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CTRI Number  CTRI/2025/05/087404 [Registered on: 22/05/2025] Trial Registered Prospectively
Last Modified On: 03/01/2026
Post Graduate Thesis  No 
Type of Trial  Interventional 
Type of Study   Drug 
Study Design  Randomized, Parallel Group Trial 
Public Title of Study   To Compare Efficacy and Safety of Minoxidil and Finasteride Cutaneous Spray Solution against Regaine® Cutaneous Spray Solution in Male Subjects with Androgenetic Alopecia.  
Scientific Title of Study   A Randomised, Double-Blind, Multicentre, Parallel-Group, Phase III, Clinical Study to Compare Efficacy and Safety of Topical Fixed Dose Combination of Minoxidil (5 percentage w/v) and Finasteride (0.1 percentage w/v) Cutaneous Spray Solution against Regaine® (5 percentage w/v) Cutaneous Spray Solution in Male Subjects with Androgenetic Alopecia. 
Trial Acronym  NIL 
Secondary IDs if Any  
Secondary ID  Identifier 
ECTS24008, Version 00, Date: 06 NOV 2024  Protocol Number 
 
Details of Principal Investigator or overall Trial Coordinator (multi-center study)  
Name  Dr Milan Satia 
Designation  Managing Director 
Affiliation  Ethicare Clinical Trial Services (OPC) Pvt. Ltd. 
Address  Block F-1101 to 1110, Prahlad Nagar Trade Center (PNTC), Radio Mirchi Road, Nr. Vastrapur Railway Crossing,

Ahmadabad
GUJARAT
380015
India 
Phone  9825585119  
Fax    
Email  milansatia@ethicare-cro.com  
 
Details of Contact Person
Scientific Query
 
Name  Dr Milan Satia 
Designation  Managing Director 
Affiliation  Ethicare Clinical Trial Services (OPC) Pvt. Ltd. 
Address  Block F-1101 to 1110, Prahlad Nagar Trade Center (PNTC), Radio Mirchi Road, Nr. Vastrapur Railway Crossing,

Ahmadabad
GUJARAT
380015
India 
Phone  9825585119  
Fax    
Email  milansatia@ethicare-cro.com  
 
Details of Contact Person
Public Query
 
Name  Dr Milan Satia 
Designation  Managing Director 
Affiliation  Ethicare Clinical Trial Services (OPC) Pvt. Ltd. 
Address  Block F-1101 to 1110, Prahlad Nagar Trade Center (PNTC), Radio Mirchi Road, Nr. Vastrapur Railway Crossing,

Ahmadabad
GUJARAT
380015
India 
Phone  9825585119  
Fax    
Email  milansatia@ethicare-cro.com  
 
Source of Monetary or Material Support  
Verisfield SMSA, 8 Vironos str., GR-152 31 Halandri, Greece 
 
Primary Sponsor  
Name  Verisfield SMSA 
Address  8 Vironos str., GR-152 31 Halandri, Greece 
Type of Sponsor  Pharmaceutical industry-Global 
 
Details of Secondary Sponsor  
Name  Address 
Ms Ethicare Clinical Trial Services OPC Pvt Ltd  F-Block, 1101-1110, PNTC Building, Radio Mirchi Road, Vejalpur, Ahmedabad, Gujarat (IndiA) 
 
Countries of Recruitment     India  
Sites of Study
Modification(s)  
No of Sites = 5  
Name of Principal Investigator  Name of Site  Site Address  Phone/Fax/Email 
Dr Harsh B Amin  Adorn Aesthetic Clinic  1st floor, OPD room, house of Adorn - opposite Reliance JIO Petrol-pump, Ambawadi Circle, Landmark: besides Shakuntal apartment
Ahmadabad
GUJARAT 
8984800800

harsh.plasticsurgery@gmail.com  
Dr ShilpaK  Bangalore Medical College and Research Institute (BMCRI)  New OPD Building , 1st floor, OPD Room 01, Bangalore Medical College and Research Institute (BMCRI)/ Victoria Hospital, Fort, Krishna Rajendra Rd, Bengaluru, Urban-Karnataka
Bangalore
KARNATAKA 
9886553646

shilpakvinod1980@gmail.com  
Dr Raj kumar Kothiwala  Jawahar Lal Nehru Medical College  JLN Hospital, department of dermatology, 34/C, ground floor, OPD building, Jawahar Lal Nehru Medical College, Kala Bagh, Ajmer, Rajasthan
Ajmer
RAJASTHAN 
9414118811

doctor.rajkumark@gmail.com 
Dr Shashi Kumar   Mandya Institute of Medical Science  Ground floor, room no. 05, department of dermatology, Mysuru Banglore Highway,Mandya-571403
Bangalore
KARNATAKA 
9886197907

Shashi_b_m@yahoo.com 
Dr Hardik Pitroda  Renove Skin and Hair Clinic  Room no. 01, 6th floor 608, Copperleaf Building, Sola Road, Landmark: Beside Solaris School & Near Bhuyangdev Char Rasta
Ahmadabad
GUJARAT 
9313975824

drhardikpitroda@gmail.com  
 
Details of Ethics Committee
Modification(s)  
No of Ethics Committees= 5  
Name of Committee  Approval Status 
Ethics Committee of BMCRI Bangalore Medical College and Research Institute  Approved 
Institution Ethics Committee, MIMS  Approved 
Institutional Ethics Committee, Jawahar Lal Nehru Medical College   Approved 
Mahavir Hospital Ethics Committee (Adorn Aesthetic Clinic)  Approved 
Mahavir Hospital Ethics Committee (Renove Skin and Hair Clinic)  Approved 
 
Regulatory Clearance Status from DCGI
Modification(s)  
Status 
Approved/Obtained 
 
Health Condition / Problems Studied  
Health Type  Condition 
Healthy Human Volunteers  Androgenetic Alopecia 
 
Intervention / Comparator Agent  
Type  Name  Details 
Intervention  Minoxidil + Finasteride/Verisfield cutaneous.spray solution. [50 mg/ml (5%) Minoxidil + 1 mg/ml (0.1%) Finasteride]  Spray 2 mL solution (morning and evening) for 24 weeks. 
Comparator Agent  Regaine® [50 mg/mL (5%) w/v] cutaneous solution  Spray 2 mL solution (morning and evening) for 24 weeks. 
 
Inclusion Criteria  
Age From  18.00 Year(s)
Age To  41.00 Year(s)
Gender  Male 
Details  1) Male subjects with age between 18 to 41 years old (both inclusive).
2) Subjects must have a clear diagnosis of mild to moderate androgenetic alopecia (Stage II to V of the Norwood-Hamilton classification).
3) Subjects who have used Minoxidil 5% w/v topical solution in the past for at least 6 consecutive months but have responded insufficiently.
4) Subject who have willingness to maintain the same hairstyle, length and hair colour of the scalp throughout the study.
5) Subjects must be willing to provide written informed consent to participate in the study and comply with study procedures throughout study. 
 
ExclusionCriteria 
Details  1) Subjects who are undergoing hair growth or transplant treatment 3 months before screening into the study.
2) Subjects with following comorbidities, if clinically significant:
- Concomitant scalp diseases with the possibility of interfering with the clinical study related evaluation methods such as fungal or bacterial infections, seborrheic dermatitis, psoriasis, eczema, folliculitis, scars or scalp atrophy
- Severe cardiovascular diseases
- Renal diseases
- Liver diseases
- Neurological disease
- Lung disease
- Psychiatric disorder
- History of hypersensitivity to any ingredients in the solution
- clinical findings identified during the clinical examination or laboratory tests that somehow prevent participation in the study
3) Subjects who have received Finasteride in the last 6 months.
4) Subjects who are taking any other medicinal or supplement product that may affect hair growth except topical minoxidil.
5) Subjects with a history of alcohol or drug addiction.
6) Subjects with history of HIV, HBV and HCV.
7) Subjects who are on oral medications or suffering from chronic illness which will compromise the study.
8) Subjects who had treatment of cancer chemotherapy last 6 months before starting study or have a plan of treatment during the study term.
9) Subjects who have active hair loss or history within the past 3 months of hair loss other than androgenic alopecia, including diffuse telogen effluvium, alopecia areata, scarring alopecia.
10) Any severe, acute or chronic medical condition that may lead to hair loss or interfere with the interpretation of trial results.
11) Subjects who have enrolled in any other investigational medication study currently, or within the last 30 days of screening.
12) Current use or history of use of systemic treatment (drugs or dietary supplement) taken for more than 2 consecutive weeks interfering with the study product or evaluations (including but not limited to Beta blockers, Cimetidine, Diazoxide, Isotretinoin, corticosteroids, Vitamin A intake above 10000 IU per day) within past 3 months.
13) Current use or history of use of local treatment (drug or cosmetically) on scalp interfering with the study product or evaluation (topical corticosteroids, hair growth formulation, medicated shampoos, topical estrogen, topical Ketoconazole) within past 4 weeks.
 
 
Method of Generating Random Sequence   Computer generated randomization 
Method of Concealment   Pre-numbered or coded identical Containers 
Blinding/Masking   Participant and Investigator Blinded 
Primary Outcome  
Outcome  TimePoints 
Mean change in hair density (by Trichoscopy)  Baseline and week 24 
 
Secondary Outcome  
Outcome  TimePoints 
Mean change in the hair diameter (by Trichoscopy)  Baseline and week 24 
Mean change in global photographic assessment score (GPAS)  Baseline and week 24 
Mean change in stages of scalp baldness (by Norwood-Hamilton
classification) 
Baseline and week 24 
Absolute and percentage change in dihydrotestosterone (DHT)
levels. 
Baseline and week 24 
Difference in number and frequency of adverse events  Till week 24 
Comparison of proportion of subjects having clinically significant change in laboratory parameters between test group vs reference group
 
Baseline and week 24 
Local tolerability assessment  At week 8, week 16 and week 24 
 
Target Sample Size   Total Sample Size="120"
Sample Size from India="120" 
Final Enrollment numbers achieved (Total)= "120"
Final Enrollment numbers achieved (India)="120" 
Phase of Trial   Phase 3 
Date of First Enrollment (India)   22/08/2025 
Date of Study Completion (India) 31/12/2025 
Date of First Enrollment (Global)  Date Missing 
Date of Study Completion (Global) Date Missing 
Estimated Duration of Trial   Years="0"
Months="6"
Days="0" 
Recruitment Status of Trial (Global)
Modification(s)  
Not Applicable 
Recruitment Status of Trial (India)  Completed 
Publication Details   N/A 
Individual Participant Data (IPD) Sharing Statement

Will individual participant data (IPD) be shared publicly (including data dictionaries)?  

Response - NO
Brief Summary  

This study will be conducted to compare efficacy and safety of topical fixed dose combination of Minoxidil (5% w/v) and Finasteride (0.1% w/v) Cutaneous Spray Solution against Regaine® (5% w/v) Cutaneous Spray Solution in male subjects with androgenetic alopecia. Subjects who meet all inclusion criteria and none of the exclusion criteria based on medical history will be recruited in the study. 

The subjects will be randomized in the ratio of 1:1. They will either receive test product Arm 1: Minoxidil + Finasteride/Verisfield cutaneous. Spray solution. [50 mg/ml (5%) Minoxidil + 1 mg/ml (0.1%) Finasteride] or Arm 2: Regaine® (5% w/v) cutaneous solution. Primary end point will be mean change in hair density (by Trichoscopy). Secondary end point will be mean change in the hair diameter (by Trichoscopy), mean change in global photographic assessment score, mean change in stages of scalp baldness, absolute and percentage change in dihydrotestosterone (DHT) levels, difference in number and frequency of adverse events, comparison of proportion of subjects having clinically significant change in laboratory parameters between test group vs reference group and local tolerability assessment.

 
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