cellmid (ASX: CDY) has booked record revenues as its Evolis product for reducing hair loss gains market traction.

The company, which is developing therapies for inflammatory and fibrotic diseases, cancer and heart disease as well as hair loss, booked $1.1 million in sales in Japan in three months during a recent TV sales blitz.

Evolis, which has registration in Australia from the Therapeutic Goods Sdministration, has been its biggest seller.

The company claims: “In independent clinical trials, 74% of the study participants have had increased hair growth and reduced hair loss.”

The product is also on sale in China and the United States.

Cellmid says Evolis blocks the production of the FGF-5 proteins that cause hair follicles to fall out.

Based on rising sales the company has forecast revenue of $2.5 million in the fourth quarter to June.

Picture: Cellmid/Evolis

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