- Licensing agreement grants Mother’s Pharmaceutical exclusive rights to sell Triple Hair’s Therapy-07 prescription drug in South Korea.
- Agreement valued at US$5.75 million in upfront and milestone payments and co-development investment, and will generate additional revenues from royalties on potential future sales.
- Triple Hair’s first licensing agreement represents strong validation of the science and the Company’s clinical program.
MONTRÉAL, Oct. 17, 2023 (GLOBE NEWSWIRE) -- Triple Hair Group Inc. (“Triple Hair” or the “Company”), a company specializing in the development of innovative treatments for alopecia, is pleased to announce that it has signed a licensing agreement with Mother’s Pharmaceutical, granting Mother’s Pharmaceutical exclusive rights to sell Triple Hair’s Therapy-07 prescription drug in South Korea.
The agreement is valued at US$5.75 million, comprising of US$2.75 million in upfront and milestone payments and up to US$3 million in co-development investment. Additional revenues will also be generated through royalties from potential future sales of Therapy‑07 in the South Korean market.
“We are proud to have signed this milestone licensing agreement for Therapy-07 with Mother’s Pharmaceutical, a growing pharmaceutical company with proven expertise in distributing and commercializing prescription products for hair loss in South Korea,” said Jean-Philippe Gravel, President and CEO of Triple Hair. “This first licensing agreement is a strong validation of the science, the Company’s clinical program and the market potential of Therapy-07, which has been subject to a rigorous due diligence process over the last 12 months.”
“We are thrilled to partner with Triple Hair and to bring Therapy-07 to South Korea," said Jwa Jin Kim, the CEO of Mother’s Pharmaceutical. "Our mission has always been to improve the health of our patients and customers with high-quality products. With this agreement, we will be able to provide an innovative, scientifically validated solution to the significant number of people in South Korea suffering from hair loss. This partnership aligns perfectly with our commitment to be at the forefront of pharmaceutical, health functional food, herbal products, and cosmetic industries.”
According to a report published by Grand View Research, Inc., alopecia is an underserved global market of US$8.2 billion in 2022 and is expected to reach US$16.02 billion by 2030. Just as an indicator, South Korea’s dermocosmetics market size increased by 17.6% over a five-year period to stand at US$3.4 billion in 2020 (source: Samjong KPMG).
About Mother’s Pharmaceutical
Mother's Pharmaceutical is a company established by pharmacists who are committed to improving the health of patients and customers by developing high-quality products. Their expertise spans four core industries: pharmaceuticals, dietary supplements, herbal products, and cosmetics.
Through the creation of the R&D Center, the company aims to generate profits for its business partners by producing and supplying top-tier medicines and natural pharmaceuticals. These products are distributed to a wide range of medical markets, including pharmacies, hospitals, oriental clinics, and oriental pharmacies nationwide.
In addition, the company is working towards enhancing customer convenience and health across the entire pharmaceutical industry, from production to distribution, by creating a pharmacy chain network. For more information, visit us at www.mtspharm.co.kr.
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.
Contact:
Triple Hair Group
Jean-Philippe Gravel
President and CEO
investors@triplehair.ca
Forward-Looking Statements
Information provided and statements contained in this press release that are not purely historical are forward-looking statements within the meaning of the applicable securities laws. Certain statements in this press release, such as the competitive advantages of the Company’s products, may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to the Company’s future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”; “ensure” or other similar expressions concerning matters that are not historical facts. In particular, statements regarding the Company’s future operating results and economic performance and its objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions, many of which are beyond the Company’s control. While management considers these assumptions to be reasonable based on information currently available to the Company, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what the Company currently expects. Therefore, future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company will not update these statements unless applicable securities laws require the Company to do so.
