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VC-backed Israeli colon cancer screening firm Check-Cap files for IPO

Israeli colon cancer screening firm Check-Cap has filed for an IPO. The number of shares that will be sold as well as the stock’s pricing terms have yet to be set; however, Check-Cap is seeking to raise $15 million for the IPO. Also, the firm plans on raising $12 million in a private placement when the IPO closes. Check-Cap will list the stock on the NASDAQ under the ticker symbol “CHEK.” Chardan Capital Markets and Maxim Group are the lead underwriters. Check-Cap’s backers include GE Healthcare, Docor International Management and Pontifax.

PRESS RELEASE

ISFIYA, Israel, December 23, 2014 – 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, today announced that it has filed a Registration Statement on Form F-1 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “Commission”) for a proposed $15 million initial public offering of its ordinary shares (the “Offering”). 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. When available, copies of the preliminary prospectus relating to the Offering may be obtained from: Scott Blakeman, email: sblakeman@chardancm.com. A copy of the preliminary prospectus relating to the Offering may also be accessed via the Commission’s website at http://www.sec.gov.

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.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Check-Cap Ltd.
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.