NANO-X IMAGING LTD (“Nanox” or the “Company,” Nasdaq: NNOX), an
innovative medical imaging technology company today announced the
entrance into a manufacture and supply agreement with Varex Imaging
Corporation (“Varex,” Nasdaq: VREX), a leading innovator, designer
and manufacturer of X-ray imaging components, under which Varex
will supply X-ray tubes utilizing the Nanox digital X-ray source
for the Nanox.ARC system. The agreement was entered into after
Varex completed, over the last several months, an assessment of
Nanox’s novel digital X-ray source.
The Nanox.ARC is a 3D tomosynthesis multisource imaging system
that uses a proprietary and novel digital cathode X-ray source that
Nanox believes can achieve the same functionalities as legacy X-ray
cathodes, while allowing for lower-cost production than existing
medical imaging systems. The Company’s holistic, end-to-end imaging
solution integrates the Nanox.ARC and Nanox’s teleradiology
services, and, in the future, Nanox intends to add artificial
intelligence (“AI”) technology for a seamless continuum from image
capture through AI analysis and interpretation by trained
radiologists.
Varex Imaging Corporation is a leading independent supplier of
medical X-ray imaging components and image processing solutions,
playing an important role in applications like medical imaging,
cargo screening, and border security for global X-ray imaging
system manufacturers. With a history spanning over 70 years,
Varex’s commitment lies in supporting its partners’ success and
advancing product development to benefit healthcare and industrial
applications on a global scale.
“We are pleased to announce our manufacturing and supply
agreement with Nanox. This agreement reflects our belief in the
future importance of cold cathode technology,” said Sunny Sanyal,
Chief Executive Officer of Varex Imaging. Sanyal added, “Together,
we aim to advance medical imaging technology, reduce costs and make
a meaningful impact on global healthcare. We look forward to a
fruitful and innovative journey ahead.”
Under the agreement, Nanox may order X-ray tubes from Varex for
use in its Nanox.ARC system. Varex agreed to manufacture and supply
the X-ray tubes in exchange for payment therefor in the form of a
revenue-sharing fee (subject to a minimum annual amount per system)
based on the Company’s pay-per-scan revenue from Nanox.ARC systems
using Varex X-ray tubes worldwide. Subject to receipt of requisite
local regulatory clearance, Nanox has also agreed to use Varex
X-ray tubes in a minimum percentage of all Nanox.ARC systems that
are deployed and operating.
“Nanox is proud to collaborate with such a trusted and esteemed
US partner in medical imaging, especially as we diligently work
toward the commercialization of our Nanox.ARC medical imaging
system,” said Erez Meltzer, Chief Executive Officer of Nanox. “Our
agreement reflects the ingenuity of the Nanox.ARC and our
commitment to pioneering a new era in global healthcare
accessibility.”
On April 28, 2023, the Company received a 510(k) clearance from
the U.S. Food and Drug Administration to market the multi-source
Nanox.ARC (including the Nanox.CLOUD, its accompanying cloud-based
infrastructure), as a stationary X-ray system intended to produce
tomographic images of the human musculoskeletal system adjunctive
to conventional radiography, on adult patients. This device is
intended to be used in professional healthcare facilities or
radiological environments, such as hospitals, clinics, imaging
centers and other medical practices by trained radiographers,
radiologists and physicians. Representing a major advancement in
X-ray tube technology, Nanox.ARC is a multi-source digital 3D
tomosynthesis system that utilizes novel, cold cathode X-ray tubes,
which the Company intends to offer using an innovative pay-per-scan
business model.
Nanox is making progress toward commercialization of the
Nanox.ARC system. Nanox has installed Nanox.ARC systems in Nigeria,
Morocco and Ghana for demonstration and training purposes. Nanox
aims to increase early detection of medical conditions that are
discoverable by X-ray by improving access to imaging, in line with
its vision to close the health equity gap in medical imaging.
About Nanox
We, NANO-X IMAGING LTD or Nanox (Nasdaq: NNOX), are focused on
applying our proprietary medical imaging technology and solutions
to make diagnostic medicine more accessible and affordable across
the globe.
Nanox’s vision is to increase access, reduce costs and enhance
the efficiency of routine medical imaging technology and processes,
in order to improve early detection and treatment, which Nanox
believes is key to helping people achieve better health outcomes,
and, ultimately, to save lives.
The Nanox ecosystem includes Nanox.ARC – a multi-source Digital
Tomosynthesis system that is cost-effective, and user-friendly; an
AI-based suite of algorithms that augment the readings of routine
CT imaging to highlight early signs often related to chronic
disease, (Nanox.AI); a cloud-based infrastructure (Nanox.CLOUD);
and a proprietary decentralized marketplace, through Nanox’s
subsidiary, USARAD Holdings Inc., that provides remote access to
radiology and cardiology experts; and a comprehensive teleradiology
services platform (Nanox.MARKETPLACE).
Together, Nanox’s products and services aim to create a
worldwide, innovative, and comprehensive solution that connects
medical imaging solutions, from scan to diagnosis. For more
information, please visit www.nanox.vision.
About Varex
Varex Imaging Corporation is a leading innovator, designer and
manufacturer of X-ray imaging components, which include X-ray
tubes, digital detectors and other image processing solutions that
are key components of X-ray imaging systems. With a 70+ year
history of successful innovation, Varex’s products are used in
medical imaging as well as in industrial and security imaging
applications. Global OEM manufacturers incorporate the company’s
X-ray sources, digital detectors, connecting devices and imaging
software in their systems to detect, diagnose, protect and inspect.
Headquartered in Salt Lake City, Utah, Varex employs approximately
2,300 people located in North America, Europe, and Asia. For more
information visit vareximaging.com.
Forward-Looking Statements – Nanox
This press release may contain forward-looking statements that
are subject to risks and uncertainties. All statements that are not
historical facts contained in this press release are
forward-looking statements. Such statements include, but are not
limited to, any statements relating to the initiation, timing,
progress and results of the Company’s research and development,
manufacturing, and commercialization activities with respect to its
X-ray source technology and the Nanox.ARC, the ability to realize
the expected benefits of its recent acquisitions and the projected
business prospects of the Company and the acquired companies. In
some cases, you can identify forward-looking statements by
terminology such as “can,” “might,” “believe,” “may,” “estimate,”
“continue,” “anticipate,” “intend,” “should,” “plan,” “should,”
“could,” “expect,” “predict,” “potential,” or the negative of these
terms or other similar expressions. Forward-looking statements are
based on information the Company has when those statements are made
or management’s good faith belief as of that time with respect to
future events and are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those
expressed in or suggested by the forward-looking statements.
Factors that could cause actual results to differ materially from
those currently anticipated include: risks related to (i) Nanox’s
ability to complete development of the Nanox System; (ii) Nanox’s
ability to successfully demonstrate the feasibility of its
technology for commercial applications; (iii) Nanox’s expectations
regarding the necessity of, timing of filing for, and receipt and
maintenance of, regulatory clearances or approvals regarding its
technology, the Nanox.ARC and Nanox.CLOUD from regulatory agencies
worldwide and its ongoing compliance with applicable quality
standards and regulatory requirements; (iv) Nanox’s ability to
realize the anticipated benefits of the recent acquisitions, which
may be affected by, among other things, competition, brand
recognition, the ability of the acquired companies to grow and
manage growth profitably and retain their key employees; (v)
Nanox’s ability to enter into and maintain commercially reasonable
arrangements with third-party manufacturers and suppliers to
manufacture the Nanox.ARC; (vi) the market acceptance of the Nanox
System and the proposed pay-per-scan business model; (vii) Nanox’s
expectations regarding collaborations with third-parties and their
potential benefits; (viii) Nanox’s ability to conduct business
globally; (ix) changes in global, political, economic, business,
competitive, market and regulatory forces; (x) the costs incurred
with respect to and the outcome of the securities class action
litigation and the SEC inquiry Nanox is currently subject to and
any similar or other claims and litigation it may be subject to in
the future; and (xi) risks related to business interruptions
resulting from the COVID-19 pandemic or similar public health
crises, among other things.
For a discussion of other risks and uncertainties, and other
important factors, any of which could cause Nanox’s actual results
to differ from those contained in the Forward-Looking Statements,
see the section titled “Risk Factors” in Nanox’s Annual Report on
Form 20-F for the year ended December 31, 2022, and subsequent
filings with the U.S. Securities and Exchange Commission. The
reader should not place undue reliance on any forward-looking
statements included in this press release.
Except as required by law, Nanox undertakes no obligation to
update publicly any forward-looking statements after the date of
this report to conform these statements to actual results or to
changes in the Company’s expectations.
Contacts:
NANOX
Media Contact:
Rachael RoselliICR WestwickeNanoxPR@icrinc.com
Investor Contact:
Mike CavanaughICR Westwickemike.cavanaugh@westwicke.com
Nano X Imaging (NASDAQ:NNOX)
Historical Stock Chart
From Apr 2024 to May 2024
Nano X Imaging (NASDAQ:NNOX)
Historical Stock Chart
From May 2023 to May 2024