Stir together yeast and 1/2 cup warm water in a large bowl; let stand 5 minutes. Stir in baking mix, cheese, and egg, stirring until a soft dough forms. Turn out onto a well-floured surface, and knead 20 times. Place in a bowl coated with cooking spray, turning to grease top. Cover; let rise 20 minutes.
Divide dough into 4 equal portions. Roll 1 portion of dough at a time into an 8-inch circle on a lightly floured surface. Cut circle into 8 wedges; roll up wedges, starting at wide end, to form a crescent shape. Place point side down on a lightly greased baking sheet. Repeat procedure with remaining dough.
Bake at 350° for 10 to 12 minutes or until golden brown.
Note: For testing purposes only, we used Bisquick for all-purpose baking mix.