Solana Beach, California, and Seoul, South Korea – May 14th, 2019 - Kerastem, the leader in the development and commercialization of regenerative medicine-based approaches to hair growth, and MyungMoon Bio Co. Ltd, a leading healthcare company bringing innovative regenerative therapies to market, announce the expansion of their existing commercial partnership to bring Kerastem’s novel hair growth cell therapy to China and ASEAN Member States.
Kerastem will receive over $5M upfront in cash and initial product purchase commitments. The agreement represents a potential total deal value of $140M consisting of clinical development milestones, product purchases and royalties.
“The expansion of our existing partnership with MyungMoon is another significant milestone for Kerastem, providing access to China, the largest marketplace in the world, as well as other key areas throughout Southeast Asia,” said Brad Conlan, CEO of Kerastem.
Kerastem recently reported top-line data from its clinical trial (STYLE), a 70 patient, phase II, US multi-center, randomized, single-blinded, and controlled study investigating Kerastem’s therapy in patients with early hair loss. Results from STYLE demonstrated a statistically significant increase in the number of mature hairs in men treated with a targeted low dose of cells when compared to placebo control. Early hair loss represents a significant unmet medical need and the Kerastem therapy is a one-time treatment that utilizes adipose (fat) derived regenerative cells delivered to the affected area of scalp.
Added Mr. Conlan, “the company will continue building its worldwide commercial footprint while working toward a Pre-Market Approval (PMA) within the USA.”
Early hair loss affects over 150 million men in China alone. The global hair loss treatment market generates more than $7 Billion in revenue annually and currently has limited options for both men and women with early stage hair loss.
Kerastem is a wholly owned subsidiary of Bimini Technologies. The Bimini portfolio includes Puregraft (www.puregraft.com), the world’s leading fat transfer solution. In 15 minutes or less, Puregraft products provide surgeons with purified fat for reinjection and are used in hospitals and clinics around the world. The existing Puregraft customer base are ideal prospects for Kerastem’s hair growth cell therapy.
About MyungMoon Bio Co. Ltd
MyungMoon Bio is a leading manufacturer and distributor of medical device and pharmaceutical products in South Korea. The company develops medicines and medical supplies for the treatment of incurable disease and introduces excellent therapeutic products to the Korean market through strong partnership with global healthcare providers. MyungMoon Bio aspires to be the most respected company to improve the quality of patients' lives.