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Second Israeli pill camera co mulls IPO

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Wednesday, September 8th, 2010

As reported by IVC: CheckCap’s product is at an earlier stage than those of Given Imaging.

Sources inform ”Globes” that CheckCap Ltd., which is developing a sonar-based pill imaging device for early colon cancer detection, is considering an IPO on the Tel Aviv Stock Exchange (TASE). Another company, Given Imaging Ltd. (Nasdaq: GIVN; TASE: GIVN), developer of the PillCam endoscopic camera, is one of Israel’s most successful biomedical companies.
CheckCap wants to raise tens of millions of shekels at a company value of $100 million. The company does not rule out other ways of raising capital, including an IPO in the US, or a financing round from private investors and equity funds. The company has already met with Israeli and foreign underwriters.

CheckCap was not available for comment.

CheckCap CTO Dr. Yoav Kimchy founded the company in 2005. It is based in the Druze town of Usfiyeh on Mount Carmel. CheckCap CEO Guy Neev previously was head of the cardiology division at Boston Scientific Inc. (NYSE: BSX). The company has raised $15 million to date, and investors include Eli Hurvitz’s Pontifax Fund.