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Check-Cap Ltd. Announces New Directors to Join its Board of Directors Following its Initial Public Offering
PR Newswire
ISFIYA, Israel

ISFIYA, Israel, Jan. 20, 2015 /PRNewswire/ -- Check-Cap Ltd., a clinical stage medical diagnostics company engaged in the development of a preparation-free ingestible imaging capsule that utilizes low-dose X-rays for the screening for colorectal cancer, today announced the election of two new members to its Board of Directors, subject to and following the consummation of the proposed initial public offering of its securities ("IPO").

Check-Cap Ltd. is pleased to announce that, subject to the consummation of the proposed IPO, Mr. Steven J. Hanley will be joining its Board of Directors effective as of the consummation of the IPO and Mr. Yuval Yanai will be joining its Board of Directors as of March 15, 2015. 

"We are extremely pleased to announce the two new directors who will be joining our Board of Directors subject to and following the consummation of the proposed IPO," said Guy Neev, Chief Executive Officer of Check-Cap Ltd. "With these valuable additions to our team, and their established professional track records across strategic development, financial management and clinical sciences, we believe that Check-Cap Ltd. is well positioned to bring a non-invasive colon cancer screening tool to market that could potentially affect the lives of millions of patients through increased compliance to screening recommendations."

Mr. Yuval Yanai is a senior executive, bringing more than 25 years of cross-functional experience to Check-Cap Ltd. From 2005 through 2014, Mr. Yanai served as Senior Vice President and Chief Financial Officer of Given Imaging Ltd., a developer and manufacturer of diagnostic products for the visualization and detection of disorders of the gastrointestinal tract (sold to Covidien for $1 billion in 2014).  During his tenure there, he was responsible for the operations of the finance, accounting and information technology departments.  In addition, Mr. Yanai led budgeting, strategic planning and investor relations activities worldwide.  From October 2000 through August 2005, Mr. Yanai served as Senior Vice President and Chief Financial Officer of Koor Industries Ltd., one of Israel's largest holding companies. Prior to that, from April 1998 to September 2000, Mr. Yanai served as Vice President and Chief Financial Officer of NICE Systems Ltd., an Israeli global provider of Insight from Interactions, and, from 1991 to April 1998, he served as the Vice President, Finance and Chief Financial Officer of Elscint Ltd., a former Israeli company engaged in the manufacturing of medical imaging devices that was acquired by larger companies in this field.  Mr. Yanai joined Elscint in 1985 and served as Corporate Controller and Corporate Treasurer through 1991.  Mr. Yanai serves as an External Director (within the meaning of the Israeli Companies Law) of Macrocure Ltd., an Israeli company whose shares are listed on the NASDAQ Global Market, and is the Chairman of its audit committee and a member of its compensation committee.  Mr. Yanai also serves as the Chairman of the board of directors of Endobetix Ltd. and as a director of Efranat Ltd. and CompuLab Ltd.  Previously, Mr. Yanai served as a director of Citycon Oj, Starplast Industries Ltd., Adama Ltd. (formerly Makteshim-Agan Industries Ltd.), ECI Telecom Ltd., Equity One, Inc., BVR Systems Ltd., Tadiran Communication Ltd., The Elisra Group and Telrad Networks Ltd.  Mr. Yanai holds a B.Sc. degree in Accounting and Economics from Tel-Aviv University.

Mr. Steven J. Hanley is an experienced global business leader who has managed highly complex pharmaceutical and medical device operations with annual global revenue exceeding $1 billion. As the President of Covidien plc's Imaging Solutions business unit, he led a multifunctional organization that included sales, marketing, logistics, manufacturing, as well as research and development. Internationally, his track record includes numerous new drug and device product introductions and sales force expansion in Eastern Europe, China and Latin America. Over his nearly 18 years with the Covidien family of companies, Mr. Hanley developed a large network of business leaders and clinicians to help determine market needs, commercial potential and product positioning. Mr. Hanley is currently the Co-founder and Chief Executive Officer of MediBeacon LLC, an optical diagnostic company based in St Louis Missouri formed upon acquiring assets and intellectual property from Covidien in 2012. Mr. Hanley is the Chairman of the Board of Managers for Daya CNS LLC.  In addition, Mr. Hanley is currently on the Advisory Board for Kogent Surgical LLC.  Mr. Hanley has his bachelor's and master's degrees in business administration from Marquette University.

A Registration Statement relating to the securities to be offered in the IPO has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the Registration Statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Check-Cap Ltd.

Check-Cap is a clinical stage medical diagnostics company focused on the development of gastrointestinal imaging devices. The company's lead product is an endoscopy capsule with a colon imaging system for colorectal cancer and clinically-significant pre-cancerous polyps that utilizes proprietary, ultra-low-energy X-ray-based measurement technology to safely generate high-resolution, 3-dimensional imagery of the colon without cleansing or other aggressive bowel preparation. This solution is designed to increase compliance with screening recommendations. The Check-Cap imaging system is not cleared for marketing in any jurisdiction.

Cautionary Statements Concerning Forward-Looking Statements

This Press Release contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or predictions of future conditions, events or results based on various assumptions and management's estimates of trends and economic factors in the markets in which we are active, as well as our business plans. Words such as "expects", "anticipates", "intends", "proposes", "plans", "believes", "seeks", "estimates", "projects", "forecasts", "continue", "may", "should", "will" variations of such words and similar expressions are intended to identify such forward-looking statements. The forward-looking statements may include, without limitation, statements regarding product commercialization and marketing efforts product development, and the intent to list on a national securities exchange. The forward-looking statements are subject to risks and uncertainties, which may cause results to differ materially from those set forth in the statements. Forward-looking statements in this release should be evaluated together with the many uncertainties that affect Check-Cap's business and its market, particularly those discussed in the risk factors and cautionary statements in Check- Cap's filings with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those projected. The forward-looking statements are representative only as of the date they are made, and Check-Cap assumes no responsibility to update any forward-looking statements, whether as a result of new information, future events or otherwise.

David Carey
Lazar Partners Ltd.

SOURCE Check-Cap, Ltd.