Veradermics raises $150M to advance first non-hormonal oral treatment for hair regrowth — including in women
Series C funding will help to address one of dermatology's most persistent treatment gaps.
For millions of women living with hair loss, the treatments on offer have barely changed in three decades. Now, a Connecticut biotech thinks it may be on the cusp of changing that — with a pill designed to regrow hair safely, without hormones, and without the mess of traditional topical options.
Veradermics a dermatologist-founded company, has raised $150 million in Series C funding to advance VDPHL01, an extended-release oral formulation of minoxidil.
The financing, led by SR One and joined by life sciences investors including Viking Global Investors and Marshall Wace, is one of the largest in aesthetic dermatology in recent years. The funds will support several Phase 3 trials and a planned FDA submission - a significant step toward what could become the first new prescription treatment for pattern hair loss in almost 30 years.
“We believe VDPHL01 represents the rare convergence of scientific innovation, favorable preliminary clinical data, and potential commercial opportunity. For the first time, we’re seeing an oral therapeutic candidate designed specifically for hair regrowth that has the potential to achieve consistent efficacy without compromising safety,” said Dr. Katarina Pance PhD, an investor at SR One who has now joined the board of Veradermics.
“We believe that VDPHL01, if approved, can represent a front-line product for one of the largest aesthetics conditions worldwide. We are very proud to back Veradermics as they advance a program that could meaningfully impact both patient outcomes and the dermatology market at large.”
Why this matters for women
Pattern hair loss, or androgenetic alopecia, affects an estimated 80 million Americans, around 30 million of them women. While men’s baldness is openly discussed, women’s hair loss remains shrouded in stigma, often dismissed as cosmetic rather than medical. Yet research shows the emotional toll can be profound, linked to depression, social withdrawal, and anxiety.
For women, the treatment landscape is thin. Topical minoxidil (Rogaine) remains the only FDA-approved drug for female-pattern hair loss. It can be messy, inconsistent, and easily abandoned - nearly 90% of users stop using it. Off-label oral minoxidil, originally developed for blood pressure, has gained quiet popularity among dermatologists but comes with cardiovascular risks that limit its use.
Veradermics’ pill is designed to change that. Its extended-release formulation delivers minoxidil slowly over time, maintaining stable drug levels while avoiding the concentration spikes that can trigger cardiac side effects.
“As a dermatologist, I’ve seen firsthand the emotional toll of pattern hair loss and watched as patients have had to settle for inconvenient, poorly tolerated, or off-label, non-clinically validated treatments,” said Reid Waldman, M.D., Chief Executive Officer of Veradermics.
“We built Veradermics to change that. With VDPHL01, we’ve engineered an extended-release oral formulation of minoxidil that we believe can maximize hair growth potential while minimizing cardiac risks to safely regrow hair.”
Early results — but mostly in men, so far
The company’s early data, announced alongside the funding, come from a Phase 2 trial in men. After four months, participants taking 8.5 mg twice daily gained an average of 47 hairs per square centimetre, with most reporting visible improvements and no serious side effects, including no cardiac complications.
Female participants are now being enrolled in a dedicated Phase 3 trial (NCT07146022), running in parallel with two trials in men. These will form the basis for Veradermics’ regulatory submission to the U.S. Food and Drug Administration.
At the European Academy of Dermatology and Venereology (EADV) Congress this year, Dr. Jerry Shapiro, a leading hair disorder specialist at NYU, presented a retrospective analysis comparing VDPHL01’s results with existing topical and oral minoxidil formulations. His conclusion was that the investigational tablet appears to deliver faster, more visible results than current standards — though the evidence so far comes from small, early-stage studies.
Reid Waldman continued:
“We’re thrilled to see early indications of this playing out in the clinic, with preliminary Phase 2 data in males on VDPHL01 that indicate visible, measurable regrowth as early as two months. Backed by a strong syndicate in this financing, including current and new investors, we aim to deliver on the potential promise of VDPHL01 and bring a new prescription option forward that could meaningfully impact the lives of millions of women and men with this potentially distressing condition.”
A market — and mindset — ready for disruption
Hair loss treatment is a $30 billion global market projected to keep growing. But even in this lucrative field, female-specific research remains scarce. Drug development has long prioritised male balding, with women underrepresented or excluded from early trials. Veradermics’ inclusion of a separate female Phase 3 study is a welcome departure from that pattern.
If Phase 3 results confirm what early male trials suggest, this could mark a rare moment in which a treatment for a common, underacknowledged women’s health issue becomes part of mainstream medicine — not a cosmetic afterthought.
For now, it’s a promising sign that the conversation about women’s hair loss — long trivialised and underfunded — is finally moving into the clinical spotlight.