Embattled startup Nanox sees stock soar amid plans to showcase imaging technology at RSNA
Embattled startup Nanox saw its stock price soar Friday after announcing plans to showcase its novel imaging technology at RSNA in December.
The Israel-based company came under fire in September following a critical report from Citron Research, accusing Nanox of fabricating business agreements and making misleading statements about its product. After a successful initial public offering raising $190 million, several investors have now filed suit stemming from Citron’s claims.
Nanox, however, is aiming to put doubts to rest with a live demonstration of its imaging system as part of the Radiological Society of North America’s virtual annual meeting that kicks off next month. The event will include a live demo of its Nanox.ARC system performing a range of 2D and 3D medical procedures, the firm announced Thursday.
They also plan to host a Q&A session along with lectures and presentations from radiologists and distribution partners.
“We are pleased to invite everyone to witness first-hand our technology and the Nanox.ARC at the RSNA,” Chairman and CEO Ran Poliakine, who will host the live-streamed event, said in a statement. “We look forward to this demonstration which will allow people to see the depth and validity of our technology,” he added later.
Poliakine’s goal is to upend the industry by offering a new imaging system at a fraction of the cost and footprint of traditional modalities. His team has purportedly inked a series of deals in several countries to distribute the technology. Nanox condemned the critical Citron report last month, calling it “completely without merit.” And Poliakine recently sat down for a lengthy interview with investment news site Motley Fool to explore how its product operates.
Nanox’s shares soared Friday following news of the demonstration, jumping 37.4%, up to $32.93. The stock has been on something of a roller coaster ride recently, leaping 257% from the IPO price of $18, reaching as high as $64.19 before plummeting following the criticisms, Bloomberg reported.
“They say that we have no viable technology or product. As simple as that,” Poliakine told the news site in a phone interview. “We’re going to present to the world, publicly, live, everything that will simply crush all these baseless things.”
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.