Israel’s Check-Cap Ltd., a clinical stage medical diagnostics company engaged in the development of a preparation-free ingestible imaging capsule that utilizes low-dose X-rays for the screening for colorectal cancer, announced that the units sold in the Company’s recent initial public offering will separate on March 18, 2015.
Each unit consists of one ordinary share and one-half of a Series A Warrant to purchase one ordinary share. At the commencement of trading on March 18, 2015, the ordinary shares and Series A Warrants will trade separately on the Nasdaq Capital Market under the symbols “CHEK” and “CHEKW” respectively.
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The units, which are currently traded under the symbol “CHEKU” will no longer be listed on the Nasdaq Capital Market following the separation. Although fractional Series A Warrants will be issued in connection with the separation, no fractional Series A Warrants will trade on the Nasdaq Capital Market.
The company closed its initial public offering of 2, 000, 000 units on February 24, 2015.
The aggregate proceeds to Check-Cap from its initial public offering and simultaneous private placement, before deducting underwriting discounts, commissions and offering expenses, was $24 million.
The Company said that it will use the net proceeds from its initial public offering and simultaneous private placement to finance its’ clinical program, product development and general corporate purposes.
Check-Cap is a clinical stage medical diagnostics company focused on the development of gastrointestinal imaging devices. The Company’s lead product is an endoscopy capsule with a colon imaging system for colorectal cancer and clinically-significant pre-cancerous polyps that utilizes proprietary, ultra-low-energy 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.
