Pelage secures $14M from GV, starts Phase II for alopecia

Six months after securing its series A funding led by Google Ventures, Pelage Pharmaceuticals has once again turned to the venture capital firm for additional investment. On Tuesday, the biotech company, which is dedicated to addressing hair loss, announced that it had raised $14 million in an A-1 funding round from GV (formerly Google Ventures). Simultaneously, Pelage revealed that the initial patients in a Phase IIa clinical trial for its leading product candidate, PP405, had received their first doses.

The recent influx of funding was prompted by promising data from the Phase I study of PP405. Pelage reported that the data demonstrated proof of mechanism and successful target engagement. PP405 operates as a mitochondrial pyruvate carrier inhibitor, a mechanism that enhances lactate dehydrogenase activity. This increased activity, in turn, activates stem cells and stimulates hair growth.

The Phase I study results indicated that the topical application of PP405 was well-tolerated by participants. Additionally, there was a statistically significant rise in Ki67 signaling within one week of treatment. Ki67 signaling is indicative of a proliferative response in hair follicle stem cells, suggesting that the treatment effectively stimulates these cells. Furthermore, the study provided evidence of newly emerging hair germs, which are early indicators of hair growth.

Cathy Friedman, an executive venture partner at GV, expressed optimism regarding Pelage’s prior Phase I results and the treatment's strong safety profile. Friedman, who also serves on Pelage Pharmaceuticals’ board, reiterated the firm's support for the company.

GV had previously led Pelage’s $16.8 million series A funding in February, with additional contributions from Main Street Advisors, Visionary Ventures, and YK BioVentures. All these investors participated in the latest A-1 funding round as well.

The newly secured financing will be utilized to advance the Phase II clinical program for PP405. This phase will involve randomizing 60 male and female participants to receive either a daily topical application of PP405 or a placebo. Chief Medical Officer Qing Yu Christina Weng emphasized the inclusive nature of this trial, noting that it would encompass individuals with diverse skin tones and hair textures—a factor often overlooked in past hair loss studies.

According to details available on ClinicalTrials.org, the study is projected to conclude in December. This Phase II trial represents a critical step in determining the efficacy and safety of PP405 on a broader scale and could potentially bring Pelage Pharmaceuticals closer to offering a new solution for those experiencing hair loss.