Huddersfield firm poised for US export drive
A Huddersfield firm providing pioneering technology to prevent hair loss for patients undergoing chemotherapy is set for a job-creating export drive to the USA.
Multi-award winning company Paxman is targeting the US market for its revolutionary scalp cooling device after securing more than £470,000 of funding support from Yorkshire Bank.
The Fenay Bridge-based business is now undertaking clinical trials of its products for the US market.
Its devices are used in 80% of NHS and private hospitals in the UK and have been praised by clinicians for the role they play in reducing hair loss among patients receiving chemotherapy and its associated psychological impact among patients.
The trials are set to last 12 months with Paxman expected to be authorised for the commercial US market in 2016.
Paxman employs 20 staff, but plans to recruit up to 10 more employees over the next two years in order to meet growing demand for its products from hospitals.
The funding deal was delivered by Anthony Cope, business relationship manager at Yorkshire Bank’s West Yorkshire Business and Private Banking Centre in Bradford.
The funding package 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.
Richard Paxman, managing director of Paxman and son of founder Glenn Paxman, said: “We have experienced steady growth in the UK during the last five years as the benefits which our products deliver have become known.”
This was posted in Bdaily's Members' News section by Robert Beaumont .
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