Medical imaging technology company Nano-X Imaging Ltd. (NNOX:NASDAQ) Nano-X Imaging Ltd. (NNOX:NASDAQ), today announced that "it has opened its new semiconductor chip fabrication plant in South Korea." Nano-X Imaging advised that the new production facility which was opened on schedule is up and running and is now fully operational.
The company stated that the plant was built to be the primary site for producing its micro-electro-mechanical systems (MEMs) which is refers to as its Nanox.SOURCE semiconductor "chips". According to the company, "the Nanox.SOURCE chip produces the digital X-ray source for the firm's Nanox.ARC system, a 3D medical imaging system that has the potential to democratize meaningful access to imaging not currently available in approximately two-thirds of the world."
Nanox mentioned that it plans to reach targeted scaled production at the new factory in mid-2022. The firm noted that in tandem it is also gearing up its production capacity and assembly line at its Nanox.ARC system production line in Israel.
The company stated that the new South Koran fabrication plant is designed specifically to manufacture MEMs and is strategically located near what it said is the world’s largest semiconductor cluster in Yongin, S. Korea.
Nano-X Imaging explained that "its core proprietary technology is a transformation from an analog X-ray source to a digital X-ray source." The company claims that it believes its digital solution will decrease the cost of its Nanox.ARC system when compared to traditional 3D imaging systems that employ an analog X-ray source.
Nano-X Imaging's CEO Erez Meltzer commented, "Amidst a global supply chain crisis, the new facility enables Nanox to produce our own supply of semiconductor chips that are integral to the Nanox.ARC…Our new fabrication plant is an important part of our strategy of vertical integration to ensure we can deliver a global, connected medical imaging solution with the potential to meaningfully expand delivery of healthcare."
Nanox Korea's Chairman and CEO Ilung Kim Ph.D. stated, "We are proud to be opening this facility as planned, a facility that embodies our technical expertise and know-how in producing technology that we believe will revolutionize medical imaging…With our proximity to the SK Hynix semiconductor cluster, we believe we are also well-equipped to bring new, highly technical jobs to the Yongin region."
Akiva Tor, Ambassador of Israel to the Republic of Korea remarked, "Establishing a manufacturing facility in Korea is a significant move for Nanox…This is a perfect synergy of Korean investment, Israeli innovation and Korean manufacturing.”
Nano-X Imaging Ltd. is based in Neve Ilan, Israel and is involved in developing commercial-grade digital X-ray source for use medical imaging applications. The company stated that its technology could potentially deliver significant reductions in the cost of medical imaging systems.
Nano-X Imaging started the day with a market cap of around $627.7 million with approximately 51.79 million shares outstanding and a short interest of about 9.8%. NNOX shares opened 9% higher today at $13.24 (+$1.12, +9.24%) over yesterday's $12.12 closing price. The stock has traded today between $12.62 and $14.77 per share and is currently trading at $13.19 (+$1.07, +8.83%).
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