PAXMAN publishes its interim report for the period 1 January to 31 March 2018

A strong first quarter

The Group’s sales amounted to 11.0 MSEK in the first quarter of the year, with a net loss totalling -1.7 MSEK. Earnings per share were -0.10 SEK for the period.

Cash flow before financing activities was -6.8 MSEK. Total assets amounted to 43.7 MSEK at 31 March, and net liquid assets to -1.2 MSEK. Equity to assets ratio was 71.7 % at the end of the reporting period. The 10 MSEK credit line secured earlier this year is yet to be utilized.

In the first quarter of the year, PAXMAN signed a license agreement for Mexico with Teva Pharmaceutical Industries, which means that PAXMAN’s Scalp Cooler will be established on a brand new market with over 150,000 new cancer cases per year. On 22 January, PAXMAN announced that the company had received a 10 MSEK credit line to be used as a financial buffer to increase the rate of expansion on the US market. In February, PAXMAN announced a new agreement with The University of Texas MD Anderson Cancer Center to install 16 scalp cooling systems in three of its Houston locations. Twelve of the systems will be installed at one single clinic, making it the largest single PAXMAN installation yet. By late February PAXMAN had signed delivery agreements with all the five highest-ranked cancer centers in the US, and in early March PAXMAN reached its initial milestone of installing or signing delivery agreements for 250 scalp cooling systems in the USA within one year after its FDA clearance in April 2017.

After the reporting period PAXMAN has applied for SHONIN approval in Japan, the application based on a clinical trial with five leading cancer clinics in the country. On 19 April PAXMAN received market approval in Mexico, which means that Teva and PAXMAN may now intensify their work with an official launch on the Mexican market. In late April PAXMAN announced an update of its accounting treatment of the acquisition of Paxman Group Ltd, which improved the group’s net result for the year 2017 by 1.1 MSEK. In early May, PAXMAN supplemented its premarket notification application to the US FDA for an expanded indication by responding to a request for additional information and analyses. 

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, at 13.00 CET on 24th May 2018.

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.