Their website says it's a 5AR inhibitor, so more like topical finasteride (Propecia etc) than Regaine (which uses minoxidil).
It's website says the active ingredient is Keratenosynergist, which seems to be their own (or another companies and they use it) alleged 5AR inhibitor.
I'd be put off simply because they say it's for both men and women (we have different hormone levels) and it seems that there's no real evidence that topical 5AI inhibitors work as well as ones you pop in your mouth, if at all...
They also sell a pill but don't tell you what's in it, as far as I can see it just says 'Active system: 5-ard enzyme inhibitor'. finasteride? dutasteride? Talc?
Regaine uses minoxidil, which is proven to reduce loss and promote growth.