ISFIYA, Israel, Aug. 2, 2016 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (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 that Israel's Office of the Chief Scientist (the "OCS") has awarded the Company a grant of NIS 4.8 million (approximately equivalent to $1.25 million based on the current exchange rate) for 2016. Charged with execution of government policy for support of R&D, the goal of the OCS is to assist in the development of technology in Israel as a means of fostering economic growth, encouraging technological innovation and entrepreneurship, leveraging Israel's scientific potential, enhancing the knowledge base of industry in Israel, stimulating high value-added R&D and encouraging R&D collaboration both nationally and internationally.
"We are very pleased that the OCS has recognized Check-Cap with this grant for 2016 and for its continued support of our mission to revolutionize the patient experience for colorectal cancer screening," said Bill Densel, CEO of Check-Cap.
The grant will be used by Check-Cap to support the ongoing clinical development of its proprietary ingestible capsule technology and is subject to certain customary conditions and obligations.
Check-Cap is a clinical-stage medical diagnostics company developing the world's first ingestible capsule system for preparation-free, less-invasive colorectal cancer screening.
The capsule utilizes innovative ultra-low dose X-ray and wireless communication technologies to scan the inside of the colon as it moves naturally, while the patient follows his or her normal daily routine. After passage, the system generates a 3D map of the inner surface of the colon which enables detection of polyps and cancer. Designed to increase the willingness of individuals to participate in recommended colorectal cancer screening, the Check-Cap system addresses many frequently-cited barriers, including laxative bowel preparation, invasiveness, and sedation. The Check-Cap system is currently not cleared for marketing in any jurisdiction.
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Lazar Partners Ltd.
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SOURCE Check-Cap Ltd.