Check-Cap, an Israel-based capsule endoscopy company, has announced the closing of its initial public offering of two million units and a private placement of two million units.
The aggregate proceeds of the company's IPO and private placement were $24 million. The proceeds will be used to finance Check-Cap's clinical program, product development and corporate purposes.
The company's shares began trading on the NASDAQ Capital Market on Feb. 19 under the ticker symbol "CHEKI."
The company's product is a preparation-free, ingestible imaging capsule designed for colorectal cancer screening.