By Sneha S K and Sriparna Roy

(Reuters) -Pelage Pharmaceuticals said on Wednesday it had closed a $120 million funding round to help advance the development of its novel hair loss treatment.

The Series B financing round was co-led by ARCH Venture Partners and Google Ventures, with participation from existing investors including Main Street Advisors, Visionary Ventures and YK Bioventures.

Pelage declined to share its valuation.

The financing will help the company begin multiple late-stage trials and grow its headcount necessary to conduct larger-scale studies, Chief Medical Officer Christina Weng said.

The company plans to begin late-stage trials next year to test its lead experimental program, PP405, which is a non-invasive topical therapy designed to reactivate dormant hair follicle

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