Nano-X Imaging (NASDAQ:NNOX), a start-up based in Israel and Japan, and backed by SK Telecom, announced on Thursday that it had signed a distribution agreement with privately held Ambra Health, a data and management cloud software solutions provider. The two companies will integrate their software so that X-rays taken with the Nano-X device and uploaded to the cloud can be transferred to hospitals around the world.
"It is our intent to provide seamless image exchange once our systems are approved by the FDA and we commence deployments. By working with Ambra, we can directly connect our modalities at hospitals with imaging providers with minimal integration effort and a high level of data-privacy," said Ran Poliakine, the co-founder and CEO of Nano-X.
The Nano-X device is a digital X-ray machine that is powered by nanotechnology and uses field-emission technology instead of the traditional thermionic effect to create X-rays. This manufacturing breakthrough will allow Nano-X to sell its machines to hospitals for $10,000 or less. That's 99% cheaper than existing CAT machines.
While the Nano-X device has yet to be cleared by the Food and Drug Administration, the company's stock is nonetheless up 37% since its IPO in August. The stock actually tripled in September before it was attacked by two high-profile shorts, Citron Research and Muddy Waters.
Nano-X is striving to make X-ray technology more ubiquitous around the world. This contract advances that goal, as Ambra Health is a major image-management cloud software provider, with over 8 billion images under management. Ambra's service is used in 50 countries, and its network includes thousands of imaging providers in the U.S.
Nano-X stock gained 9.4% in Thursday trading.