The Board of Paxman AG – the parent company of Huddersfield’s Paxman – is issuing 3,202,500 in shares and applying for listing on Nasdaq First North exchange.
Priced at SEK 9.5 per share, the total offering comprises SEK 30.4 million.
Paxman designs and manufactures 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.
The company is launching in the US, where it recently received FDA clearance for its propriety technology.
In order to finance the US launch and to exploit growth opportunities in additional markets, Paxman is implementing the above share issuing and the subsequent listing.
CEO Richard Paxman said: “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.”