Check-Cap Ltd. Closes $2.69 Million Financing


Check-Cap Ltd. (NASDAQ: CHEK, CHEKW), a clinical stage medical diagnostics company engaged in the development of an ingestible capsule for preparation-free, colorectal cancer screening, today announced the closing of the previously announced 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 also issued one-year warrants to purchase up to 1,349,500 of its ordinary shares, at an exercise price of $2.125 per share. The warrants are immediately exercisable. 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.

Rodman & Renshaw, a unit of H.C. Wainwright & Co., acted as the exclusive placement agent for this offering.

About Check-Cap

Check-Cap is a clinical-stage medical diagnostics company developing C-Scan®, the first capsule-based system for preparation-free colorectal cancer screening.

Utilizing innovative 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. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, C-Scan® removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation. The C-Scan® system is currently not cleared for marketing in any jurisdiction.

It's on us. Share your news here.

Submit your stories and articles to citybizlist today.