Terry White to stock Cellmid hair growth line

Cellmid (ASX:CDY) revealed that Terry White Chemists will be the first pharmacy chain to stock the company's Evolis hair growth product.

The company plans to make the Evolis line available over-the-counter in pharmacies from July.

Cellmid aims to have the product sold through 400 pharmacy outlets across Australia within the first 12 months of availability. The Terry White chain has 157 outlets.

Evolis consists of inhibitors of the FGF-5 (Fibroblast Growth Factor 5) gene. This gene causes hair to fall out and suppresses hair growth, but has no other known functions.

Evolis is listed by the Therapeutics Goods Association and its efficacy is supported by clinical trial data.

It was developed by Cellmid's hair loss prevention subsidiary Advangen International, which has also produced a line of products bound for hair salons.

Cellmid the parent concentrates on developing therapies and diagnostic tests for inflammatory diseases, heart attacks and cancer.

Its most advanced drug development program is a treatment for acute myocardial infarction utilising the midkine protein. The company is also commercialising midkine as a biomarker for cancer diagnostics, and its first product is a blood test that measures serum midkine levels.

Cellmid (ASX:CDY) shares climbed by a third to $0.020 in Wednesday's trading after the Terry White tie-up was announced, but had fallen back to $0.017 by around 1:30pm on Thursday.