Exhibit 99.5
Management Presentation August 2023 1
Forward Looking Statements Certain statements in this Presentation may constitute “forward-looking statements”. Forward-looking statements include, but are not limited to, statements regarding expectations, hopes, beliefs, intentions or strategies of Check-Cap Ltd. (“Check-Cap”) and/or Keystone Dental Holdings, Inc. (“Keystone”) regarding the future including, without limitation, statements regarding: Keystone’s technology and the benefits of tooth replacement solutions; the market opportunity for Keystone’s product portfolio; expectations and assumptions related to amounts of cash to be contributed by Check-Cap at the closing of the proposed business combination between Keystone and Check-Cap (the Proposed Transaction); and the expected effects of the Proposed Transaction. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” continue,” “ could,” “estimate,” “ expect,” “ intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “ should,” “ strive,” “would,” “aim,” “target,” “commit,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking. Forward-looking statements are based on current expectations and assumptions that, while considered reasonable are inherently uncertain. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, various factors beyond management’s control including general economic conditions; the outcome of any legal proceedings that may be instituted against Keystone or Check-Cap following the announcement of the Proposed Transaction; the inability to complete the Proposed Transaction, including due to the inability to concurrently close the business combination or due to failure to obtain approval of the shareholders of Check-Cap; delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals, or delays in completing regulatory reviews, required to complete the Proposed Transaction; the risk that the Proposed Transaction disrupts current plans and operations as a result of the announcement and consummation of the Proposed Transaction; the inability to recognize the anticipated benefits of the Proposed Transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth, maintain relationships with customers and suppliers and retain key employees; costs related to the Proposed Transaction; the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; other risks and uncertainties indicated from time to time in the prospectus on Form S-4 which is expected to be filed by a newly formed wholly owned subsidiary of Keystone (“Keystone Parent”) with the SEC and other risks, uncertainties and factors set forth under “Risk Factors” therein as well as in the sections entitled “Risk Factors,” in Check-Cap’s Report on Form 6-K furnished to the SEC on August 4, 2023, and its other filings with the SEC, as well as factors associated with companies, such as Keystone and Check-Cap, that operate in the life science industry. Nothing in this Presentation should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this Presentation, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Neither Check-Cap nor Keystone undertakes or accepts any duty to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or in the events, conditions or circumstances on which any such statement is based. This Presentation does not purport to summarize all of the conditions, risks and other attributes of an investment in Keystone, Check-Cap or the combined company. 2
Overview of the Merger Transaction Proposed merger transaction expected to close in the fourth quarter of 2023 At the closing, the combined company will be renamed to “Keystone Dental Holdings” The combined company common stock will be traded on the NASDAQ under the new ticker symbol “KSD” The business will be focused on advancing the commercial execution and market development of its comprehensive portfolio of implants, arches and other tooth replacement solutions Approved by the board of directors of each company Melker Nilsson to serve as Chief Executive Officer of the combined company Current Check-Cap stockholders will own approximately 15% of the combined company and Keystone Dental stockholders will own approximately 85% 3
Today’s Speakers 4 Steven Hanley, Chairman of Check-Cap Melker Nilsson – CEO of Keystone Dental Group
Keystone’s Mission Become a leading pure-play provider of tooth replacement solutions Enabling improved convenience and quality of life for patients Offering a comprehensive portfolio of products addressing the complete needs of practitioners Enhancing efficiency and productivity for our customers by reducing overall treatment times Providing premium, innovative customer service 5
~50 Direct Sales Representatives in the US and Canada Keystone At A Glance Global commercial stage medical technology company focused on providing end-to-end solutions for dental practitioners and tooth replacement procedures Platform of Differentiated and Comprehensive Tooth Replacement Solutions Company Highlights Key Brands Biomaterials Broad Implant Portfolio Advanced Restorative Solutions Digital Workflow Solutions Technology enabled ecosystem … … driven and supported by high touch customer service ~45 6 Comprehensive Key Brands 5 Global Facilities (3 with Vertically Integrated R&D / Manufacturing Capabilities) Countries (~25% of revenue outside of North America(1),(2)) ~$61M Year 2022 revenue 6
Digital Solutions(4) Large and Growing Tooth Replacement Solutions Market Dental Implants(1) Dental Biomaterials(3) Prosthetic Full Arch Solutions (2) + Mid Single Digit CAGR High Single Digit CAGR + Double Digit CAGR Mid Single Digit CAGR Increasing global wealth Aging global population Increased patient awareness Growing number of dentists per capita General practitioners increasingly placing implants Demand for improved health Substantial Market Opportunity Favorable Market Trends 7 (1) Dental Implants Market Size, Share | Growth Analysis [2030] (fortunebusinessinsights.com) (2) Prosthetic Full Arch Dentures Market Size by 2030 (coherentmarketinsights.com) (3) I-data research report (4) I-data research report
American College of Prosthodontists Grand View Research report Boston Magazine American College of Prosthodontists American Dental Association Markets Remain Underpenetrated High Cost Limited Insurance Coverage Long Treatment Times Procedure Complexity Lack of Qualified Practitioners Obstacles to Market Penetration Significant Opportunities for Disruption and Expansion… Opportunity to penetrate large U.S. denture prevalence 12mm(4) 23mm(4) Underpenetrated US Implant Market US individuals missing ≥1 tooth ~178mm(1) patients receive implants per year ~5mm(2) adults 35 to 44 have permanently lost at least one tooth ~70%(3) 35mm edentulous in one arch completely edentulous ~15% of edentulous population receive new dentures annually(5) people with missing teeth 8
I-data research repot Analysis of the market trend based on I-data Keystone is Redefining the Premium Dental Market Redefining Tooth Replacement Solutions with High Quality Tooth Replacement Solutions at an Attractive Price The difference in quality between “premium” and “value-based” products is shrinking 1 Market share won on pricing and differentiated customer acquisition methods 2 Simplifying complex procedures through innovation and technology improvements 3 Premium players are validating the value-based market by getting involved 4 Increasing dental implant education and training for general dentists 5 Premium Value Key Market Trends Global Mkt Value % – Value vs. Premium(1) Market has noticeably shifted towards value-based solutions(2) Increasing global wealth and awareness of dental implant procedures 6 Keystone Dental is a dental player with high quality, premium and value-based solutions Value Premium Premium & Value Competitors = brand owned by dental consolidator 9 Discount
Addressing the Complete Tooth Replacement Procedure Keystone provides an array of products that address the needs at each step of the tooth replacement procedure Step 2: Inject Biomaterials Solution Step 3: Insert Dental Implant Step 4: Insert Healing Abutment Step 5: Final Abutment Step 6: Prosthesis Step 1: Drilling Process Keystone procedures are supported by digital surgical planning and guidance solutions CAD Software Digital Guidance Sleeve (DGS) Guided Surgical System 10
Strong Brand Recognition as a Comprehensive Tooth Replacement Solutions Provider Implants Improvedaesthetics Molarimplants Immediate placement for demanding procedures Straight and tapered options Ceramic implants Extensive “value” oriented offerings Biomaterial Solutions Select implants and abutments mimic the natural hue of patients’ gum tissues for enhanced aesthetics Implants, prosthetics and surgical kits are designed to simplify the treatment process from surgery to restoration using minimal number of procedural steps and tools Broad range of options for a variety of patient indications and practitioner preferences Available in a variety of formulations for practitioner preferences Strong and respected brands Patented technologies with advanced bone grafting built on a strong foundation Implant Prosthetic Restorations Specialized CAD / CAM design and manufacturing capabilities Zirconia Implant Prosthesis Nexus Wraparound Nexus Bridge Nexus Micro Nexus Removable Nexus on HRA Potential for improved efficiency Increased patient comfort and convenience Keystone technologies and solutions address the entire tooth replacement market 11
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Conventional Full-Arch Workflow and Process 1st Visit Impression 2nd Visit Wax Rim 3rd Visit Tooth Try In 4th Visit Bar & Tooth Try In 5th Visit Final Insert Conventional Workflow Process Potential for longer and more frequent visits limit the physicians ability to treat more patients Patients may have longer lead times to final prosthesis solution Complexity of workflow may lead to inconsistent results and low-quality prosthesis End to End Practitioner / Patient Process Conventional Process for Full-Arch Restoration 13
Conventional Full-Arch Workflow and Process (Cont’d) 14
Manufacture Utilizing Proprietary CAD AI Software and Bespoke Finishing Our Innovative Full-Arch Nexus iOS Workflow and Process Nexus iOS Workflow Potential to reduce procedural complexity and time High accuracy, improved patient comfort, and digital record keeping Specialized CAD / CAM designing and manufacturing capabilities Cloud-based immediacy in pipeline aimed to further enhance efficiency Insert and Scan the Gauges 1 Upload Data and Modify 2 Receive the Finished Nexus Prosthesis 4 3 1st Visit Digital Mapping 2nd Visit Final Insert Nexus iOS Process for Full-Arch Opportunity for reduction in visits Potential opportunity for reduction in chair time Potential for reduction in total treatment time Ease of use with potential for increased productivity for practitioners End to End Practitioner / Patient Process 15
Our Innovative Full-Arch Nexus iOS Workflow and Process (Cont’d) End to End Practitioner / Patient Process Nexus iOS Workflow 1st Visit Digital Mapping 2nd Visit Final Insert Nexus iOS Process for Full-Arch Appointment 1 Appointment 2 16
Product Pipeline Core Product Development Objectives Select Product Development Initiatives 1 Expanding our portfolio through upgrades and extensions to our existing dental implant technologies and biomaterial solutions 3 Continuously improving, simplifying and increasing dental practice efficiency and workflow Cloud-Based Immediacy Progress development on additional customized prosthetic solutions with cloud-based support to further reduce procedure chair time and enhance dental practice efficiency 2 Selectively introducing innovative and transformative digital tools and systems to complement our portfolio of solutions, enhance patient experience and reach a broader sector of the dental market Next-Generation Implant Systems Optimize and further modernize our existing implant offerings and develop new innovative solutions to expand the reach of our existing portfolio 17
Genesis Active 18
Streamlined and Vertically Integrated Manufacturing and R&D Operations R&D Operations State-of-the-art manufacturing facilities in Israel and Australia Implemented several innovative R&D programs at Israel and Australia facilities Advanced cleaning and surface treatment technology Vertically integrated R&D and manufacturing Streamline manufacturing, production and operations to drive cost efficiencies High volume capability Globally certified quality management Differentiated end-to-end integrated product development process Ability to efficiently prototype new products Integrated structure allows for quick and efficient product launches Infrastructure specifically designed for speed to market and commercial scalability Manufacturing and Production Israel Australia ~24 Engineers ~118 Employees 43,500+ Sq. Ft Israel Australia State-Of-The-Art Facilities Vertically Integrated Manufacturing Innovative Product Development U.S. 19
Key Elements of Growth Strategy We believe Keystone is well-positioned to capitalize on the growing tooth replacement market through a variety of strategic initiatives Continue to expand our commercial organization Drive profitability by efficiently scaling operations Selectively deploy capital for strategic inorganic investments Leverage strong R&D capabilities to innovate pipeline Leverage Osteon’s premium prosthesis solutions and digital workflow Increase adoption and awareness of our products 20