Cellmid Limited’s (ASX:CDY) sales of its FGF5 inhibitor hair growth and anti-aging hair care products for Q2 FY2018 reached circa $2 million, more than double the sales from the same period last year.
The company’s consumer health subsidiary Advangen sells hair care products in Australia, Japan and the U.S.
Quarterly sales exceed $2 million for the first time
This is the first time that Cellmid has recorded sales above $2 million for the quarter, having achieved a 34% increase on the highest previous quarterly result of $1.5 million.
The substantial increase in sales was the result of continued success with television shopping channel QVC in Japan.
Cellmid’s ‘million-dollar day’ sale on 21 December 2017 on the QVC television shopping channel in Japan has been a remarkable success.
The company also benefited from the commencement of shipping to China following the receipt of import permits for the Jo-Ju® and Lexilis® branded products.
This is part of a comprehensive strategy to enter the Chinese consumer health market with the company’s various brands of FGF5 inhibitor hair loss products.
Cellmid has achieved key milestones and operational targets for the quarter ended 31 December 2017.
The company recently signed up with its second U.S. retail partner, Soft Surroundings. Cellmid had successfully launched its product range on Neiman Marcus online earlier last year.
The évolis® Professional anti-aging hair care products were launched in Australian salons in November 2017. The roll-out, primarily through wholesale relationships, will continue in 2018.
Rare kidney disease studies progressing well
Cellmid’s ‘in live’ phase of the FSGS (a rare disease that attacks the kidney) studies at the Westmead Institute in Sydney was completed in December 2017.
The tissue and blood data are currently being analysed with an early indication that one of the company’s antibodies, not previously tested, is showing efficacy in this model.