Check-Cap Plans To Issue $15M IPO On NASDAQ

December 25, 2014 | Check-Cap, a company developing pills that take a X-Ray scan of the intestines, has submitted a draft prospectus to raise $15 million on NASDAQ. The company’s technology seeks to replace existing and more invasive methods for conducting colonoscopies. The company has not released its company value for the offering, but it is expected to be approximately $100 million, before money. This would make Check-Cap the first Israeli biomedical company to issue a NASDAQ offering in 2015. The company recently received a $12 million investment led by the Chinese company Fosun Pharma, which currently owns 13.9 percent of the company. Other investors include GE Healthcare, Pontifax, Docor, and Biomedix Incubator, among others. Check-Cap was founded by CEO Dr. Yoav Kimchy.