The new development project creates substantial synergies for PAXMAN in both product development and global marketing/sales of cooling devices in the oncology market.
Chemotherapy-induced nerve damage in hands and feet (CIPN) occurs in 30 to 40 percent of all patients receiving neuro-toxic chemotherapy, and there is no cure on the market. However, the market for neuropathy-related symptoms is worth approximately SEK 9 billion (USD 1 billion).
PAXMAN and the National University Hospital, Singapore (NUS) have signed a research collaboration agreement with co-ownership of intellectual rights, while PAXMAN will have the exclusive rights to commercialise the technology. The aim is to have a prototype ready for clinical studies in Q2 2020.
“Now that PAXMAN is established as the global market leader in scalp cooling, it is time to broaden our product portfolio to include additional indications. We are pleased to initiate this collaboration with NUS that will add expertise in preventing nerve damage to our knowledge and experience in medical cooling applications,” says PAXMAN’s CEO Richard Paxman.
“This collaboration with PAXMAN will allow us to take this promising project into clinical studies, and then to reach a large number of patients across the globe,” says Dr. Raghav Sundar at National University Hospital, Singapore.