Shares of Check-Cap, which has developed an ingestible capsule for colorectal cancer screening, soared on Thursday after it said GE Healthcare would help it develop high-volume manufacturing production and assembly into Check-Cap’s capsule.
- GE buys into Israeli maker of capsule to detect colon cancer
- A capsule worth $15b a year
- Chairman of Chinese firm about to buy Israel’s Phoenix goes missing
GE said if the first phase of the agreement proves successful it would consider collaboration on a high-volume manufacturing facility and distribution of the Check-Cap system.
Check-Cap’s capsule uses ultra-low dose X-ray and wireless communication technologies to scan the inside of the colon while the patient follows his or her normal daily routine.
“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.”
Check-Cap shares were up more than 73% at $2.40 late morning local time in New York.