PMGC Holdings Inc. (PMGC) operates as a holding company focusing on developing biotechnology assets, advancing novel science and discoveries through collaborative strategic research and development partnerships.
The company manages and operates a diverse portfolio of three wholly owned subsidiaries across the medical aesthetics and biopharmaceutical sectors:
Northstrive Biosciences Inc. is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicin...
PMGC Holdings Inc. (PMGC) operates as a holding company focusing on developing biotechnology assets, advancing novel science and discoveries through collaborative strategic research and development partnerships.
The company manages and operates a diverse portfolio of three wholly owned subsidiaries across the medical aesthetics and biopharmaceutical sectors:
Northstrive Biosciences Inc. is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicines and therapeutic products. The company’s lead asset, EL-22, is leveraging a first-in-class engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists.
PMGC Research Inc., based in Canada, is dedicated to medical scientific research and development efforts, utilizing Canadian research grants and partnering with leading Canadian Universities to push the boundaries of innovation.
PMGC Capital LLC is a multi-strategy investment firm focused on direct investments, strategic lending, and acquiring undervalued companies and assets across diverse markets. Its mission is to identify and seize high-potential opportunities, delivering sustainable growth and maximizing returns on capital.
The company is dedicated to enhancing its portfolio through the acquisition of operating companies and innovative biotechnology assets that align with the company’s growth mission, while actively pursuing opportunities to foster growth and drive innovation.
As of January 16, 2025, the company completed the divestiture of the assets relating to its prior Elevai Skincare Inc. business. Elevai Skincare Inc., previously specializing in developing and commercializing physician-dispensed skincare products, is no longer part of the company’s operations. Post closing of the asset sale, the company changed the name of Elevai Skincare Inc. changed its name to PMGC Impasse Corp. on January 17, 2025. The Skincare asset divestiture enables the company to dedicate more resources and time to advancing the company’s initiatives and assets in larger markets with unmet needs, creating greater growth opportunities for the company and its shareholders. The company’s efforts will focus on the clinical development of biotechnology assets through NorthStrive Biosciences Inc. while leveraging the company’s R&D capabilities through PMGC Research Inc. Moreover, this strategic shift positions the company to actively explore and execute potential business acquisitions and high-value biotechnology assets, further strengthening the company’s portfolio and driving long-term growth.
Business Strategy
The company intends to find and acquire additional operating companies in agnostic sectors.
Northstrive Biosciences Inc.
Northstrive Biosciences Inc., a wholly owned subsidiary of the company, is a biopharmaceutical company focusing on the development and acquisition of cutting-edge aesthetic medicines and therapeutic products.
The company’s lead asset, EL-22, is leveraging a first-in-class engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. EL-22 has completed a Phase 1 clinical trial in South Korea, demonstrating it was generally well tolerated and safe in healthy volunteers. No subjects dropped out due to adverse events and no statistically significant difference was found between the intervention groups in the incidence of treatment emergent adverse events. Elevai intends to evaluate EL-22 for efficacy and safety in combination with popular weight-loss therapeutics on the market, with the goal of decreasing fat mass while preventing the muscle wasting that commonly occurs with weight-loss drugs. The company is working towards filing an IND with the FDA to test EL-22 in human subjects. The company’s second asset, EL-32, is a preclinical engineered probiotic expressing dual myostatin & activin-A and also being positioned for the muscle preservation space as a combination to weight loss treatments, including GLP-1 receptor agonists. In a preclinical healthy mouse model, EL-32 demonstrated a statistically significant increase in Activin-A and myostatin antibodies, confirming the efficacy using the ELISA test.
PMGC Research Inc.
PMGC Research Inc., a wholly owned subsidiary of the company, is dedicated to advancing innovative research and development initiatives in Canada by leveraging government grants and funding programs. Through strategic collaborations with leading research institutions and industry partners, PMGC Research Inc. aims to accelerate scientific discovery and transform cutting-edge technologies into commercially viable products.
PMGC Capital LLC
PMGC Capital LLC, a wholly owned subsidiary of the company, is a multi-strategy investment vehicle engaged in investing, lending and pursuing diversified investment opportunities. PMGC Capital LLC actively supports the growth and expansion of PMGC Holdings’ portfolio companies. The subsidiary’s dynamic investment approach is designed to capitalize on high yield returns on capital and investing into and acquiring assets and companies that are undervalued.
Northstrive Biosciences Products
Northstrive Biosciences leverages a first-in-class engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. The company’s lead asset, EL-22, has completed a Phase 1 clinical trial in South Korea, demonstrating it was generally well tolerated and safe in healthy volunteers. No subjects dropped out due to adverse events and no statistically significant difference was found between the intervention groups in the incidence of treatment emergent adverse events.
Preclinical results of EL-22 from a 2022 study demonstrated physiological (serum creatine kinase level), physical (body weight change), and functional (rotarod test) improvements in the dystrophic features of mdx mice, a mouse model of Duchenne muscular dystrophy (DMD)1. Elevai believes that EL-22 has the potential to treat obesity in combination with popular weight loss therapeutics, including GLP-1 receptor agonists, by preserving muscle mass while decreasing fat mass. The company plans to submit an Investigational New Drug (IND) application in 2025 that utilizes the licensed asset EL-22 for efficacy and safety in combination with popular weight-loss therapeutics currently on the market, with the goal of decreasing fat mass while preventing the muscle wasting that commonly occurs with weight-loss drugs. Regulatory bodies might require the company to conduct preclinical bridge studies in order to pivot EL-22 from DMD to obesity indications.
The company’s second asset, EL-32, is a preclinical engineered probiotic expressing dual myostatin & activin-A and also positioned for the muscle preservation space as a combination to weight loss treatments, including GLP-1 receptor agonists.
Several key companies are actively developing GLP-1 drugs for obesity and complementary treatments to address associated conditions such as muscle wasting. These companies include:
Novo Nordisk: Known for its GLP-1 drugs, Ozempic and Wegovy, Novo Nordisk remains a dominant player in the obesity drug market. They have shown significant efficacy in weight loss and improving cardiovascular health.
Eli Lilly: Another major player with its GLP-1 drug, Mounjaro (tirzepatide), which has shown promising results in weight loss. Eli Lilly also acquired Versanis Bio, which is developing bimagrumab, a drug that helps increase lean muscle mass while reducing fat.
Pfizer: Developing danuglipron, an oral GLP-1 analog, aimed at carving out a niche in the obesity market with a more convenient dosing regimen.
Biohaven: Biohaven’t taldefgrobep is an investigational fusion protein targeting myostatin to impact skeletal muscle growth relevant to individuals living with overweight and obesity.
Scholar Rock: Scholar Rock’s apitegromab is an inhibitor of the activation of latent myostatin, with the aim of improving patients’ motor function. Scholar Rock is assessing apitegromab’s ability to preserve lean muscle mass in individuals on GLP-1 receptor agonist therapy for obesity.
Veru: Veru’s enobosarm is an androgen receptor modulator, also known as a SARM, to address the loss of muscle in patients undergoing weight loss therapy with GLP-1 drugs.
These companies are at the forefront of developing both GLP-1 drugs and complementary treatments to address the growing need for effective obesity management and the prevention of muscle wasting associated with weight loss.
Strategy
Northstrive Biosciences’ strategy focuses primarily on the clinical development and commercialization of novel medicines for the treatment of metabolic diseases, including obesity. The company will need substantial capital to support the company’s drug development and any related commercialization efforts for the company’s drug candidates. The key elements of the company’s strategy are:
Develop EL-22 & EL-32 for obesity;
The company’s metabolic drug pipeline is focused on the clinical development of EL-22, a first-in-class engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists.
Approved GLP-1 drugs used in weight loss, such as Novo Nordisk’s Ozempic (semaglutide) & Wegovy(semaglutide) and Eli Lilly’s Zepbound (tirzepatide), and Mounjaro (tirzepatide) have transformed the obesity treatment landscape. However, past studies of these highly effective drugs show that up to 20-50% of the weight loss is due to loss of lean muscle.
Muscle is necessary for metabolism, strength, and physical function. As a result, one of the key unmet needs in the current obesity landscape is the avoidance of muscle loss while on weight loss treatments. Northstrive Biosciences is developing EL-22, an engineered probiotic with myostatin antigens, to elicit an immune response that could help people achieve substantial fat loss while preserving muscle mass.
The company’s second asset, EL-32, is a preclinical engineered probiotic expressing dual myostatin & activin-A and also positioned for the muscle preservation space as a combination to weight loss treatments, including GLP-1 receptor agonists.
This urgent unmet medical need could be addressed by both EL-22 and EL-32, that may effectively prevent the loss of muscle mass and increase the fat loss experienced by older patients receiving GLP-1 drugs for the treatment of obesity.
Market, Industry and Other Research-Based Data
The company has transitioned to a biotechnology holding company focused on acquiring, licensing, and developing biotechnology assets across various pharmaceutical indications. The company’s business model consists of two primary components:
PMGC Capital LLC, the company’s multi-strategy investment vehicle, which seeks to generate revenue through capital deployment in undervalued biotechnology assets, structured financings, and public and private market investments.
NorthStrive Biosciences Inc., the company’s biotechnology subsidiary focused on advancing clinical-stage assets toward regulatory approval and commercialization.
As part of this strategic shift, the company no longer operate in the physician-dispensed cosmetics or medical aesthetics markets. Instead, the company’s focus is on developing and acquiring biotechnology assets that address critical unmet medical needs.
The company’s Lead Asset - EL-22: A Myostatin-Targeting Probiotic for Obesity and Muscle Preservation
PMGC is developing EL-22, an engineered probiotic expressing myostatin antigens, designed to elicit an immune response that helps preserve muscle mass while promoting fat loss. Based on preclinical data and the role of myostatin-activin signaling in muscle metabolism, EL-22 has the potential to:
Complement existing GLP-1 receptor agonists (e.g., Ozempic, Wegovy, Mounjaro) by reducing muscle degradation while facilitating fat loss.
Improve muscle function and physical endurance, addressing key concerns associated with weight loss treatments.
Preclinical studies demonstrated that EL-22:
Significantly increased anti-myostatin IgG antibody concentration, blocking myostatin-a known negative regulator of muscle growth.
Reduced creatine kinase levels, indicating lower muscle destruction.
Improved physical activity and motor function in mdx mice, a model for Duchenne muscular dystrophy (DMD).32
PMGC intends to submit an Investigational New Drug (IND) application for EL-22 in 2025 and initiate clinical trials in the U.S. to evaluate its potential in combination with GLP-1 receptor agonists for obesity treatment. However, human trials are contingent upon FDA clearance of the IND submission.
With PMGC Capital LLC driving investment revenue and NorthStrive Biosciences Inc. advancing clinical assets like EL-22, the company’s business is well-positioned to capitalize on emerging opportunities in biotechnology. By focusing on strategic acquisitions, clinical development, and high-growth markets, the company intends to enhance shareholder value and establish PMGC Holdings as a leader in biotechnology innovation.
Approved GLP-1 drugs used in weight loss, such as Novo Nordisk’s Ozempic (semaglutide) & Wegovy(semaglutide) and Eli Lilly’s Zepbound (tirzepatide), and Mounjaro (tirzepatide) have transformed the obesity treatment landscape. However, past studies of these highly effective drugs show that up to 40% of the weight loss is due to loss of lean muscle.26
PMGC is developing EL-22, an engineered probiotic with myostatin antigens, to elicit an immune response that could help people achieve substantial fat loss while preserving muscle mass.
Based on the generated preclinical data and the mechanism of the myostatin-activin signaling pathway effect on muscle wasting, PMGC believes that EL-22 has the potential to treat obesity in combination with GLP-1 receptor agonists by preserving muscle mass while decreasing fat mass. In the preclinical studies:
EL-22 showed a statistically significant increase in anti-myostatin IgG antibody concentration, where myostatin is a key negative regulator of muscle growth.
EL-22 showed a statistically significant decrease in creatine kinase levels, which indicates a decrease of muscle destruction.
EL-22 administered to mdx mice, a mouse model of Duchenne muscular dystrophy, had improved physical activity and gross motor function, as demonstrated by a longer duration during rotarod tests.
Based on the highlighted preclinical data, PMGC believes that EL-22 has the potential to treat obesity in combination with GLP-1 by preserving muscle mass while decreasing fat mass. The company intends to complete an IND submission in 2025 and to initiate clinical trials in the U.S. to evaluate the myostatin approach in combination with one or more GLP-1 receptor agonists in obesity. The company’s ability to proceed with a human trial is contingent upon the FDA clearing the IND submission.
Northstrive Biosciences Products
Northstrive Biosciences leverages a first-in-class engineered probiotic approach to address obesity’s pressing issue of preserving muscle while on weight loss treatments, including GLP-1 receptor agonists. The company’s lead asset, EL-22, has completed a Phase 1 clinical trial in South Korea, demonstrating it was generally well tolerated and safe in healthy volunteers. No subjects dropped out due to adverse events and no statistically significant difference was found between the intervention groups in the incidence of treatment emergent adverse events.
Preclinical results of EL-22 from a 2022 study demonstrated physiological (serum creatine kinase level), physical (body weight change), and functional (rotarod test) improvements in the dystrophic features of mdx mice, a mouse model of Duchenne muscular dystrophy (DMD)1. PMGC believes that EL-22 has the potential to treat obesity in combination with popular weight loss therapeutics, including GLP-1 receptor agonists, by preserving muscle mass while decreasing fat mass. The company plans to submit an Investigational New Drug (IND) application in 2025 that utilizes the licensed asset EL-22 for efficacy and safety in combination with popular weight-loss therapeutics on the market, with the goal of decreasing fat mass while preventing the muscle wasting that commonly occurs with weight-loss drugs. Regulatory bodies might require the company to conduct preclinical bridge studies in order to pivot EL-22 from DMD to obesity indications.
The company’s second asset, EL-32, is a preclinical engineered probiotic expressing dual myostatin & activin-A and also positioned for the muscle preservation space as a combination to weight loss treatments, including GLP-1 receptor agonists.
Strategy
The company’s strategy is built on three key pillars:
Capital Deployment for Stronger Returns Through PMGC Capital LLC, the company focuses on achieving high returns on capital by investing in undervalued assets, deploying treasury funds into public and private investments, and leveraging structured financings to maximize value.
Acquiring and Scaling Biotechnology and High-Growth Operating Companies The company actively seeks acquisitions in the biotechnology sector and other high-growth industries, financing their expansion through equity, debt, and available grants. By integrating synergistic businesses under the company’s portfolio, the company enhances operational efficiencies, accelerate commercialization, and unlock market opportunities.
Spin-Offs and Strategic Portfolio Optimization The company continuously evaluates spin-off opportunities for wholly owned subsidiaries or specific assets, allowing the company to unlock shareholder value and create independent, specialized companies. This approach enables the company to capitalize on advanced scientific research and address significant unmet medical needs while maintaining a diversified and scalable business model.
Sales and Marketing
As a biotechnology holding company, the company’s sales and marketing efforts focus on maximizing asset value through strategic partnerships, licensing agreements, and investment-driven growth strategies rather than traditional direct sales models.
Commercialization and Licensing Strategy
The company seeks commercial partnerships, licensing agreements, and strategic acquisitions to monetize the company’s biotechnology assets.
Instead of building a direct sales force, the company collaborates with biotechnology, pharmaceutical, and healthcare companies to facilitate late-stage clinical development and commercialization.
The company’s approach includes leveraging key opinion leaders (KOLs), industry networks, and advisory boards to enhance visibility and credibility.
Marketing and Investor Relations
The company actively markets its portfolio companies, investment strategies, and biotechnology assets to institutional investors, venture partners, and strategic acquirers.
The company engages in scientific conferences, industry events, and investor presentations to generate interest and attract potential commercial partners or acquirers.
By focusing on strategic alliances, funding opportunities, and investment-driven asset growth, the company aim to enhance portfolio value and drive commercialization through industry partnerships.
Research and Development
The company’s research and development expenses were $104,654 for the year ended December 31, 2024.
History
The company was founded in 2020. It was incorporated in Delaware in 2020. The company was formerly known as Reactive Medical Labs Inc. and changed its name to Elevai Labs, Inc. in 2021. In 2024, the company was re-domesticated to Nevada and changed its name to PMGC Holdings Inc.
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