Cellmid (ASX:CDY) has been issued a notice of allowance for a patent entitled “Method of Treatment or Prevention of Hair Loss or for Enhancement of Hair Growth” by the U.S. Patent and Trademark Office.
The midkine (MK) alopecia patent will expire in February 2031 and it adds to the significant intellectual property rights related to the commercialisation of hair loss technologies.
The company’s other patents relate to the evolis® line of hair products which prevent hair loss and increase hair growth.
Cellmid has two business segments, consumer health and its midkine (MK) portfolio.
The consumer health segment currently sells hair growth products in Australia, Japan and the U.S, which were developed using FGF5 related intellectual property.
Cellmid aims to follow in the footsteps of FGF5 by commercialising its MK portfolio.
The MK alopecia patent complements other members already granted in the patent family in Japan, Australia and the U.K. providing broad geographical protection over the use of the MK protein for the treatment of a number of conditions resulting in hair loss.
The alopecia patent also adds to the key patent families that ensure the company’s dominant intellectual property position over the treatment of inflammatory, ischaemic and autoimmune diseases, cancer and bone disorders by targeting or using MK.
Cellmid’s total patent portfolio currently comprises 75 patents and applications in 16 patent families.
This includes patents covering the use of MK and anti-MK agents for therapeutic purposes in a number of diseases such as cancer, inflammatory conditions and autoimmune diseases.
December quarter sales growth
Cellmid recorded a 79% increase in December quarter hair loss product sales compared with the prior December quarter and will enter 2017 with a healthy $5.3 million in cash.
The company only recently launched its lead revenue driving évolis® hair loss products into the U.S. market.
Hair loss product sales reached $943,000 for the December quarter, up 79% on the prior December quarter.
A comprehensive marketing strategy will be fully deployed in the U.S. in the coming months to build e-commerce based sales.
Advertising activity in Australia is expected to increase substantially as the U.S. e-commerce strategy is deployed.
While Cellmid continues to grow its hair loss product sales, it is also developing its MK portfolio and looking to commercialise these assets through various deals and partnerships.