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Nano-x’s Nasdaq IPO adds fuel to SKT’s medical device biz

Nanox.Arc, a digital X-ray machine (Nano-x)
Nanox.Arc, a digital X-ray machine (Nano-x)
Nano-x, a medical imaging company in which SK Telecom is the second-biggest shareholder, has made an initial public offering on the US’ Nasdaq, SKT said Sunday.

SKT preemptively invested a total of $23 million in Nano-x, first in June 2019 and second in June 2020, securing over 2.6 million shares in the company.

As the second-biggest stakeholder to Nano-x after the company’s founders, SKT said it is actively participating in the management and global business expansion of Nano-x.

Fujifilm and Foxconn are among other investors.

Nano-x is an Israeli firm that merges semiconductor and X-ray technology. The resulting hardware Nanox.Arc is a digital X-ray machine that it says has a competitive edge against conventional machines in both price and function.

Nanox.Arc uses a fingernail-sized silicon semiconductor to generate X-rays.

Compared to analog X-ray machines that create electrons for the X-ray by heating up copper and tungsten to 2,000 degrees Celsius, this next-generation device can take high-resolution X-ray scans 30 times more quickly speed, and at only 10 percent of the cost, the company says. The Nanox.Arc also weighs 80 percent less than regular machines.

The approach also means a patient is exposed to radioactive matter for a shorter time, while relatively smaller clinics, ambulances and makeshift medical centers can all be equipped with a high-performing X-ray machine.

Nano-x’s Nasdaq entry acknowledged the company as an Emerging Growth Company, a tip of the hat to Nanox.Arc’s technological advantage, according to SKT.

Nano-x and SKT will jointly establish semiconductor fabrication plant in Korea, as well as carry out various businesses utilizing 5G network and artificial intelligence, SKT said. SKT is the parent company of SK hynix, the world’s second-largest memory supplier. As a telecom company, SKT has a firm foothold in the 5G network business, as well.

Nano-x shares closed 20.56 percent higher from the IPO price $18 to $21.7 on Friday.

By Lim Jeong-yeo (kaylalim@heraldcorp.com)
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