<p>The invention provides novel peptides of formula (I) and its pharmaceutically acceptable salts thereof and a method of in vitro and in vivo bioassay of the said peptides for promotion and stimulation of hair growth and thereby their usefulness for treatment of alopecia. The invention also provides a method for preparation of the novel peptides of formula (I) and its pharmaceutically acceptable salts thereof as well as a pharmaceutical composition comprising an effective amount of one or more of the novel peptides for promotion and stimulation of hair growth.</p>
