The offer in Paxman AB (publ) is oversubscribed
Paxman AB (publ) ("Paxman" or "the Company") has completed the offer of a total of 3,202,500 newly issued shares directed to the public and institutional investors (“the Offer"). The Offer was subscribed to around 200 percent and will raise SEK 30.4 million. The preliminary first day of trading on Nasdaq First North is 12 June 2017.
Paxman announced on May 8, 2017 that the company has decided to implement the Offer and apply for listing of the Company's share on Nasdaq First North. The interest in the Offer has been strong and the offer was subscribed to approximately 200 percent. The Offer results in around 440 new shareholders in the Company.
The subscription period in the Offer expired on Wednesday, May 24, 2017. The Offer will increase the number of shares from 12,810,000 to 16,012,500, equivalent to a dilution of 20 percent. The share capital will increase from 12,810,000 to 16,012,500 SEK through the Offer. The subscription price in the Offer was SEK 9.5 per share.
Prior to the subscription period, a number of investors had undertaken to subscribe for 1 325 000 shares, corresponding to approximately SEK 12.6 million or approximately 41 percent of the Offer.
"We are pleased with the strong interest in our Company and we would like to welcome all new shareholders. Through the Offer, we will be provided with the necessary resources to implement our launch in the US and other growth initiatives and thereby establishing Paxman as a fast-growing company with clear profitability potential. To me and my family, the company was started based on personal experience of cancer treatment and its side effects. Since 1996, we have established scalp cooling as a treatment method in several countries, thus enabling a large number of patients to avoid hair loss. We are now looking forward to giving patients in the US and additional markets the same opportunity", says Richard Paxman, CEO of Paxman AB.
Adviser
Erik Penser Bank AB is financial adviser and Delphi law is legal adviser in connection with the Offer. Erik Penser Bank AB is the Company's Certified Adviser.
For further information, please contact:
Richard Paxman, CEO
Tel: +44 7968 020641
E-mail: richard.paxman@paxmanscalpcooling.com
www.paxmanscalpcooling.com
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 29 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. With over 2,500 systems delivered in to hospitals, clinics and treatment centres around the world, Paxman is the leading supplier of Scalp Cooling technology. The scalp-cooling cap is made from lightweight, biocompatible silicone which is soft and flexible, providing a snug yet comfortable fit during treatment.