Business
Check-Cap Reports First Quarter 2019 Financial Results
ISFIYA, Israel, May 13, 2019 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (NASDAQ: CHEK) (NASDAQ: CHEKW), (NASDAQ: CHEKZ), a clinical stage
About this update from Check-cap Ltd.
[{"type":"text","content":" ISFIYA, Israel, May 13, 2019 /PRNewswire/ -- Check-Cap Ltd. (the \"Company\" or \"Check-Cap\") (NASDAQ: CHEK) (NASDAQ: CHEKW), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan®, the first and only preparation-free ingestible capsule for the prevention of colorectal cancer through the detection of precancerous polyps, today announced financial results for the first quarter ended March 31, 2019.\n\n \nRecent Highlights:\nAnnounced the initiation of the U.S. pilot study of C-Scan®, and also announced that the first patients have ingested the capsule at the NYU School of Medicine Announced that Mayo Clinic is the second trial site participating in the ongoing U.S. pilot study of C-Scan® Appointed Ms. Mira Rosenzweig to the position of Chief Financial Officer, bringing nearly 20 years of executive financial management experience to the Check-Cap team Received an extension from the Israeli Ministry of Health, Medical Device Division (known as AMAR) to commence commercial sales of C-Scan® in Israel, valid until March 31, 2020 Completed a registered direct offering that raised gross proceeds of $7.5 million that provides additional funding to advance clinical development of C-Scan® in the U.S. \"During the first quarter, we achieved a significant milestone for our Company with the initiation of our U.S. pilot study of C-Scan® and subsequent successful ingestions of the capsule by patients at NYU School of Medicine and Mayo Clinic, two world-renowned healthcare institutions,\" said Alex Ovadia, chief executive officer of Check-Cap. \"As we seek to advance development of C-Scan® in the U.S., we look forward to data from this important study to enable the design of our U.S. pivotal trial, which we expect to initiate during 2020. Obtaining regulatory approval in the U.S. remains our highest corporate priority.\"\n\"We believe the availability of a patient-friendly, preparation-free colon cancer screening alternative such as C-Scan® can fundamentally alter the screening and prevention paradigm and significantly increase screening rates globally, leading to improved outcomes for patients while creating long-term value for our shareholders,\" Mr. Ovadia concluded.\nFinancial Results for the First Quarter Ended March 31, 2019\nResearch and development expenses net, were $2.3 million for the thre...