NEVE ILAN, Israel–(BUSINESS WIRE)–NANO-X IMAGING LTD (Nasdaq: NNOX), an innovative medical imaging technology company, today announced the completion of its previously announced merger with Zebra Medical Vision, Ltd., a deep-learning medical imaging analytics company, in an all-stock deal valued at approximately $110 million at closing, with up to $84 million more in additional stock for the completion of various performance milestones. Zebra is now operating as Nanox.AI.
Additionally, the Company announced the completion of two strategic acquisitions: MDWEB, LLC. (“MDW”), a decentralized marketplace connecting imaging facilities with radiologists, and USARAD Holdings, Inc., a leading provider of teleradiology services, for approximately $20.0 million in stock and cash with up to $10.0 million more in additional stock and cash for the completion of various performance milestones.
“The closing of these acquisitions is another step on our path to democratizing the delivery of healthcare. Integrating AI-powered imaging analysis and a global teleradiology solution with our groundbreaking Nanox.ARC technology takes us one step closer to creating a global, connected medical imaging solution with the potential to meaningfully expand delivery of healthcare,” said Ran Poliakine, Chairman and Chief Executive Officer of Nanox. “We believe the solution we are building will streamline the medical imaging continuum – from image capture, through analysis to intervention by trained radiologists – and has the power to significantly improve access, reduce costs and enhance efficiency, thereby dramatically increasing the delivery of healthcare.”
The global shortage of trained radiologists and radiologist work overload, represents a significant bottleneck in the imaging process. The Nanox.ARC, together with the acquisitions of Zebra Medical Vision, that holds a large privately held diverse data repository and a strong regulatory framework including 8 FDA clearances alongside USARAD, with an extensive global network of over 300 certified radiologists, and the assets of its affiliated company, Medical Diagnostics Web, will potentially allow Nanox to support its systems with a 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 Nanox’s vision of true population preventive health care.
About NANO-X AI LTD (Formerly Zebra Medical Vision Ltd):
Using patient imaging data already available to the healthcare system, Zebra’s algorithms highlight early, previously undetected signs of common chronic diseases. The newly discovered findings can then initiate further medical assessment to establish individual preventative care pathways for patients. The merger with Nanox is anticipated to fuel the shared goal of forming the next generation of AI-enabled medical hardware and software devices, which is expected to set a new standard in the medical technology sector.
About USARAD Holdings, Inc.:
USARAD Holdings, Inc., is a radiologist-run and operated full-service subspecialty radiology & teleradiology company that services imaging centers, small to medium sized hospitals, radiology groups, mobile units including PET, MRI and ultrasound, and multispecialty groups & orthopedic clinics.
About MDWEB, LLC.:
MDW radiology marketplace is built by radiologists, for the imaging industry. MDW hosts over 400+ reading radiologists, cardiologists, and neurologists. All physicians are US based, licensed, and board-certified medical doctors.
About Nanox:
Nanox, founded by the serial entrepreneur Ran Poliakine, is an Israeli corporation developing a commercial-grade digital X-ray source designed to be used in real-world medical imaging applications. Nanox believes that its novel technology could significantly reduce the costs of medical imaging systems and plans to seek collaborations with world-leading healthcare organizations and companies to provide affordable, early detection imaging services for all. For more information, please visit www.nanox.vision.
