Israeli startup Nanox completed the pricing phase and starts trading on the Nasdaq stock exchange

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by Ifi Reporter Category:Financial Aug 21, 2020

On Thursday night, Nanox completed the pricing phase of the initial public offering of its shares on Nasdaq. Nanox issued 9.18 million shares at a price of $ 18 per share - which was at the top end of the planned price range for the issue: $ 18-16 per share.
Nanox, which raised the shares at a company value of $ 634 million before the IPO and $ 800 million after it, initially planned to issue 4.9 million shares. However, due to large excess demand of $ 1.5 billion, the volume of the offering has almost doubled.
Nanox was founded in 2012 by entrepreneur Ran Polyakin, and raised $ 138 million by public offering. Haya developed the Nanox ARC technology - which she believes may replace the old X-ray technology that originated in 1895. The technology is based on a scanner, in which small silicon chips originally developed for LED TVs by Sony were installed. These chips comprise hundreds of millions of nanostructures, from which the electrons are produced.
Nanox's technology is based on the cold production of X-ray radiation using an electron cannon, based on a MEMS chip in which 100 million metal cones are built. Each of them produces very little light - but together they provide full power. These make it possible to produce a stable X-ray source, which is digitally controlled at low voltage, and reduce the subject's exposure time to radiation.
Nanox's technology is expected to be more energy efficient than traditional X-ray systems, which are based on the acceleration of electrons that hit the metal that emits X-rays. Due to the heat produced by this process, systems for cooling the analog source of X-rays are needed. This factor, with the need to cool the rotating components of the CT systems, increases the energy consumption of the process and requires heavy and expensive cooling systems - which inflate the price of X-ray systems to $ 150,000 on average.
The company's scanner combines a connection to the cloud with software that allows you to collect and save the scans. The photographs are broadcast to radiologists, who can watch them remotely on screen, or to companies that specialize in deciphering the images, and will be assisted by decision-based systems that support artificial intelligence based on the findings from the scans. This technology will allow Nanox to produce its system at a significantly lower cost than imaging systems, which are based on the traditional X-ray technology. This will make technology and early diagnosis accessible to two-thirds of the world's population, who have so far not enjoyed access due to budget constraints.
Another advantage is the low weight of the system compared to the analog X-ray systems, which due to their technology are required for a cooling system. Nanox's hardware system is integrated with cloud-based software, which allows the images to be uploaded to the cloud and transmitted to radiologists who will analyze their results.
Nanox, which employs 27 people, 21 of them in Israel and the rest in Japan, expects to reach, if it receives approval, a minimum installation base of 1,000 systems by the second half of 2021, and complete the installation of 15,000 systems by 2024. One of the major risks to these forecasts. The technology is the fact that Nanox has not yet received marketing approval from any regulatory authority, and has not even held talks with the FDA or any other authority regarding the route of regulatory approval for its products. Nanox will start trading this afternoon.
 

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