Shares of Nano-X Imaging (NASDAQ: NNOX), commonly called Nanox, soared on Wednesday after it revealed it's taken the next step toward commercializing its flagship medical device. As of 12:20 p.m. ET, Nanox stock was up 21%.

Nanox had its initial public offering (IPO) in 2020, promising to disrupt the X-ray industry with its digital-3D imaging machines that will be cheaper for doctors to use. Nanox received clearance from the U.S. Food and Drug Administration (FDA) in April 2021 for the single-source version of its medical device. However, the device it intends to commercialize is its multisource Nanox.ARC. And progress with the FDA for the multisource machine has been slow.

Shortly after receiving FDA approval for its single-source machine, Nanox submitted paperwork for its multisource device. However, it subsequently withdrew its application so it could submit a Q-Submission form, which allows it to dialogue with the FDA to better understand its concerns.

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Source Fool.com