Check-Cap closed a $2.69 Million Raising

4 June, 2017

Check-Cap from Isfiya, Israel, develops the first ingestible capsule for preparation-free, colorectal cancer screening, called C-Scan

Check-Cap Ltd. announced the closing of a definitive agreement with a single health-care focused institutional investor for the purchase of 1,349,500 ordinary shares, at a purchase price of $2.00 per share. The Company received gross proceeds of approximately $2.69 million at the close of the offering and would receive approximately $5.57 million total gross proceeds in the event that the warrants are exercised in full for cash.

Check-Cap from Isfiya, Israel, is a clinical stage medical diagnostics company engaged in the development of the first ingestible capsule for preparation-free, colorectal cancer screening, called C-Scan®. Utilizing ultra-low dose X-ray and wireless communication technologies, the capsule generates information on the contours of the inside of the colon as it passes naturally.  This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities.
Earlier this month the company reached a mile stone: The C-Scan technology main challenge is the creation of a miniature X-ray source –  small enough to work from inside its ingestible capsule, and strong enough to detect cancer. In May 11, it was achieved: GE Healthcare and Check-Cap have produces an X-ray source using a customized manufacturing method that passed all  tests required to ensure compliance with the C-Scan monitoring system.
In August 4, 2016 Check-Cap and  GE Healthcare had entered into an agreement to develop and validate high-volume manufacturing for X-ray source production and assembly into Check-Cap’s capsule. Emmanuel Ligner, General Manager of Core Imaging for GE Healthcare Life Sciences, said that GE will continue its collaboration with Check-Cap, “using our expertise in radio-pharmaceutical and device manufacturing to bring the C-Scan system to clinicians and patients.”
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