Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (Fosun Pharma, 02196) announced that its subsidiary, Shanghai MicroH Therapeutics, has obtained approval from China’s National Medical Products Administration to initiate a Phase I clinical study of LBP-ShC4, a live biotherapeutic product targeting androgenetic alopecia (AGA).

LBP-ShC4 is independently developed within the Fosun Pharma group. The candidate previously received U.S. FDA approval for clinical evaluation in May 2025, positioning Fosun Pharma among the early movers exploring microbiome-based therapies for hair-loss disorders. As of February 2026, the group has invested approximately RMB20.00 million in the program.

Globally, no live biotherapeutic—either as monotherapy or in combination—has yet been approved for AGA treatment. Consequently, LBP-ShC4’s development path still requires multiple clinical phases and subsequent regulatory reviews before potential commercialization. The company highlights inherent uncertainties in drug R&D, noting that clinical trials can be discontinued due to safety or efficacy issues.

Fosun Pharma’s board affirms the accuracy and completeness of the disclosed information and reminds investors of the long timelines and risks associated with innovative drug development.