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Israel’s Check-Cap Planning $15 Million NASDAQ IPO

Check-Cap

Israel’s Check-Cap Ltd., a clinical stage medical diagnostics company engaged in the development of gastrointestinal imaging devices for the screening for colorectal cancer, announced that it has filed a Registration Statement with the U.S. Securities and Exchange Commission for a proposed $15 million initial public offering of its ordinary shares. The company plans to offer its stock on the NASDAQ.

The timing of the Offering, number of shares to be offered and the price range for the proposed Offering have not yet been determined.

Concurrent with the completion of the Offering, Check-Cap plans to complete an additional financing of $12 million in a private placement of restricted securities. Proceeds from the Offering and the simultaneous private placement of restricted securities will be utilized to support the continued development of the Check-Cap imaging system.

In connection with the Offering, Check-Cap has applied to list its ordinary shares on the NASDAQ Capital Market under the ticker symbol “CHEK”.

Chardan Capital Markets, LLC and Maxim Group LLC are acting as joint book-running managers for the proposed Offering. The Offering will be made only by means of a prospectus.

A Registration Statement relating to these securities has been filed with the Commission, but has not yet become effective. Securities may not be sold nor may offers to buy securities be accepted prior to the time the Registration Statement becomes effective.

The company’s lead product is an endoscopy capsule that a patient eats before a colon imaging system for colorectal cancer and clinically-significant pre-cancerous polyps is performed. It utilizes proprietary, low radiation, X-ray-based measurement technology to safely generate high-resolution, 3-dimensional imagery of the colon without cleansing or other aggressive bowel preparation. This solution is designed to increase compliance with screening recommendations. The Check-Cap imaging system is not cleared for marketing in any jurisdiction.

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