Nanox Announces Collaboration with AhealthZ and SCL Science to Enter South Korean Market
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Insights
The partnership between Nanox and AhealthZ, with the latter assisting in obtaining local authorizations for the Nanox.ARC system in South Korea, is a strategic move that could significantly impact Nanox's market penetration and revenue streams. South Korea's healthcare market is known for its rapid adoption of innovative technologies and the Nanox.ARC system, with its smaller footprint and cold cathode system, represents a potential advancement in medical imaging technology. The scalability and cost-effectiveness of the Nanox.ARC could disrupt the traditional imaging market by offering a more accessible option for healthcare providers.
Furthermore, the integration of Nanox's AI solutions into SCL Science's operations could lead to improvements in the early detection of chronic diseases, which is a growing segment in healthcare. The use of AI in medical imaging for identifying asymptomatic patients could reduce long-term healthcare costs and improve patient outcomes. The potential integration of Nanox.MARKETPLACE with SCL Science’s teleradiology centers could also enhance the efficiency of radiological services and expand the reach of expert diagnostics, which is a key factor for market growth in telemedicine.
Entering the South Korean market is a significant milestone for Nanox, given the country's status as a leader in technology and digital health. The collaboration with AhealthZ and SCL Science not only opens doors for Nanox's medical imaging systems but also for its suite of AI solutions. The demand for advanced healthcare services in South Korea is on the rise and the integration of AI in medical diagnostics is a growing trend. This partnership could position Nanox as a prominent player in the region, potentially influencing investor sentiment and stock performance.
It's also worth noting that partnerships and collaborations are common strategies for medical technology companies seeking to enter new markets, especially those that require local regulatory approvals. The success of this collaboration could serve as a blueprint for Nanox's expansion into other markets, which would be an important consideration for stakeholders evaluating the company's long-term growth prospects.
The regulatory aspect of this collaboration is particularly noteworthy. Securing local authorizations and licenses is a complex process that can significantly delay market entry for medical devices. AhealthZ's role in facilitating these approvals is important for Nanox, as it can expedite the availability of the Nanox.ARC system in South Korea. This not only has implications for Nanox's business strategy but also for the South Korean healthcare system, which could benefit from more advanced and cost-effective imaging technologies.
The emphasis on AI solutions for early diagnosis and preventative management aligns with global healthcare trends towards precision medicine and proactive care. By advancing these initiatives, Nanox and its partners are positioning themselves at the forefront of a shift in healthcare policy that favors technology-driven solutions to improve health outcomes and reduce costs.
AhealthZ to aid Nanox’s pursuit of local authorizations and licenses for Nanox.ARC in South Korea
SCL Science to integrate Nanox’s artificial intelligence solutions in operations
PETAH TIKVA, Israel, April 09, 2024 (GLOBE NEWSWIRE) -- NANO-X IMAGING LTD (NASDAQ: NNOX) (“Nanox” or the “Company”), an innovative medical imaging technology company, today announced a new collaboration to advance the Nanox.ARC 3D imaging system and Nanox artificial intelligence (AI) solutions in Korea with AhealthZ – a distributor of healthcare services and devices – and SCL Science, AhealthZ’s affiliated company and subsidiary of global healthcare group SCL (Seoul Clinical Laboratories).
Under the collaboration, AhealthZ plans to assist Nanox in efforts to secure local authorizations and licenses to enable the importation, marketing and sales of the Nanox.ARC in South Korea. The Nanox.ARC is a digital tomosynthesis system that uses multiple sources of X-rays to produce a three-dimensional, tomographic images. Compared to similar X-ray tomosynthesis based devices, Nanox.ARC has a smaller footprint, utilizes a cold cathode system, and has the potential to be a cost-effective and scalable imaging solution in healthcare settings.
The collaboration will also include SCL Science integrating Nanox’s AI solutions in remote image analysis and other operations. Nanox’s AI solutions include its HealthCCSng cardiac solution, HealthOST bone solution and HealthFLD fatty liver solution, and are designed to help identify patients with asymptomatic undetected chronic disease and initiate earlier diagnosis and preventative management. Additionally, Nanox.MARKETPLACE, a teleradiology services platform that provides remote access to radiology and cardiology experts, will potentially be integrated with SCL Science’s teleradiology centers in South Korea and other overseas markets.
“We are excited to work with AhealthZ and SCL Science to bring our comprehensive medical imaging solutions to South Korea, a country of over 51 million people and one of the world’s most advanced technological markets,” said Erez Meltzer, Nanox Chief Executive Officer. “This collaboration is a mutually beneficial opportunity that provides a pathway for Nanox to establish a presence for the Nanox.ARC and expand our AI solutions portfolio, as well as for SCL to leverage cutting-edge AI solutions in its efforts to advance digital health research and professional medical services.”
About Nanox:
Nanox (NASDAQ: NNOX) is focused on applying its 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 create a worldwide, innovative, and comprehensive solution that connects medical imaging solutions, from scan to diagnosis. For more information, please visit www.nanox.vision.
Forward-Looking Statements:
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, those 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 continue to develop of the Nanox imaging 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 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 imaging system and the proposed pay-per-scan business model; (vii) Nanox’s expectations regarding collaborations with third-parties and their potential benefits; and (viii) Nanox’s ability to conduct business globally; (ix) changes in global, political, economic, business, competitive, market and regulatory forces, including the continuation and escalation of the military conflicts in Israel; (x) the costs incurred with respect to and the outcome of the securities class action litigation and the civil litigation 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 press release to conform these statements to actual results or to changes in the Company’s expectations.
Contacts
Media Contact:
Ben Shannon
ICR Westwicke
NanoxPR@icrinc.com
Investor Contact:
Mike Cavanaugh
ICR Westwicke
mike.cavanaugh@westwicke.com
FAQ
What is the focus of Nanox's collaboration with AhealthZ and SCL Science in South Korea?
What is Nanox.ARC and how does it differ from other X-ray tomosynthesis devices?
What AI solutions does Nanox offer and how are they beneficial?
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