Newport Beach-based Evolus Inc. is entering into an option agreement with an undisclosed private company developing an injectable treatment for hair restoration.
Evolus will make an initial $1.5 million payment and support development of the treatment and an initial proof-of-concept study, with the option to acquire all assets associated with the program.
Development is expected to continue through 2027, with first-in-human clinical trials anticipated to begin afterward.
Shares in Evolus (Nasdaq: EOLS) were down 2.5% to $7.32 apiece with a $496 million market cap.