PAXMAN was founded as a family business by Glenn Paxman after his wife and mother of four, Sue Paxman, lost her beautiful curly hair in connection with chemotherapy treatment for breast cancer – and eventually also her fight against cancer. On the back of this experience, Glenn founded PAXMAN and developed a liquid-based scalp cooling system together with his brother. The first version was launched in 1996, and today PAXMAN have installed more than 3,000 systems in over 30 countries around the world. The PAXMAN Scalp Cooling system is a compact, self-contained, mobile cooling unit to which a specially designed cooling cap is connected. The cooling cap is made from lightweight, biocompatible silicone that is soft and flexible, providing an optimal fit for the patient. PAXMAN obtained FDA clearance for the US market in April 2017, and a few months later the PAXMAN share was listed on NASDAQ First North. Today, Glenn’s son Richard Paxman is the CEO of the PAXMAN Group.
Why should one consider adding your company into their portfolio?
Obvious growth potentials as break-even and positive cash flow are within reach. As the degree of utilisation continues to increase in the US, income will grow accordingly – at the same time as PAXMAN’s overall development will be supported by strong markets like Japan, Mexico, Australia, and some key markets in Europe.
Do any of the staff and or management team hold any shares within the company?
Yes a large number of them, actually, which is wonderful. Many – both staff and management – subscribed for shares when PAXMAN was listed on First North, others joined later on. Yet another proof of their strong commitment to PAXMAN and what we do.
What have been the milestones so far in your company development?
– FDA clearance
– Listing on Nasdaq First North
– Extended FDA clearance
– The TEVA cooperation
– 500 systems in the US
– Opening of the first Scalp Cooling Research Centre with the University of Huddersfield
– Collaboration with the University of Singapore for the development of a device to prevent CIPN
What are your priorities within 2019/20?
– To support measures to stimulate enrollments and utilisation in the US
– To capitalize on our SHONIN approval and grow in Japan
– To take the first important steps on the Chinese market
What sets your company apart from others within your industry?
The people in our organisation are our X-factor. Their commitment and dedication to our mission and to the ”why” we do what we do is so incredibly strong, which provides the highest service levels to our patients and customers.
What are your most important markets, segments and customers?
USA, UK, Japan, Australia & Mexico
Where do you see the company five years from now?
We will hopefully still be what we are today: market leader on the scalp cooling market, a UK-based company infused by the PAXMAN spirit and doing everything we can to help cancer patients get through an extremely tough period of their lives. Our R&D projects will have made our scalp cooling system even more efficacious, and we will also be able to help prevent CIPN as the device we are developing in Singapore will be launched by then. Sales and profits will have grown of course, but the vital thing is to never forget our mission: why we do what we do.