MONTRÉAL, Oct. 22, 2024 (GLOBE NEWSWIRE) -- 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 entered into a strategic partnership with Akums Drugs & Pharmaceuticals Ltd. (“Akums”), India’s top Contract Development and Manufacturing Organization (“CDMO”), for the exclusive licensing of its Therapy-07 prescription drug in India.
Under the terms of the agreement, Akums will fund regulatory and drug development costs and conduct an ICH GCP Phase III clinical trial involving 380 patients or such number as recommended by CDSCO. Triple Hair will also receive a 50:50 profit split on distribution sales and any sublicense agreements with upfront milestone payments and royalties for the territory of India.
Therapy-07 combines three unique FDA-approved drugs to treat alopecia, a common condition affecting millions of people in India and worldwide. The drug is designed to provide a comprehensive approach to hair care. It works to prevent hair loss, stimulate new hair growth, and increase hair thickness and density, offering a one-stop solution for those struggling with hair thinning and baldness. This cutting edge formula promises a convenient and effective option for users who prefer topical treatments, with the potential to improve compliance and results for individuals struggling with hair loss.
Mr. Jean-Philippe Gravel, CEO of Triple Hair, stated: “We are proud to partner with Akums, India's largest pharmaceutical contract manufacturer, in what could be a very beneficial opportunity for both companies. One of the great advantages of this partnership is that Akums will be directly involved in the regulatory process, including an upcoming Phase III clinical trial in India. We expect to start the process in the coming weeks so that we can commercialize Therapy-07 in India as soon as possible.”
Mr. Sanjeev Jain, Managing Director, Akums shared that “Akums' collaboration with Triple Hair marks a significant step towards expanding our dermatology portfolio and providing innovative and effective solutions for hair care in the Indian market. This partnership accentuates Akums’ commitment to delivering high-quality and clinically proven formulations to improve the lives of its consumers.”
Commenting on the partnership, Mr. Sandeep Jain, Managing Director, Akums, said: "We are thrilled to partner with Triple Hair, Canada, in bringing this unique formulation to the Indian market. This collaboration aligns with our vision of offering cutting-edge solutions that cater to the evolving needs of our customers. This patented formulation is set to revolutionize the way alopecia is treated in India, and we are confident that this product will help many people regain their confidence and self-esteem."
According to a report published by Statista, the hair care market in India is projected to generate over US$3 billion in revenue in 2024.
About Akums Drugs & Pharmaceuticals Ltd.
Founded in 2004, Akums Drugs & Pharmaceuticals Ltd. is India's largest CDMO, catering to over 1,500 clients worldwide. With a robust manufacturing capacity and adherence to the highest quality standards, Akums specializes in the production of a wide range of pharmaceutical formulations, nutraceuticals, ayurvedic, and herbal preparations. Akums has earned a reputation for innovation, reliability, and excellence in the healthcare industry.
About Triple Hair
Triple Hair Group Inc. is a Canadian biotechnology company specializing in the development of innovative treatments for men and women suffering from androgenic alopecia. Its mission is to provide the underserved market with clinically proven and effective prescription hair regrowth treatments. The Company also sells patented over-the-counter natural hair growth products under the RIZNTM and Plenty NaturalTM brands.
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
This press release may contain forward-looking statements, which are 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.
