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Portrait

The first listed pharmaceutical company to set up a branch in Monaco, Clinuvel
produces a leading drug against rare genetic and metabolic diseases. From
pharmaceuticals to cosmetics, it is now taking on the anti-ageing market.

Clinuvel: an australian success story –

new chapter in Monaco by Milena Radoman

Having come to Monaco in 2020, the Clinuvel
Group’s journey has been an unusual one.
The story of this pharmaceutical laboratory
dates back to 1980. At the time, university
researchers were working on the synthesis
of human hormones and the properties of the
a-MSH (alpha melanocyte stimulating hormone)
in order to protect the organs and the skin.
Australian-based Epitan obtained the rights to
the technology and wanted to market it as a
cosmetic tanning agent. In 2004, because of
weak objectives and an absence of strategy,
Epitan went bankrupt but its potential generated
interest across the world. Philippe Wolgen, who,
at the time worked as an analyst for different
European hedge funds, ordered a report into
Epitan, before finding himself ordering another
one: “It was extremely rare for me but when I
went there, I was seduced by the technology’s Napster and spotify founders invest Anti-Ageing creams in 2021: the new holy grail
reliability,” he now says. A product launch inevitably needs financing: Since then, Clinuvel has joined the ASX 200 (CUV)
“Up to market launch, a drug requires an and the NASDAQ (international designation
Change of direction investment of $600 million to $1.2 billion. CLVLY). The European Health Agency and the
To guide Epitan towards an inevitable strategic To raise the funds, Philippe Wolgen, with United States Food and Drug Administration have
change, Philippe Wolgen joined the executive his financier hat firmly on, went hunting granted marketing authorisation for Scenesse.
board and became CEO, revolutionising the for investors around the world, not to «The group now has 77 employees and is worth
functioning of the company and investing in it. investment banks but to family offices €1.1 billion compared to €20 million when it
Changes were made to the board, the teams, and specialised funds. He was able to win started,» says Philippe Wolgen, before adding
young talents were recruited and the company over pension funds, as well as the asset with a laugh: “At first, I was taken for a fool but
was renamed Clinuvel management giant, Fidelity, and the founder the shareholders, who have had the patience and
“At first, Pharmaceuticals. of Napster, Sean Parker, even before entering the vision to invest in the company, feel like they
Clinuv el bega n the American market. “In 2007, during a have bought gold. Clinuvel is one of the biggest
I was taken developing Scenesse, Clinuvel presentation in Silicon Valley, I hits in Australia!” The former facial surgeon
a drug that activates met the founders of Facebook and Napster. turned financial analyst even had to counter
for a fool…” the production of Traditionally-speaking, a pharmaceutical a $95-million takeover; and the 50-year-old,
melanin, the skin’s company has no place in the tech den - but who himself owns 8% of the company, intends
natural defence against ultraviolet rays, aimed the best part was that we were the first to continue the Australian success story with
at protecting against sun-related illnesses. It company in the world to use Facebook to ambitious plans. A first line of cosmetic creams
is used to treat rare genetic diseases like the search for patients in hospitals for our clinical will be released in 2021: “We will exploit the
one affecting so-called “Moon Children”, who trials. It was innovative and efficient. In 18 anti-ageing properties of the technologies used
develop skin cancer caused by UV rays at the months, we found 600 patients around the to regenerate the DNA of skin lesions caused
slightest exposure to sunlight and light. “In all, world. The result is that today Sean Parker, by sun exposure and offer them to the general
100,000 patients are potentially concerned,” who has followed us for 14 years, owns 6% public.” Another challenge that could just be
observes the Clinuvel boss. of the company.” the new Holy Grail of cosmetics.

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