Procter investing in hair-raising program

March 2006

Procter & Gamble Co., known for its Pantene and Head & Shoulders shampoos, is now exploring ways to stop baldness, investing $1 million in a company that is developing a topical drug for hair loss.
 
The investment, in Curis Inc., comes after the company achieved its first preclinical milestone in a hair-growth program with Procter's pharmaceutical unit.

If Curis reaches the second milestone, Procter (NYSE: PG - News) will pay the company as much as $1.8 million more, according to wire reports.

The program is dedicated to the development of a drug for hair-growth disorders, such as male-pattern baldness and female-pattern hair loss. The drug will be applied directly to the skin.

Under the development agreement, Curis has retained an option to co-develop the product through phase II clinical trials. Curis also has options on veterinary uses, of which Procter has the first rights to a commercial agreement.

Curis (Nasdaq: CRIS - News) based in Cambridge, Mass., is a therapeutic drug development company exploring treatments for cancer, neurological disorders, hair growth and kidney disease. Procter, based in Cincinnati, is the world's largest consumer products maker.