NEW YORK (TheStreet) -- Shares of Check-Cap  (CHEK) were up 14.34% to $2.79 on heavy trading volume late Friday afternoon as the medical diagnostics company will partner with GE Healthcare (GE) to manufacture an x-ray capsule. 

The Israeli company is engaged in the development of an ingestible capsule for preparation-free, colorectal cancer screening. 

"We believe that leveraging [GE's] 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," CEO Bill Densel said in a statement.

About 4.72 million shares of Check-Cap have been traded so far today vs. its average trading volume of roughly 299,912 shares per day.