Nanox raised $ 165 million in an initial public offering of shares in NASDAQ
The offering was priced at $ 18 per share, which was at the top end of the planned price range ■ It reflects a company value of $ 800 million after the raising ■ The volume of the offering almost doubled after winning demand of $ 1.5 billion
Yoram Gavison 10:10
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Nanox founder Ren Polyakin with the scanner developed by the company
Nanox founder Ran Polyakin with the scanner developed by the companyPhotography: LUZ Corporate Photography
Tonight (Friday), Nanox completed the pricing phase of the first issue 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 gave an option to the underwriters to purchase 15% of the issue, ie 1,377 million shares at the issue price, and if the option is exercised, the scope of the raising will increase by an additional $ 25 million.
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Founded in 2012 by entrepreneur Ran Polyakin, Nanox raised $ 138 million before the public offering, and developed Nanox ARC technology - which it estimates may replace the old X-ray technology that began 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.
Photo: Without credit
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.
Will make its technology accessible to two-thirds of the world's population
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.
X-ray Centre
Analog X-ray systems required for chiropractic system: Nir Kafri
Nanox's primary business model will be based on a pay-as-you-go scan, as opposed to the traditional medical imaging companies' model, which is based on the sale of equipment - requiring customers to make a large one-time capital investment.
Nanox estimates that it could reduce the cost of imaging compared to the current cost, which averages $ 300 per scan; Turn imaging into a commodity product; And increase the X-ray-based imaging market. The company estimates that annual spending on X-ray-based medical imaging systems, not including support, insurance and maintenance, will reach $ 21 billion by 2021. Nanox introduced a prototype of the Nanox ARC system in February 2020, and it intends to enter commercial installations in the first quarter of 2021, subject to regulatory approv
al
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. Amit Polak Matalon's firm and Skaden's firm in New York represented Nanox, and the law firms of Yatam Watkins and Gornitzky & Co. represented the underwriters. The underwriters of the offering were Cantor Fitzgerald, Oppenheimer, Birnberg, CIBC and National Security.
https://www.themarker.com/opinion/1.1478324
The offering was priced at $ 18 per share, which was at the top end of the planned price range ■ It reflects a company value of $ 800 million after the raising ■ The volume of the offering almost doubled after winning demand of $ 1.5 billion
Yoram Gavison 10:10
Share an article by emailShare an article by email
Beyond talkbacks 5
As the world changes, you need someone who can read the map
Subscription to the site starting at NIS 4.90 in the first month
For purchase
Nanox founder Ren Polyakin with the scanner developed by the company
Nanox founder Ran Polyakin with the scanner developed by the companyPhotography: LUZ Corporate Photography
Tonight (Friday), Nanox completed the pricing phase of the first issue 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 gave an option to the underwriters to purchase 15% of the issue, ie 1,377 million shares at the issue price, and if the option is exercised, the scope of the raising will increase by an additional $ 25 million.
Sign up now, and get the important news from the capital market every morning
Email *
Please enter an email address
Founded in 2012 by entrepreneur Ran Polyakin, Nanox raised $ 138 million before the public offering, and developed Nanox ARC technology - which it estimates may replace the old X-ray technology that began 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.
Photo: Without credit
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.
Will make its technology accessible to two-thirds of the world's population
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.
X-ray Centre
Analog X-ray systems required for chiropractic system: Nir Kafri
Nanox's primary business model will be based on a pay-as-you-go scan, as opposed to the traditional medical imaging companies' model, which is based on the sale of equipment - requiring customers to make a large one-time capital investment.
Nanox estimates that it could reduce the cost of imaging compared to the current cost, which averages $ 300 per scan; Turn imaging into a commodity product; And increase the X-ray-based imaging market. The company estimates that annual spending on X-ray-based medical imaging systems, not including support, insurance and maintenance, will reach $ 21 billion by 2021. Nanox introduced a prototype of the Nanox ARC system in February 2020, and it intends to enter commercial installations in the first quarter of 2021, subject to regulatory approv
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. Amit Polak Matalon's firm and Skaden's firm in New York represented Nanox, and the law firms of Yatam Watkins and Gornitzky & Co. represented the underwriters. The underwriters of the offering were Cantor Fitzgerald, Oppenheimer, Birnberg, CIBC and National Security.
https://www.themarker.com/opinion/1.1478324
