Israeli medical imaging company Nanox has raised $165.2 million in a Nasdaq IPO, upsized by 28%, at a company valuation of $800 million. This is the largest ever initial public offering by an early stage Israeli medical technology company, which has yet to earn significant revenue, and has yet to receive FDA marketing approval for its lightweight mobile CT scanners. Based in Neve Ilan near Jerusalem, the company has begun trading under the NNOX ticker.
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 in 2012 by CEO Ran Poliakine.
The company issued 9,178,744 ordinary shares at $18 per share, for gross proceeds of $165.2 million. In addition, Nanox has granted the underwriters a 30-day option to purchase up to an additional 1,376,812 ordinary shares at the IPO price, less underwriting discounts and commissions.
Cantor Fitzgerald & Co., Oppenheimer & Co. Inc., Berenberg and CIBC Capital Markets acted as joint book-runners and National Securities Corporation acted as co-manager for the offering.
The company raised $137 million before the IPO from investors including Korea's SK Telecom, Industrial Alliance, Yozma Korea, Foxconn, Fuji, and Jin Ji Full.
Published by Globes, Israel business news - en.globes.co.il - on August 21, 2020 © Copyright of Globes Publisher Itonut (1983) Ltd. 2020