Check-Cap Ltd. (NASDAQ: CHEK; CHEKW), a clinical stage medical diagnostics company engaged in the development of an ingestible capsule for preparation-free, colorectal cancer screening, today announced the closing of its previously announced registered direct offering with certain institutional investors of 2,272,640 ordinary shares, at a purchase price of $1.10 per share.

H.C. Wainwright & Co. acted as the exclusive placement agent for this offering.

The Company also issued to the investors unregistered, five-year warrants to purchase aggregate of up to 1,704,480 of its ordinary shares, at an exercise price of $1.25 per share, that are immediately exercisable. The Company received approximately $2.5 million gross proceeds from the offering and may receive up to approximately $4.6 million total gross proceeds in the event that the warrants are exercised in full in cash.

About Check-Cap

Check-Cap is a clinical-stage medical diagnostics company developing C-Scan®, the first capsule-based system for preparation-free colorectal cancer screening.

Utilizing innovative ultra-low dose X-ray and wireless communication technologies, the capsule generates information on the contours of the inside of the colon as it passes naturally. This information is used to create a 3D map of the colon, which allows physicians to look for polyps and other abnormalities. Designed to improve the patient experience and increase the willingness of individuals to participate in recommended colorectal cancer screening, C-Scan removes many frequently-cited barriers, such as laxative bowel preparation, invasiveness and sedation. The C-Scan system is currently not cleared for marketing in any jurisdiction.