A Huddersfield-based company specialising in pioneering technology which helps prevent patients undergoing chemotherapy treatment from losing their hair is planning to expand its services to the USA.
Paxman is targeting the US market after switching to Yorkshire Bank and receiving more than £470,000 of funding support from the Bank. The deal was delivered by Anthony Cope, Business Relationship Manager at Yorkshire Bank’s West Yorkshire Business and Private Banking Centre in Bradford.
Established in 1997, Paxman has developed innovative technology to create scalp cooling caps which help to mitigate hair loss during chemotherapy treatment. The product was originally developed by Paxman’s founder and Chairman, Glenn Paxman, after seeing his wife’s distress when she lost her hair while undergoing chemotherapy treatment for breast cancer.
Paxman are now used in 80% of NHS and private hospitals across the UK and have been praised by clinicians for the role they play in reducing hair loss and its associated psychological impact among patients.
The company now aims to introduce its products to the US market, with an ongoing period of clinical trials. Those trials are expected to last 12 months, with Paxman expected to be authorised for the commercial US market in 2016.
The funding package from Yorkshire Bank includes a foreign currency credit line and asset finance facilities which will support the company’s operations in the USA. Paxman already operates in Asia, Australia, Latin America, the Middle East, the Netherlands and Russia, in addition to the UK.
Currently employing 20 staff, the company plans to increase that by up to 50 per cent during the next 24 months in order to meet growing demand for its products from hospitals.
Richard Paxman, Managing Director of Paxman and son of founder Glenn, said: “We have experienced steady growth in the UK during the last five years as the benefits which our products deliver have become known. Now, existing and new international markets present a real growth opportunity for us and we’re excited about increasing the number of patients who will have access to our products.
“Switching to Yorkshire Bank has been key to enabling us to make the most of the opportunity. We are just at the beginning of our relationship but we have already been impressed with what the Bank’s local team has been able to deliver.”
Andy Davidson, Head of Yorkshire Bank’s West Yorkshire Business and Private Banking Centre, said: “We are pleased to be supporting a local business as it grows in foreign markets, particularly because of the positive impact which Paxman’s products have for those enduring a difficult period in their lives.
“Looking at the suitability of products for export and opportunities in new markets is key for any ambitious business and we are committed to supporting those aims.”