Check-Cap Shares in NASDAQ Surged 78.8%
24 April, 2018
Check-Cap is a unique company: Clinical-stage medical diagnostics company developing an ingestible capsule-based system for preparation-free colorectal cancer screening. No sales yet
Following the announcement that Check-Cap has regained compliance with Nasdaq Minimum Bid Price Requirement, its share surged sharply by 78.8% from $4.05 to $7.26, giving the company evaluation of approximately $11.7 million. Check-Cap from Isfiya, Israel, is a unique company: It is a clinical-stage medical diagnostics company developing an ingestible capsule-based system for preparation-free colorectal cancer screening. No sales yet.
Its product, the C-Scan ingestible camera, is utilizing ultra-low dose X-ray and wireless communication sub system. 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. C-Scan removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation. Currently, the X-ray module is being produced by GE Healthcare in collaboration with Check-Cap.
On April 4, 2018, Check-Cap performed a 1-for-12 reverse stock split of its outstanding ordinary shares in order to regain compliance with the Nasdaq requirements for minimum price of $1.00 per share . On April 19, the company announced that it has received notification from Nasdaq that it has regained compliance with Nasdaq Listing Rule for minimum bid price listing requirements. This brought back the investors and drove the trade to new levels.