PAXMAN and Teva Pharmaceutical Industries Ltd. announce licensing agreement for PAXMAN Scalp Cooler in the Mexico market
PAXMAN and Teva Pharmaceutical Industries Ltd. (NYSE: TEVA) have announced the signing of an exclusive licensing agreement for PAXMAN Scalp Cooler treatments in the Mexico market. Under the agreement, Teva will be responsible for the sales and marketing activities in Mexico.
The collaboration with Teva is PAXMAN’s first license agreement for its leading scalp cooling technology used to prevent hair loss during cancer treatment. The collaboration will establish PAXMAN Scalp Cooler in Mexico with over 150,000 new cases of cancer diagnosed every year. PAXMAN will provide scalp cooling systems and cooling caps to Teva, in return for a fixed sum per treatment.
Providing the leading scalp cooling technology for hair loss prevention, the PAXMAN Scalp Cooler consists of a compact refrigeration unit containing a coolant that is circulated through specially designed cooling caps. The coolant lines are supported by a raised, adjustable arm to offer maximum comfort for the patient.
Richard Paxman, CEO of PAXMAN, said: “I am proud and excited that PAXMAN has entered into this collaboration with Teva in an important growth market in Latin America. Teva is one of the world’s leading pharmaceutical companies, and this agreement highlights the growing, global importance of scalp cooling as a means of increasing the quality of life for cancer patients. Both companies share a vision to provide high quality, affordable health care to patients all over the world. I am convinced that PAXMAN will benefit greatly from Teva’s brand, scale and global presence.”
Guillermo Ibarra, General Manager of Teva Mexico, said: “We are pleased to add PAXMAN’s leading scalp cooling system to our extensive portfolio of oncology products in Mexico. We are pleased to be able to offer patients an effective way of combating chemotherapy-induced hair loss that can often be emotional and physically draining for the patient.”
About Scalp Cooling
The use of scalp cooling or ‘cold caps’ is proven to be an effective way of combatting chemotherapy-induced hair loss and can result in a high level of retention or completely preserve the hair. For patients, this means the opportunity to regain some control, maintain their privacy and encourage a positive attitude towards treatment. Scalp cooling can be used with all solid tumor cancers that are treated with chemotherapy drugs such as taxanes, alkylating agents and anthracyclines/DNA intercalating agents. These drugs target rapidly dividing cells and the matrix keratinocytes, which results in hair loss.
The Paxman Scalp Cooling System has been developed by the Paxman family to reduce hair loss in breast cancer patients undergoing chemotherapy. The concept behind the system came when the mother of four, Sue Paxman, experienced first-hand the trauma of chemotherapy-induced hair loss. With close to 3,000 systems delivered in to hospitals, clinics and treatment centres around the world, PAXMAN is the leading supplier of Scalp Cooling technology. PAXMAN’s scalp-cooling cap is made from lightweight, biocompatible silicone that is soft and flexible, providing a snug yet comfortable fit during treatment. PAXMAN AB (publ) has its headquarters in Karlshamn (Sweden), with subsidiaries in Huddersfield (UK) and Houston, Texas (US). The PAXMAN share is listed on Nasdaq First North. FNCA Sweden AB is the company’s Certified Adviser.
Teva Pharmaceutical Industries Ltd. (NYSE and TASE: TEVA) is a leading global pharmaceutical company that delivers high quality, patient-centric healthcare solutions used by approximately 200 million patients in 60 markets every day. Headquartered in Israel, Teva is the world’s largest generic medicines producer, leveraging its portfolio of more than 1,800 molecules to produce a wide range of generic products in nearly every therapeutic area. In specialty medicines, Teva has the world-leading innovative treatment for multiple sclerosis as well as late-stage development programs for other disorders of the central nervous system, including movement disorders, migraine, pain and neurodegenerative conditions, as well as a broad portfolio of respiratory products. Teva is leveraging its generics and specialty capabilities in order to seek new ways of addressing unmet patient needs by combining drug development with devices, services and technologies. Teva's net revenues in 2016 were $21.9 billion. For more information, visit www.tevapharm.com
Richard Paxman, CEO
Tel: +44 7968 020641
Tel: +972 3926 7587
This information is information that PAXMAN AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 14:55 CET on 31 January 2018.