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Cellmid achieves record quarterly sales for hair loss products

Sales of Cellmid's hair loss products were up 120% pcp.
Cellmid achieves record quarterly sales for hair loss products
Cellmid shares are up 10% in 2017 trading at $0.029

Cellmid (ASX:CDY) has achieved record sales of $1.51 million for the March quarter, up 120% from the same period last year.

The company has two business segments, consumer health and its midkine (MK) portfolio.

The consumer health segment currently sells hair growth products in Australia, Japan and the U.S, which were developed using FGF5 related intellectual property.

Most recently, Cellmid launched its lead revenue driving évolis® hair loss products into the U.S. market.

Cellmid closed the March quarter with a cash balance of $5.36 million.

U.S. sales

Sales of the evolis® REVERSE hair loss product range commenced in the U.S. in January 2017 on the company’s dedicated online e-commerce website.

A comprehensive digital and social marketing plan has been developed and is currently being tested.

In addition, a premium retail placement strategy and salon distribution program is expected to continue.

A comprehensive public relations campaign continues to deliver publicity with ongoing presence in Men’s Health, fashion and lifestyle magazines and other publications.

Japanese sales

Japanese sales through television shopping continue to increase for the second year in a row, without product modifications or extra discounts being introduced.

The hallmark of a successful television shopping product is an increase in repeat customer base that continues to purchase the products, without further discount, over a long period of time.

Commercialising the midkine portfolio

While Cellmid continues to grow its hair loss product sales, it is also developing its MK portfolio and looking to commercialise these assets through various deals and partnerships.

Lyramid Limited and Kinera Limited are Cellmid’s wholly owned subsidiaries that own and develop MK related research and development programs.

Research on Lyramid’s chronic kidney disease program commenced during the quarter with results expected in the second quarter of FY2018.

Furthermore, publication was accepted by Lyramid licensee, Pacific Edge demonstrating that the CxBladder Monitor provides clinicians with greater degree of certainty when monitoring recurrent bladder cancer.

This latest confirmation of the superior performance of CxBladder compared with other tests is expected to increase clinical adoption of the bladder test.

Ischemic programs in Kinera continue with the latest collaboration by Melbourne university scientists on an undisclosed orphan indication.

This is in addition to the ischemic heart disease program expected to be funded by the Platinum Road loan.

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