NEW YORK, March 26, 2020 (GLOBE NEWSWIRE) — Conversion Labs, Inc. (OTCQB: CVLB), a direct-to-consumer telemedicine and wellness company, has received FDA 510(k) clearance for its new hair regrowth product, the Shapiro MD Laser Hair Restoration Device.
“This innovative, easy-to-use wearable device has received strong customer interest for how its laser-based technology has been clinically proven to regrow hair,” said Conversion Labs co-founder and CEO, Justin Schreiber. “The addition of a proprietary, efficacious and FDA-cleared hair growth device to our Shapiro MD product line is an important step in our journey to becoming the #1 telemedicine brand in the U.S. for hair loss.”
“The key to building equity value in telemedicine is not just selling subscriptions to generic drugs and one-size-fits-all medical treatments,” continued Schreiber. “What’s important is providing personalized care which is enabled by a broad clinical product offering that includes over-the-counter products, prescription medications, medical devices and diagnostics.”
The battery-powered Shapiro MD Model Laser 272 is a dome-shaped, low-level laser therapy device designed to promote hair growth in women and men by exposing the scalp to photobiostimulation generated by 272 light emitting diodes. The treatment regime is simple and easy: you simply switch it on and wear the helmet for 30 minutes. Then repeat this every other day for 16 weeks.
“With this FDA clearance, we can now officially launch this product with the strongest claims possible that it can regrow your own hair,” added Schreiber. “In combination with the telemedicine platform we have built around Shapiro MD, we expect this to be a strong revenue driver for 2020.”
The FDA clearance builds upon Shapiro MD’s success as a leading brand for scientifically proven hair growth products. Shapiro MD is the first hair loss brand in the country where men and women can access patented over-the-counter products, prescription medications, compounded medications, and now an FDA approved medical device for hair loss via a telemedicine and direct-to-consumer platform.
In early 2019, Conversion Labs made a strategic decision to enter telemedicine. Its end-to-end virtual healthcare solution now includes a 50-state physician network and a proven digital marketing operation. Since the launch of ShapiroMD.com, the brand has received more than a billion impressions and attracted more than 150,000 customers. Despite significant competition in the marketplace, Shapiro MD has quickly become a leading online brand for the treatment of hair loss in both men and women.
The online diagnosis and treatment of patients and the associated pharmacy business has been recognized as the next big wave that will fundamentally change the nation’s $3.5 trillion healthcare market. Diving this transformation is how telemedicine services and online pharmacies have been proven to improve access to healthcare, while dramatically reducing costs for millions of Americans.
“Since the outbreak of the coronavirus, we’ve been experiencing a boost in our telemedicine and over-the-counter products business,” said Schreiber. “It seems like more and more people are wanting a safer, more convenient way to consult with their doctor, and receive their prescribed medications and OTC products.”
The global hair restoration services market totaled $8.5 billion in 2018, according to Research and Markets, and is expected to grow at a 4.6% compounded annual growth rate to reach $12.1 billion by 2026.
About Conversion Labs
Conversion Labs, Inc. is a health and wellness focused e-commerce company with a portfolio of online direct-to-consumer brands. The company’s proprietary over-the-counter products and formulated medications can be prescribed online by Conversion Labs’ network of licensed telehealth physicians across the U.S. To learn more, please visit ConversionLabs.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other thing, statements regarding the offering, the expected gross proceeds, the expected use of proceeds and the expected closing of the offering. Any forward-looking statements contained herein are based on current expectations and are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to develop, market and sell its products; the expected benefits and efficacy of the Company’s products; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company’s business, research, product development, regulatory approval, marketing and distribution plans and strategies. These and other factors are identified and described in more detail in our filings with the SEC, including, our current reports on Form 8-K.
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Juan Manuel Piñeiro Dagnery
Conversion Labs Investor & Media Relations Contact
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