Check-Cap Closes Financing

Check-Cap, Ltd., a Mount Carmel, Israel-based developer of a high-resolution imaging system for colorectal cancer screening, closed a financing round of undisclosed amount.

The round was led by Fosun Pharma, a Chinese healthcare company, with participation from existing investors General Electric Ventures, Pontifax, Docor, Counterpoint, together with MNS and other investors.

The company intends to use the funds to support clinical development of the Check-Cap imaging system, continue its European clinical studies and file for the CE Mark.

Led by Guy Neev, CEO, Check-Cap is a clinical stage medical diagnostics company focused on the development of gastrointestinal imaging devices. Its 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 generate high-resolution, 3-dimensional imagery of the colon without cleansing or other aggressive bowel preparation.

The Check-Cap System is not cleared for marketing in the U.S. Following the clinical proof of concept, the company plans to expand its clinical program by launching a pivotal study in Europe and expects to submit a request for CE mark toward the end of 2015. A pivotal study in the U.S. is planned subsequently. Check-Cap also intends to pursue regulatory approvals in China and Japan.




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