{"id":525817,"date":"2021-08-10T07:05:59","date_gmt":"2021-08-10T11:05:59","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/nanox-announces-second-quarter-2021-results-and-provides-business-update\/"},"modified":"2021-08-10T07:05:59","modified_gmt":"2021-08-10T11:05:59","slug":"nanox-announces-second-quarter-2021-results-and-provides-business-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/nanox-announces-second-quarter-2021-results-and-provides-business-update\/","title":{"rendered":"Nanox Announces Second Quarter 2021 Results and\u00a0Provides Business Update"},"content":{"rendered":"
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NEVE ILAN, Israel, Aug. 10, 2021 (GLOBE NEWSWIRE) — NANO-X IMAGING LTD (NASDAQ: NNOX) (\u201cNanox<\/strong>\u201d or the \u201cCompany<\/strong>\u201d), an innovative medical imaging technology company, today announced results for the second quarter ended June 30, 2021 and provided a business update.<\/p>\n

Nanox today announced entry into two agreements intended to create a globally connected, end-to-end radiology solution. The Company announced that it has entered into an agreement to acquire a leading medical artificial intelligence (AI) developer Zebra Medical Vision in an all-stock transaction for $100 million upfront and another $100 million tied to achievement of specific milestones. Nanox also announced today that it has entered into a binding letter of intent to acquire USARAD and its related company, Medical Diagnostics Web, or MDW. USARAD together with MDW operates a global network of over 300 radiologists. Total consideration for USARAD and MDW is $30 million, comprised of $21 million of Nanox shares and $9 million in cash<\/p>\n

\u201cExpanding access to medical imaging via widespread deployment of the Nanox.ARC solves just one of the obstacles to achieving true population health management,\u201d stated Ran Poliakine, Chairman and Chief Executive Officer of Nanox. \u201cThe global shortage of trained radiologists represents a significant bottleneck in the imaging process. The Nanox.ARC, together with the acquisitions of Zebra Medical Vision and USARAD, if consummated, would allow us to support our systems with a large network of radiologists empowered with highly advanced AI algorithms. This end-to-end, globally connected medical imaging solution will allow for the rapid interpretation of medical images into actionable medical interventions and would also represent a significant step toward our vision of true population preventive health care.<\/p>\n

\u201cWith regards to the ongoing development of the multi-source Nanox.ARC, as you may recall, one of the highlights since our last quarterly update was the FDA 510(k) submission for the first version of the multi-source Nanox.ARC. We are reiterating our goal of deploying 15,000 by the end of 2024.<\/p>\n

\u201cAs we prepare to scale globally and ramp up our manufacturing capabilities, I have asked Erez Meltzer, who has served as Director at Nanox for the last two years, to step forward and become our CEO. Erez is a seasoned public company executive who has a tremendous amount of experience in scaling organizations to become global corporations. We are fortunate to have a highly experienced executive of Erez\u2019s caliber on our Board, and I have every confidence that he has the ideal skill set and background to achieve long-term success. I look forward to working alongside him and the rest of the team in my role as Executive Chairman, in which I intend to be very involved in the company\u2019s longer-term initiatives and future collaborations.<\/p>\n

\u201cI would also like to welcome Ran Daniel as our new Chief Financial Officer, and he will join our company on August 15th. Ran brings to the team over 25 years of financial and business management experience and will be based in the U.S. as we work to bolster our U.S. presence. Finally, I would like to thank Itzhak Maayan for his many contributions to Nanox, most notably the completion of our successful initial public offering last year,\u201d Mr. Poliakine concluded.<\/p>\n

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