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.”