Cellmid Limited (ASX:CDY) has received $1 million in the form of a strategic investment from US based investor, Dennis Eck.
Notably, the shares to be placed with Eck are priced at $0.38, representing no discount to the last Thursday's closing price.
Eck is a professional investor with 40 years’ senior management experience in the retail sector including beauty.
Cellmid board to utilise new investor’s retail experience
Eck will be advising Cellmid’s board on its US retail strategy in 2018.
The company continues to progress its strategy to access the premium retail market for its evolis® branded FGF5 inhibitor hair loss products.
Maria Halasz, chief executive, said: “It is very exciting to secure support from a strategic investor of Dennis Eck’s industry experience and wisdom.
“We are looking forward benefiting from his insights into retail."
The expansion of evolis® anti-aging hair care products
In July 2016 Cellmid embarked on a US market strategy for its evolis® branded hair loss and anti-aging hair care products.
Since then, Cellmid has developed the evolis® Professional branded anti-aging hair care products.
It has successfully completed manufacture of the range and secured prestige retail distribution with Neiman Marcus and Soft Surroundings in the US.
Cellmid recently secured its second premium retail partner in the US, Soft Surroundings.
Soft Surroundings owns 59 stores across the US and will sell Cellmid’s évolis® Professional product range.