FBC acted as Israeli counsel to Check-Cap Ltd. (NASDAQ: CHEK)
FBC acted as Israeli counsel to Check-Cap Ltd. (NASDAQ: CHEK) in connection with a registered direct offering of ordinary shares and pre-funded warrants in lieu of ordinary shares, to a single health-care focused institutional investor, for total gross proceeds (including the exercise in full of the pre-funded warrants) of $6.0 million. The Company intends to use the net proceeds from the offering to advance the ongoing clinical development of its preparation-free, less-invasive colorectal cancer screening system, and for general corporate purposes.
Chardan Capital Markets, LLC acted as the exclusive placement agent for the offering. Maxim Group LLC and Roth Capital Partners acted as financial advisors to the transaction.
Check-Cap Ltd. is a clinical-stage medical diagnostics company developing the world’s first ingestible capsule system for preparation-free, less-invasive colorectal cancer screening. The capsule utilizes innovative ultra-low dose X-ray and wireless communication technologies to scan the inside of the colon as it moves naturally, while the patient follows his or her normal daily routine. After passage, the system generates a 3D map of the inner surface of the colon which enables detection of polyps and cancer. Designed to increase the willingness of individuals to participate in recommended colorectal cancer screening, the Check-Cap system addresses many frequently-cited barriers, including laxative bowel preparation, invasiveness, and sedation. The Check-Cap system is currently not cleared for marketing in any jurisdiction.
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