Pelage Pharmaceuticals raised $120 million in an oversubscribed Series B to support a phase III program for PP‑405, a topical small molecule designed to activate dormant hair‑follicle stem cells. Investors included GV and Arch Venture Partners; company leadership says the funding will cover late‑stage studies and commercial preparation. Pelage plans to use the capital to finalize pivotal design and scale manufacturing for an indication that has seen few new options in decades.