Priceline to stock Cellmid hair growth range

Cellmid (ASX:CDY) subsidiary Advangen has now secured agreements with over 700 pharmacies including Priceline stores to stock its evolis line of hair growth products.

The company revealed it is running ahead of its projected target of 400 stockists by June 2013.

Advangen started rolling out evolis to chemists in June. Besides its agreement with Priceline, the company has deals in place with several other large pharmacy chains.

The first agreement with a pharmacy group to stock the line was the deal with Terry White Chemists forged in May. Regional groups including National Pharmacies are also onboard.

The evolis products inhibit FGF-5, a protein responsible for regulating hair growth. The topical treatments are sold over the counter. They have been clinically tested and listed by the TGA.

Studies suggest that evolis can reduce daily hair loss by around 40%, and increase hair growth by about 25%.

Advangen parent Cellmid concentrates on developing treatments based on the midkine protein and its antagonists. Its most advanced development program relates to using anti-midkine antibodies for treatments for inflammatory and autoimmune conditions as well as cancer.

The company is also working on a diagnostic test using midkine as a biomarker to detect cancer and developing the midkine protein for the treatment of ischemic diseases.

Cellmid (ASX:CDY) shares were trading at $0.015 as of 2pm on Friday, down from $0.016 the day before.