Yes, the Phase I/II efficacy results were prima facie disappointing.
However, one thing overlooked here is that the act of cultivating and injecting dermal cup sheath cells back into the doner is now effectively proven to positively influence human hair growth.
Despite the low numbers, this in and of itself amounts to a breakthrough.
Also, much of the focus has been on the dosage aspect of the Phase I/II trial, and the fact that a 100x dose should produce 'more' results.
Two points about this -- putting on 10x the amount of sunscreen on a single spot does not necessarily provide 10x the sun protection, but sunscreen continuously applied over a large area will provide up to the rated protection. Perhaps Replicel's therapy will work much the same way, where it is proper distribution of the DCS cells and not concentration of those cells that will yield the best results.
Also, while dosage is important, I think the real opportunity for improved results will come from refinement of the cell cultivation and multiplication process itself. Note that three test subjects were disqualified simply because their respective personal therapies were subject to slightly higher temperatures during shipment. This demonstrates how sensitive this aspect of the process really is.
We know from other research that multiple generations of cultivated cells can quickly lose their ability to perform their original task. What if, under the current method, only 1 in 1000 DSC cells maintains the ability to wake a folicle or induce a new one? What if that could be refined to 1 in 100? Or 1 in 10? Harvesting, cultivation, multiplication, shipping, application, etc. can all play a role in this -- and this IMO is were greater gains in actual hair growth might be found.
Just some thoughts to add to the fray.