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Fosun International (HK: 656), a global Chinese conglomerate founded in 1992 by billionaire Guo Guangchang, was the top institutional holder of Check-Cap stock, with a 14.19 percent stake. Last week, Fosun Pharma agreed to acquire an 86 percent stake in India’s generic injectable pharmaceuticals company Gland Pharma Ltd., for $1.26 billion. In February 2012, both GE Capital and GE Healthcare, the financial services and healthcare divisions of General Electric Co. (NYSE: GE), announced their first investment in Check-Cap. “Over the past 15 years GE Healthcare has benefited from Israel’s spirit of innovation and scientific discoveries,” said Oded Meirav, manager of the GE Global Research–Israel Technology Center. “Seeking partnerships between a global company such as GE and Israeli high-tech companies like Check-Cap can truly be a win-win for all. This represents the first GE healthymagination Fund investment in Israel,” added Meirav at the time of the investment in 2012. Founded in early 2005 by Dr. Yoav Kimchy, who received his PhD from Israel’s Technion and serves as the company’s CTO, Check-Cap recruited a team of world-class experts in physics, software engineering, electronics, mechanics and physiology, who have been developing a multi-disciplinary imaging solution for imaging and screening of the colon. 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. “We are very excited to commence this strategic relationship with GE Healthcare as we continue our efforts to optimize the supply chain for the Check-Cap system,” said Bill Densel, CEO of Check-Cap. “GE Healthcare is a global leader in the development, manufacturing, and distribution of diagnostic imaging agents and radio-pharmaceutical drugs and devices. We believe that leveraging their experience and expertise provides us with a significant opportunity to meet our goal of increasing the time and cost efficiencies of production of our capsule for use in future clinical trials and commercialization,” Densel added. check-cap_capsuleCheck-Cap is currently conducting a multi-center clinical feasibility study and expects to file a CE Mark submission for the Check-Cap system in the first half of 2017. The Check-Cap system is currently not cleared for marketing in any jurisdiction. Colorectal cancer is the second leading cause of cancer death in the U.S., with an estimated 134,000 diagnoses and 49,000 deaths in 2016. Despite compelling evidence that screening can detect colorectal cancer and precancerous polyps, nearly one-third of the recommended adult population has never been screened. The Check-Cap system was designed to improve the patient experience by eliminating the features of existing screening methods, such as bowel preparation, invasive procedure, and stool handling, that pose a barrier to test completion. Check-Cap’s advanced technology has been proven in animals and promises to offer several significant advantages compared to other colonic screening procedures.]]>