Phase 1 trials to begin on Daewoong's IVL3001 hair loss treatment
Daewoong Pharmaceutical won approval in Australia for Phase 1 clinical trials of the IVL3001 hair loss treatment, the company said Monday.
With permission from Australia’s Therapeutic Goods Administration, the company plans to test the treatment’s efficacy in the first round of clinical trials. The treatment is injected once every three months as opposed to existing drugs, which require daily consumption or use.
“We will offer people who are suffering from hair loss convenience and efficacy by developing injectable version of treatment,” said Jeon Seng-ho, CEO of Daewoong Pharmaceutical. “Daewoong will closely cooperate with our partner companies that own great technologies in order to successfully launch the product.”
In June, Daewoong signed an agreement with Seongnam-based Inventage Lab and Seoul-based Withus Pharmaceutical to codevelop the hair loss treatment. The three companies aim to commercialize the drug in Korea by 2023.
During the development process, Daewoong agreed to lead Phase 3 clinical trials, obtain approvals and sell the product after commercialization. Inventage Lab agreed to lead preclinical trials and Phase 1 clinical trials and provide support for manufacturing, while Withus Pharmaceutical will manufacture the treatment.
The market size of global hair loss treatment market was about 8 trillion won ($6.8 billion) in 2020. It will double in size by 2028, according to data compiled by U.S. market tracker Grand View Research.
BY SARAH CHEA [email@example.com]