Medical imaging co Nanox files to raise $125m on Nasdaq

Ran Poliakine / Photo: LUZ Corporate Photography

The Israeli company plans to disrupt early-detection healthcare via deployment of a global medical imaging infrastructure at an affordable price-per-scan service model.

Israeli medical imaging technology company Nanox Imaging Ltd. has filed to raise $125 million in a Nasdaq IPO. The valuation of the company was not disclosed but market sources believe that the offering will be at a company valuation of at least $500 million, before money.

Cantor Fitzgerald, Oppenheimer & Co., Berenberg and CIBC will be the joint bookrunners for the offering. Israeli-based A-Labs Advisory and Finance Ltd. , set up by former Emblaze executives, will be lead advisors to the IPO.

"Globes" was the first to reveal in December 2019 that Nanox was planning an IPO. Since then the company has also raised $110 million including $59 million last week. Those investors who include Korea's SK Telecom, Industrial Alliance, Yozma Korea, and Jin Ji have expressed interest in investing a further $80 million in the IPO. The company has raised $137 million to date.

Nanox has signed agreements for the deployment of its Nanox.ARC medical imaging system and diagnostics services in 13 countries and the latest funds will support that deployment, representing $300 million in service fees over the next three years.

The company plans to disrupt early-detection healthcare via deployment of a global medical imaging infrastructure at an affordable price-per-scan service model while maximizing availability and accessibility of the service to all socio-economic communities.

Based in Neve Ilan near Jerusalem, Nanox has developed a system combining digital X-ray device Nanox.ARC and an AI cloud-based software Nanox.CLOUD. The Nanox ARC weighs 200 kilograms (compared to 2000 kilogram CT scanners) and is produced at a fraction of the cost ($10,000 versus a few millions for a regular CT scanner). Nanox's unique medical screening as a service (MSaaS) business model allows wide distribution and accessibility, and will charge health providers with a pay-per-scan service model. The company was founded by CEO Ran Poliakine.

Published by Globes, Israel business news - en.globes.co.il - on August 2, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Ran Poliakine / Photo: LUZ Corporate Photography
Ran Poliakine / Photo: LUZ Corporate Photography
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