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Diagnostics Company Check Cap Cancels IPO  
12/6/2010 8:27:57 AM

Globes -- The IPO of Check Cap, which has developed a capsule for locating polyps in the colon, has been cancelled, because the company failed to achieve a valuation of $70 million. Sources close to the company told "Globes" that the IPO could probably have taken place at a valuation of $55 million, but the company preferred to forego it and to use its cash, $5 million, to carry out a clinical trial that it believes will enable it to reach the desired valuation, not necessarily on the Tel Aviv Stock Exchange.
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