Companies aim to provide new medical imaging standard of care to rural areas as well as major cities
NANO-X IMAGING LTD (www.nanox.vision) ("Nanox" or the "Company"), an innovative medical imaging technology company, announces it has secured an exclusive distribution deal with The Gateway Group ("Gateway"), one of Australia’s largest independent product distributors including health, wellness, medical supplies and devices.
The agreement has an initial term of three years and is renewable for an additional term of three years with both parties’ mutual consent. Subject to receiving local regulatory approvals, the parties will collaborate on the deployment and operation of 1,000 Nanox Systems comprised of the Nanox.ARC and the Nanox.CLOUD. The parties aim to provide medical imaging services across Australia, New Zealand and Norway at affordable prices for communities of varying socio-economic status.
The Nanox System will offer a range of medical imaging services, from 2D X-ray to 3D Tomosynthesis computed tomography. Nanox will provide the systems to Gateway once approved by the local regulatory authorities for deployment in areas that have little to no medical imaging facilities, as well as in major cities. The services are planned to be operated on a pay-per-scan business model and include online radiology diagnostics and medical AI decision assistive algorithms implementation. Nanox and Gateway’s joint initiative will target unit deployment in clinics and medical centers and Nanox will provide staff training and local support.
According to the agreement, Gateway agrees to guarantee a minimum service fee of $58 million per year for three years to Nanox.
"We plan to reach even the most remote locations on the globe with advanced medical imaging services," says Ran Poliakine, Founder and Chief Executive Officer of Nanox. "The agreement with Gateway is the direct implementation of this strategy. We want medical imaging to be available in rural areas as well as major cities alike, and we look forward to working with the team at Gateway to help us realize this social agenda."
Gateway provides a wide range of products to over 20,000 locations with representation of medical device companies such as BrainsWay, Dex and others. The transaction was formed with the help of the Southern Israel Bridging Fund (SIBF) who operate to identify and connect between Israeli and global companies for mutual business opportunities (https://sibf.vc/).
"Nanox has a unique business model that is designed to improve accessibility and affordability of early-detection services worldwide," says Ricky Neumann, CEO of Gateway. "People in some countries who live in rural areas need to drive hours to get to a medical imaging facility and wait for months to get diagnostics results. We intend to change that with Nanox."
The Nanox System is comprised of the Nanox.ARC, a medical imaging system incorporating a novel digital X-ray source, as well as the Nanox.CLOUD, a companion cloud-based software that will be designed to provide an end-to-end medical imaging service expected to include image repository, radiologist matching, online and offline diagnostics review and annotation, connectivity to diagnostic assistive artificial intelligence systems, billing and reporting.
Nanox, founded by the serial entrepreneur Ran Poliakine, is an Israeli corporation that is 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 service for all. For more information, please visit www.nanox.vision.
About The Gateway Group
The Gateway Group Australia was established in 2001 to provide clearance, development, and distribution of quality retail and medical brands to meet the needs of suppliers and consumers. The company’s understanding of the marketplace, combined with decades of retail experience, makes Gateway the first name that comes to mind for multinational companies wanting a presence in Australia. The company’s product range includes the world’s biggest brands including Colgate, P & G, Unilever, Cussons, GSK, Reckitt Benckiser. www.thegatewaygroup.com.au.
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 Nanox's research and development, manufacturing and commercialization activities with respect to its X-ray source technology and the Nanox.Arc. 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 Nanox 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 Nanox's ability to develop and produce a working prototype of the Nanox.Arc; Nanox's ability to successfully demonstrate the feasibility of its technology for commercial applications; Nanox's expectations regarding the necessity of, timing of filing for, and receipt and maintenance of, regulatory clearances or approvals regarding its X-ray source technology and the Nanox.Arc from regulatory agencies worldwide and its ongoing compliance with applicable quality standards and regulatory requirements; Nanox's ability to enter into and maintain commercially reasonable arrangements with third-party manufacturers and suppliers to manufacture the Nanox.Arc; the market acceptance of the Nanox.Arc and the proposed pay-per-scan business model; Nanox's expectations regarding collaborations with third-parties and their potential benefits; and Nanox's ability to conduct business globally, among others. 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 Nanox's expectations.