Veradermics口服米诺地尔VDPHL01第二项III期(304)男性脱发试验达标，股价盘前/盘中仅涨约7%

The first new pill for pattern baldness in nearly three decades is moving closer to the market after a positive late-stage trial.

Veradermics Inc. said Monday that its experimental drug, VDPHL01, met the main goals in a study of 536 men with mild-to-moderate hair loss. The medicine is an extended-release version of minoxidil, the main ingredient in the popular topical treatment Rogaine.

New Haven, Connecticut-based Veradermics is just one of several biotechnology companies racing to develop better treatments for baldness. Drugmakers and investors see hair loss as a potentially lucrative cash-pay opportunity similar to the booming market for weight-loss drugs, which has fueled growth at Eli Lilly & Co. and Novo Nordisk A/S.

Veradermics’ shares rose 6.5% when markets opened in New York. They’ve soared more than sixfold since the company went public in February.

Its formulation of oral minoxidil is designed to reduce cardiovascular risks associated with the drug. Oral minoxidil isn’t approved for hair loss but is widely used off-label by dermatologists.

In the new study, patients taking the pill once a day gained an average of 28.6 hairs per square centimeter of scalp after six months, compared with 36.4 for those taking it twice daily and 6.6 for patients on a placebo. More people taking the drug also reported improved hair coverage compared with the placebo group.

The drug was generally well tolerated with no treatment-related serious adverse events or cardiac adverse events. However, swelling and unwanted hair growth occurred more frequently among patients taking the drug than those receiving a placebo.

The results were consistent with findings released in April from another trial involving more than 500 men. Still, Veradermics hasn’t directly compared its pill with conventional oral minoxidil, leaving questions about whether the new formulation offers meaningful advantages over the inexpensive generic medicine. Veradermics is also studying the treatment in women, with results expected in the first half of 2027.

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Mizuho healthcare specialist Jared Holz sees hair loss as the next big consumer healthcare market with “competition heating up by the day,” according to a research note issued before the Veradermics data were released.

Other companies developing new baldness treatments include Cosmo NV, which is nearing the market with an experimental topical treatment, and closely held Pelage Pharmaceuticals, which recently began a late-stage trial of a drug designed to reactivate dormant hair follicles.

Lilly has also emerged as an investor in the field, participating in a $26 million financing round for Amplifica and investing $40 million in Absci Corp., both of which are developing experimental hair growth treatments. Novo Nordisk has also expressed interest in hair loss.