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Cellmid Director Grows Shareholding With On Market Investment

Cellmid (ASX: CDY) non-executive director Martin Rogers has invested a further A$30,000 in the company through the on-market purchase of shares.

Rogers acquired an additional 2 million shares at $0.015 each.

Cellmid is a company with near term cash flow and a diversified pipeline of products.

The company's over-the-counter évolis® topical hair growth products, which were launched in Australian pharmacies in late June this year, continue to surpass expectations.

Through its controlled entity Advangen International Pty Ltd, Cellmid earlier this year struck agreement with almost 700 Australian pharmacies to stock its scientifically validated évolis® hair growth product range - well above its projected target of 400 stockists by June 2013.

Stockists include some of the largest pharmacy banner groups such as Priceline, Terry White and regional groups like National Pharmacies and their respective online stores.

évolis® products are designed to promote hair growth, help reduce hair loss and thinning, and restore the natural hair growth cycle by inhibiting FGF-5.

Therapeutic Goods Administration listing of the évolis® hair growth products has been a major milestone this year for Advangen International, Cellmid's subsidiary.

évolis® is the first Therapeutic Goods Administration-listed topical hair growth product in 24 years.

Cellmid is now aiming to have 25%, or 1,300, Australian pharmacies, as well as 210 salons, stocking its évolis® range by the end of 2013.

The company also has two cancer diagnostics in the pipeline, slated for market release in 2013.

The first is the Quest (Celera) lung cancer screening test which upon market launch in mid-2013 will generate a milestone payment and royalties for Cellmid.

The second is the Pacific Edge Diagnostics bladder cancer test which will also trigger a milestone payment and royalties upon its launch next year.

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