Welcome to our dedicated page for Check-Cap Ltd. news (Ticker: CHEK), a resource for investors and traders seeking the latest updates and insights on Check-Cap Ltd. stock.
Check-Cap Ltd. (NASDAQ: CHEK) is a clinical-stage medical diagnostics company pioneering the development of an ingestible imaging capsule designed to improve colorectal cancer (CRC) screening. Established in 2005, Check-Cap aims to revolutionize CRC screening with its innovative C-Scan® system, the first capsule-based technology that allows for preparation-free detection of colonic polyps and CRC.
The C-Scan® system features a unique ingestible capsule that utilizes ultra-low dose X-rays to create a 3D map of the colon. This non-invasive technology moves naturally through the gastrointestinal tract, requiring no bowel preparation or sedation, and allows patients to continue their daily routine without interruption. By identifying clinically significant polyps, C-Scan® facilitates early intervention and prevention of CRC.
Check-Cap’s technology has demonstrated significant promise in preclinical studies and aims to offer several advantages over traditional CRC screening methods. The company's multidisciplinary team, comprising experts in physics, software engineering, electronics, mechanics, and physiology, has been dedicated to advancing this groundbreaking technology.
Recently, Check-Cap has been engaged in various strategic developments, including a proposed business combination with Keystone Dental Holdings, Inc., which was ultimately opposed by major shareholders. Instead, Check-Cap has entered into a definitive Business Combination Agreement with Nobul AI Corp., a high-growth fintech company. This merger is expected to create a public company focused on an AI-driven fintech marketplace, pending approval from regulatory bodies and shareholders.
Financially, Check-Cap has reported significant R&D expenditures and operational losses as it advances its technology and strategic plans. Despite these challenges, the company maintains a robust cash position, ensuring continued development and potential future commercialization of its innovative C-Scan® system.
With operations based in Israel, Check-Cap is poised to market its products across the United States, Europe, Israel, and Japan once regulatory approvals are secured. The company's mission to enhance CRC screening and its ongoing collaborations with scientific and financial partners underscore its commitment to improving global health outcomes.
Check-Cap Ltd. (NASDAQ: CHEK, CHEKZ) announced financial results for Q4 and the full year ended December 31, 2022. The company reported a net loss of $3.7 million for Q4 2022, down from $5.5 million in Q4 2021. R&D expenses for the year rose to $14.3 million from $12.3 million, while general and administrative expenses increased to $5.8 million compared to $5.0 million in 2021. The company’s cash position at year-end was $42.1 million, which is projected to fund operations into Q4 2024. However, the initiation of the powered portion of its pivotal U.S. study is postponed as current efficacy results do not meet the required goals.
Check-Cap Ltd. (NASDAQ: CHEK) provided an update on its C-Scan program in a letter from CEO Alex Ovadia. In 2022, the company enrolled over 300 patients in Israel and only 17 in the U.S. due to slow recruitment linked to state licensing for X-ray technology. The preliminary efficacy results from calibration studies did not meet goals, leading to a postponement of the powered portion of the U.S. pivotal study initially set for mid-2023. Check-Cap will conduct further data analysis, amend study protocols with the FDA, and implement a cost reduction plan to extend its cash runway.
Check-Cap Ltd. (NASDAQ: CHEK) reported financial results for Q3 2022 with a net loss of $4.7 million, compared to $4.2 million in Q3 2021. R&D expenses rose to $3.6 million from $3.0 million year-over-year, reflecting increased clinical and employee costs. The company continues efforts to expand U.S. site participation in its pivotal study for C-Scan, while experiencing slower-than-expected patient recruitment. Check-Cap executed a 1-for-20 reverse share split on November 23, 2022, resulting in approximately 5.8 million outstanding shares. Cash reserves were $46.0 million as of September 30, 2022.
Check-Cap Ltd. (NASDAQ: CHEK) reported its financial results for Q2 and six months ended June 30, 2022. The company initiated the U.S. pivotal study for C-Scan, a non-invasive colorectal cancer screening tool, at Mayo Clinic and NYU. Research and development expenses rose to $3.5 million in Q2, up from $2.8 million in 2021. Net losses increased to $4.8 million in Q2 compared to $3.9 million last year. Cash reserves decreased to $50.2 million. The company anticipates sufficient capital to fund operations through Q2 2024.
Check-Cap Ltd. (NASDAQ: CHEK) announced on June 23, 2022, that it received a 180-day extension from Nasdaq to comply with the minimum $1 bid price requirement, with a new deadline set for December 19, 2022. The company had previously failed to regain compliance after an initial notification in December 2021. If Check-Cap's share price reaches or exceeds $1 for 10 consecutive trading days before the deadline, it will regain compliance. Check-Cap is advancing its C-Scan® technology, a non-invasive colorectal cancer screening test.
Check-Cap Ltd. (NASDAQ: CHEK) reported financial results for Q1 2022, with a net loss of $5.8 million, up from $3.6 million in Q1 2021. The company initiated the U.S. pivotal study of its C-Scan® device in May 2022, aiming to enroll 1,000 subjects. R&D expenses rose to $4.1 million, influenced by increased headcount and clinical costs. General and administrative expenses also increased to $1.8 million. Cash reserves totaled $55.7 million as of March 31, 2022, ensuring operational funding through Q1 2024.
Check-Cap Ltd. (NASDAQ: CHEK) has initiated its U.S. pivotal trial for C-Scan®, a non-invasive screening test for colorectal cancer detection, at Mayo Clinic. Having received Institutional Review Board approval, the trial aims to enroll approximately 1,000 participants aged 50-75 across 15 sites. The study will assess C-Scan's accuracy in identifying polyp risks, with the first part focusing on calibration. Check-Cap's innovative approach seeks to enhance screening participation, addressing the common aversion to traditional colonoscopy procedures.
FAQ
What is the current stock price of Check-Cap Ltd. (CHEK)?
What is the market cap of Check-Cap Ltd. (CHEK)?
What is Check-Cap Ltd.?
What is the C-Scan® system?
Why is the C-Scan® capsule significant?
Where are Check-Cap's operations based?
What recent strategic developments have been announced?
How does the C-Scan® capsule work?
Is the C-Scan® capsule available for sale?
What financial condition is Check-Cap in?
Who are Check-Cap's key partners?
What is the status of Check-Cap’s proposed merger with Keystone Dental?
