Dieppe's Triple Hair Closes $4M to Prep Phase III Hair-Loss Trials

Triple Hair has closed a $4 million financing to prepare global Phase III trials for Therapy-07, its prescription candidate for androgenic alopecia — the largest disclosed New Brunswick venture round of a lean 2024.

The round

Main investors are Philadelphia life-sciences fund Prevail Partners, the New Brunswick Innovation Foundation (NBIF put in $200,000, per its own announcement), and the Québec government through Impulsion PME, managed by Investissement Québec. The company announced the close from Montréal on June 3, 2024; the clinical-stage biotech is based in Dieppe.

CEO Jean-Philippe Gravel called the cheque both capital and validation: “These funds will notably enable us to prepare the Phase III clinical trials planned for Therapy-07. We have Health Canada’s approval to begin our Phase III clinical trials, and awaiting approvals from other jurisdictions, notably the US and Europe.”

What Therapy-07 is aiming at

Androgenic alopecia is a common genetic pattern of hair loss in men and women. Triple Hair’s flagship prescription product is designed to measure hair regrowth in multi-country Phase III work once U.S. and European clearances land beside Health Canada’s. The company also sells non-prescription brands (RIZN and Plenty Natural) for milder cases — a consumer foothold while the clinical program scales.

Entrevestor notes founders Dr. Houfar Sekhavat and pharmacist Peter Ford started the company in 2013, and that Triple Hair had previously flagged needing on the order of $10 million to run Phase III trials with hundreds of participants. This $4 million round is framed as a first step in that capital structure, not the finish line.

Why it matters in New Brunswick

CVCA-backed tallies put the province at roughly $15 million across 15 deals in 2024. Triple Hair’s cheque is the outlier on that list — a Dieppe biotech clearing a clinical milestone with out-of-province specialist capital, not another sub-$1-million seed. The next test is ordinary and hard: convert Health Canada clearance into multi-jurisdiction trials and the larger raise those trials will demand.

Sources

• Triple Hair Group Closes $4 Million Financing — company announcement (investors, Therapy-07, Gravel quote, Health Canada approval)
• Triple Hair Raises $4M — Entrevestor (Dieppe base; founders; NBIF $200K; Phase III context)
• Le NBIF investit 200 000 $ dans Triple Hair Inc. — NBIF (provincial stake confirmation)