Group Closes $4 Million Financing
Summary
Montr\xe9al, Qu\xe9bec, 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 Qu\xe9bec government, through its Impulsion PME program (biopharmaceutical component), managed by Investissement Qu\xe9bec.This financing is a first step in the evolution of Triple Hairs capital structure leading to the execution of Phase III clinical trials in several countries for the Companys flagship prescription product, Therapy-07. These funds will notably enable us to prepare the Phase III clinical trials planned for Therapy-07. As soon as we receive these approvals, we will proceed to finalize our capital structure and begin clinical trials in several countries.Triple Hairs ingenious approach to alopecia is inspiring, and promises to improve the lives of many. Its 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.Were proud to support young Qu\xe9bec companies like Triple Hair, which are helping to make our industries, such as biopharmaceuticals, more innovative, says Bicha Ngo, President and CEO of Investissement Qu\xe9bec. With Impulsion PME, Investissement Qu\xe9bec 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.