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Check-Cap Raises USD 24m from IPO, Placement.

M2 PHARMA-February 25, 2015-Check-Cap Raises USD 24m from IPO, Placement

(C)2015 M2 COMMUNICATIONS

Israeli diagnostics device company Check-Cap Ltd., (NASDAQ: CHEKU) has closed its initial public offering of 2m units, each unit consisting of one ordinary share and one-half of a series A warrants to purchase one ordinary share at a price of USD 6.00 per unit, the company said on Wednesday.

Each unit was issued with one and one-half non-transferrable Long Term Incentive warrants. The series A warrants have an exercise price of USD 7.50 per share and will expire on February 18, 2020.

The Long Term Incentive warrants have an exercise price of USD 6.90 per share and will expire on February 18, 2022.

Simultaneous with the closing of the initial public offering, Check-Cap closed a private placement of 2m units, each unit consisting of one ordinary share and one-half of a series A warrants to purchase one ordinary share, at USD 6.00 per unit. Each unit was issued with one and one-half non-transferrable Long Term Incentive warrants.

The aggregate proceeds to Check-Cap from its initial public offering and simultaneous private placement, before deducting underwriting discounts, commissions and offering expenses, was USD 24m.

Check-Cap said it intends to use the net proceeds from its initial public offering and simultaneous private placement to finance its' clinical programme, product development and general corporate purposes.

The company 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.

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Publication:M2 Pharma
Date:Feb 25, 2015
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