Israeli imaging company Nanox announced Monday it completed its merger with Zebra Medical Vision, now rebranded as Nanox.AI, for approximately $110 million in stock, with the ability to earn an additional $84 million in stock based on performance.

Nanox also wrapped up the acquisition of teleradiology provider USARAD Holdings and its affiliated company MDWEB, which offers a marketplace for connecting radiologists and imaging facilities, for approximately $20 million in stock and cash, with up to $10 million more in stock and cash based on performance.

The deals were first announced in August.

WHY IT MATTERS

Nanox is pitching its merger and acquisition as a way to create a more streamlined imaging process, made more urgent by a shortage of radiologists, particularly in the U.K.

“The closing of these acquisitions is another step on our path to democratizing the delivery of healthcare. Integrating AI-powered imaging analysis and a global teleradiology solution with our groundbreaking Nanox.ARC technology takes us one step closer to creating a global, connected medical imaging solution with the potential to meaningfully expand delivery of healthcare,” Ran Poliakine, chairman and CEO of Nanox, said in a statement.

“We believe the solution we are building will streamline the medical imaging continuum – from image capture, through analysis to intervention by trained radiologists – and has the power to significantly improve access, reduce costs and enhance efficiency, thereby dramatically increasing the delivery of healthcare.”

THE LARGER TREND

Zebra Medical Vision was founded in 2014, and landed its eighth 510(k) clearance from the Food and Drug Administration in late September for a cardiac-focused imaging tool called HealthCCsng. 

It’s also won approval for an algorithm that helps physicians quantify a patient’s coronary artery calcification, an artificial intelligence tool to identify potential cases of pneumothorax and an AI-enabled solution that helps radiologists identify suspicious mammograms, among other tools. 

Founded in 2012, Nanox went public in 2020, and scored its first FDA clearance for its single-source digital X-ray Nanox.ARC in April 2021. 

The company had originally submitted to the FDA for the Nanox.ARC in 2020. But in February 2021, news emerged that the agency had asked Nanox for additional information about the product.

When the device was cleared in April, Nanox said it planned to submit another 510(k) application to the FDA for the multi-source version of Nanox.ARC and Nanox.CLOUD in 2021.