Pelage Pharmaceuticals closed a $120 million Series B oversubscribed by GV and Arch Venture Partners to support PP‑405, a topical regenerative therapeutic aimed at activating dormant hair‑follicle stem cells. The capital will fund a planned Phase III program and commercial preparations for a first‑in‑class topical approach to hair loss. Pelage CEO comments and company materials emphasize a rapid fundraising timeline and investor interest in translating regenerative science to large addressable markets. Media coverage highlighted the round’s speed and investor mix as a renewed signal of appetite for aesthetic and regenerative biotech opportunities.