Veradermics joins fellow hair regrowth specialist Pelage Pharmaceuticals, which on Wednesday raised $120 million for its own therapy.
Connecticut’s Veradermics brought in $150 million in an oversubscribed series C, which will help it push a hair regrowth pill through regulatory submissions, making it the second hair regrowth biotech to secure a large fundraising haul in as many days.
The drug candidate, dubbed VDPHL01, is currently undergoing Phase III testing as potentially the “first and only” extended-release pill form of the vasodilator minoxidil, designed to help restore hair growth in men and women with pattern hair loss, Veradermics said in a Thursday release. The biotech is running multiple ongoing and registrational Phase III studies for VDPHL01.
The series C money will also help Veradermics file a new drug application for VDPHL01, though the company did not specify a target timeline for submission.
With roughly 80 million affected people in the U.S., pattern hair loss is “one of the largest aesthetic conditions,” according to Veradermics. The FDA hasn’t approved a new treatment for pattern hair loss in almost 30 years.
Minoxidil remains the only drug approved for hair growth in men and women, and while there are many other formulations of minoxidil on the market and in development, Veradermics claims that VDPHL01 is “different” as it allows for extended exposure of hair follicles to the drug. “This release profile is intended to enable fast, consistent and intense hair growth,” the biotech said.
To support its hair growth claims, Veradermics on Thursday also released preliminary Phase II data for VDPHL01, noting that after two months of twice-daily treatment, patients saw an increase in the number of thickened and normally pigmented hairs. Hair growth continued to improve through four months of follow-up, at which point 95% of treated participants said they were more satisfied with their hair coverage.
The mid-stage readout also found VDPHL01 to be safe and well-tolerated, with no serious side effects. There were also no cases of adverse cardiac adverse events.
Minoxidil was initially developed in the 1970s to treat hypertension, with a topical formulation used to treat hair regrowth developed in 1987. In the past, oral formulations of minoxidil have led to adverse effects including hypertrichosis—abnormal hair regrowth patterns.
Verdermics’ series C round comes on the heels of fellow hair growth specialist Pelage Pharmaceuticals, which on Wednesday raised $120 million in a series B round for its topical treatment PP405. Pelage plans to start Phase III trials for the hair cream in 2026.
