Check-Cap, which has developed a pill that makes an X-ray scan of the intestine, is set for its $15 million Nasdaq IPO, and adding two new members to its board of directors in preparation for the move. The company set terms for the IPO last week.
One of the new board members is Yuval Yanai, former CTO at Given Imaging, whose technology competes with that of Check-Cap. Given Imaging was sold a year ago to Irish company Covidien for nearly $1 billion. Yanai is also an external director at Israeli company Macrocure Ltd.(Nasdaq:MCUR). The second new director is Steven J. Hanley, former president of Covidien's imaging solutions division, and currently CEO of MediBeacon, which he founded.
"We're glad to announce that Yanai and Hanley are joining the board of directors, subject to and following the IPO of the company's share," said Check-Cap CEO Guy Neev. "They are a very valuable addition to our board, and their professional experience in strategic development, financial management, and clinical trials will help to position the company for bringing its technology to preliminary testing of intestinal cancer, which has the potential to affect the lives of millions of people by increasing the response to recommendations for early scanning and diagnosis of the disease."
Check-Cap submitted a prospectus for raising $15 million several weeks ago at a company value of $100 million, before money.
Published by Globes [online], Israel business news - www.globes-online.com - on January 20, 2015
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