Press Release

Topadur Pharma AG and Oshen Holdings SA sign a co-development agreement

Zurich-Schlieren, Switzerland, 6thJune, 2024

Topadur Pharma AG and Oshen Holdings SA have signed an agreement to develop the liquid topical formulation of TOP-M119 for treating alopecia. The contract covers co-development, licensing and commercialisation rights for Greater China, focusing initially on completing the IND studies and clinical phases I and II. The deal is based on equity and development costs of total CHF 15 million.

Androgenic alopecia is the most common form of hair loss in both men and women. According to data published by the Journal of Clinical and Diagnostic Research, around 60% of the global population has hair thinning problems and pattern hair loss. The standard of care (SoC) includes topical minoxidil (men and women), and oral and topical finasteride (men only). The global alopecia market, valued at USD 8.8 billion in 2023, is projected to grow at a CAGR of over 9%, reaching over USD 16 billion by 2030. This growth is driven by an ageing population and changing demographics.

TOP-M119 is a promising drug candidate with a novel mode of action. Pre-clinical studies have shown that TOP-M119 is superior to SoC, with a much higher potency, a faster onset of action and improved local tolerability. In addition to the topical formulation, Topadur is working on intradermal sustained release formulations for medical cosmetics targeting alopecia and skin ageing.

"Based on our pre-clinical data, we believe that TOP-M119 can become a game changer in treating hair loss and improving hair quality. The partnering agreement with Oshen enables us to speed up development of TOP-M119 and provide faster access to patients,” said Pascal Brenneisen, CEO of Topadur Pharma AG.

“We are very pleased to be partnering with Topadur to develop TOP-M119. The science behind this asset is exciting and the progress made to date is compelling - we look forward to progressing the drug candidate into clinical studies.” said Didier Cowling, Managing Partner Oshen Holdings SA.

Topadur is a patient-oriented, clinical-stage biotech company focused on developing disruptive therapies for ageing-related diseases. The Swiss-based company has developed the DualTOP™ technology platform, which consists of dual-acting drugs that increase cGMP levels to stimulate microcirculation, enable tissue regeneration, and avoid local oxygen deficiency. Topadur’s R&D portfolio consists of promising development candidates in regenerative medicine, oncology, ophthalmology, and medical aesthetics, aimed at promoting longer, healthier lives.

For more information, visit:

Oshen is a European-based family office that invests in inventors and visionary teams developing novel and disruptive technologies shaping the future of better ageing. Focusing on medtech and biotech, Oshen invests across a broad spectrum of companies, from early-stage to market ready.

For more information, visit:


Jaan Strang

Head Project Management

+41 44 755 44 66


This communication does not constitute an offer or invitation to subscribe for or purchase any securities of TOPADUR PHARMA AG. This publication may contain certain forward-looking statements and assessments or intentions concerning the company and its business. Such statements involve certain risks, uncertainties and other factors which could cause the actual results, financial condition, performance or achievements of the company to be materially different from those expressed or implied by such statements. Readers should therefore not place reliance on these statements, particularly not in connection with any contract or investment decision. The company disclaims any obligation to update these forward-looking statements, assessments or intentions.


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