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Check-Cap closes private placement of ordinary shares, warrants

Check-Cap Ltd. closed its private placement of 1,349,500 ordinary shares at $2 apiece to a healthcare-focused institutional investor.

The company also issued one-year warrants to buy up to 1,349,500 of its ordinary shares, at an exercise price of $2.125 per share. The warrants are immediately exercisable.

Check-Cap received gross proceeds of about $2.7 million at the close of the offering will receive about $5.6 million total gross proceeds if the warrants are exercised in full for cash.

Rodman & Renshaw acted as the exclusive placement agent for this offering.