Check-Cap closes $20m Series C

Check-Cap (NSDQ:CHEK) said yesterday it closed an offering of Series C shares and warrants, raising approximately $20.2 million in total.

In the offering, the Isfiya, Israel-based company floated approximately 3.2 million units for $5.50 per unit, with each unit in the offering consisting of a single ordinary share or ordinary share equivalent and a Series C warrant to purchase one ordinary share.

The offering also included an underwriter’s option for an additional 478,407 shares and Series C warrants to purchase up to 478,407 shares, which was exercised in full, Check-Cap said.

Proceeds from the round are slated to support research and development, clinical trials in both the US and Europe, improving manufacturing and for working capital and general corporate purposes, the company said.

“The closing of this public offering is a key milestone for the company, enabling us to further progress with our plan to commercialize C-Scan, which we believe to be an innovative, patient friendly and compelling alternative for pre-cancerous polyps screening in the colon. We look forward to executing the plan and providing timely updates,” CEO Alex Ovadia said in a prepared statement.

Last month, Check-Cap said it initiated a 1-for-12 reverse stock split as it looked to regain compliance with the NASDAQ stock market’s minimum bid pricing requirement.

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