Paxman implements a share issue and listing on Nasdaq First North

The Board of Paxman AB (publ) ("Paxman" or "The Company") has decided to issue up to 3,202,500 shares and apply for listing of the Company's shares on Nasdaq First North. The offering of 3,202,500 shares is priced at SEK 9.5 per share (" the Offering") totalling SEK 30.4 million. The issuing price corresponds to a company valuation of SEK 121.7 million based on the existing number of shares. In the Offering, a number of institutions and private investors have undertaken to subscribe, on the terms in the Offering, for a total of 1,325,000 shares corresponding to SEK 12.6 million and 41.4 percent of the Offering.

Paxman is a pioneer in scalp cooling in connection with chemotherapy. The company launched the first liquid-cooled system that enables effective scalp cooling with reduced risk of hair loss in 1997, and has since established itself as the leading provider of scalp cooling systems.

Paxman is now launching in the US, where the company recently received FDA clearance. In order to finance the US launch and to exploit growth opportunities in additional markets, the Company is implementing the Offering.

The offering

  • The offering comprises 3,202,500 shares, corresponding to 20 percent of the total number of shares in the company following the Offering
  • The subscription price in the Offering has been set at SEK 9.5 per share, which corresponds to a company value of SEK 121.7 million prior to the Offering and SEK 152 million after the Offering, assuming a fully subscribed Offering
  • The Offering amounts to a maximum of SEK 30.4 million
  • Länsförsäkringar Blekinge, Chairman of the Board Per-Anders Johansson and three private investors have committed to subscribe for a total of 1,325,000 shares in the Offering, corresponding to approximately SEK 12.6 million and 41.4 percent of the Offering
  • Paxman has applied for admission of the Company's share to trading on Nasdaq First North and the preliminary first day of trading will be June 12, 2017
  • A prospectus with full terms has been published today, 8 May 2017, and is available at

Preliminary time plan

  • Subscription period: May 9 – 24, 2017
  • Announcement of outcome: May 30, 2017
  • Preliminary first day of trading: June 12, 2017
  • Settlement day: June 5, 2017

Background and reason

With over 2,500 delivered systems, Paxman is the leading supplier of scalp cooling systems. Today, scalp cooling is a standard treatment in Paxman's home market UK, and an established treatment in Scandinavia, the Netherlands, Belgium and Australia.

A key market for Paxman is the US, where the Company has conducted a clinical trial and recently received FDA clearance for its scalp cooling system. Paxman is currently launching its systems in the US market and has already entered into important partnerships that will enable an expedient rollout of the Company's systems to treatment centers across the United States.

In the US, Paxman will use a pay per use business model, which facilitates the adoption of scalp cooling at treatment centers while increasing the working capital requirement for the Company. The launch in the United States, which is the largest single healthcare market in the world, represents a significant growth opportunity for Paxman.

The company also sees strong growth opportunities in Europe and intends to increase its market activities in several key markets. Furthermore, the Company sees interesting opportunities in a number of emerging markets. With expanded resources, Paxman will be able to implement the market initiatives necessary to raise awareness about scalp cooling and the treatment method.

In order to take advantage of the growth opportunities that exist in the US and other markets Paxman needs additional resources, which is the reason behind the Company’s decision to implement the Offering and subsequent listing on Nasdaq First North.

Comment from Paxman's CEO, Richard Paxman

Paxman is in an exciting phase where we now, after extensive preparations, take the step into the US market. With a strong clinical study, well-functioning products and developed customer relations, we are well prepared to take on the US market. At the same time, we take another important step in the Company's development when we broaden the ownership and list our share on Nasdaq First North. My family and I have a strong commitment to scalp cooling and cancer treatment based on our personal experiences. The capital from the Offering gives us the opportunities to accelerate our business and we are looking forward to welcoming additional shareholders on our journey.

Prospectus and subscription forms

Prospectus with complete terms and instructions and application forms are available on the Company's website ( and on Erik Penser Bank's website ( Printed prospectus can be ordered free of charge by e-mail;

Investor events

  • Erik Penser Bank in Stockholm, 9 May 2017 at 12.00 and 17.00 CET
  • Sparbanken in Karlshamn, 10 May 2017 at 18.15 CET
  • Erik Penser Bank in Stockholm, 17 May 2017 at 17.00 CET

Registrations for presentations at Erik Penser Bank to be sent to; registrations for the Karlshamn presentation to


Erik Penser Bank AB is financial adviser and Delphi is legal adviser in connection with the Offering. Erik Penser Bank AB is Certified Adviser.

For further information, please contact:

Richard Paxman, CEO
Tel: +44 7968 020641

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, on 8 May 2017.

About Paxman
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 pioneering system came when the mother of four, Sue Paxman, experienced first-hand the trauma of chemotherapy-induced hair loss. The company has since been on a personal journey to ensure Sue’s legacy lives on by helping women around the globe minimize chemotherapy-induced hair loss and contribute to their quality of life. The Paxman Scalp Cooling technology, with over 2,500 systems installed in hospitals, clinics and treatment centres around the world, is made from lightweight, biocompatible silicone. The scalp-cooling cap is soft and flexible, providing a snug yet comfortable fit during treatment. 


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