SK Telecom CEO joins Nanox’s board
14 November, 2020
SK invested $ 25 million in Nanox. Both companies have established JV in South Korea. "We see Nanox as one of the most promising companies to make a real difference for early detection"
Park Jung-Ho, the CEO of SK Telecom, one of South Korea largest telecom operator and part of the SK Group, is joining the board of directors of the Israeli Nanox, according to Nanox Q3 earnings update for investors. Nanox, which has developed technology for the production of digital X-ray and CT devices that dramatically reduces their cost, was listed on the NASDAQ in late August, and is already trading at a market value of $ 1.7 billion.
SK Telecom is one of the main investors in Nanox. Last July, SK increased its holdings in Nanox with an additional investment of $ 20 million, adding to its initial $ 5 million investment made in 2018. The two companies have also established a joint venture in South Korea and signed a partnership aimed to deploy some 2,500 Nanox X-ray machines in Vietnam and South Korea, subject to obtaining regulatory clearance.
Commenting on the deal, Park Jung-ho said: “We passionately seek to revolutionize healthcare by leveraging innovative technologies. We see Nanox as one of the most promising companies to make a real difference for early detection of disease and higher standard of care to the humankind. We feel the Company is making significant progress towards its vision and want to help make it a reality.”
Nanox has developed a Digital Computed Tomography technology based on the production of X-rays using a MEMS instead of an incandescent lamp. The company’s estimates its technology allows for the production of CT systems at a cost of $10,000 each, instead of approximately $3 million – the current average price of CT scanners. CT scanners perform multiple X-rays from different angles. A computer program is used to fuse all these images into a single three-dimensional file that allows the exploration of the body and its organs.
The company markets the system through collaborations with governments, hospitals and healthcare chains. The company has signed distribution agreements in 13 countries in the past year. It intends to offer the use of systems in a Pay-per-Scan model, thereby reducing the costs of equipping scanners.