Business
Check-Cap Reports Third Quarter 2021 Financial Results and Corporate Update
ISFIYA, Israel, Nov. 3, 2021 /PRNewswire/ -- Check-Cap Ltd. (the "Company" or "Check-Cap") (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical
About this update from Check-cap Ltd.
[{"type":"text","content":"ISFIYA, Israel, Nov. 3, 2021 /PRNewswire/ -- Check-Cap Ltd. (the \"Company\" or \"Check-Cap\") (NASDAQ: CHEK), (NASDAQ: CHEKZ), a clinical stage medical diagnostics company advancing the development of C-Scan®, the first and only patient-friendly, preparation-free screening test to detect polyps before they may transform into colorectal cancer (CRC), today announced financial results and provided a corporate update for the third quarter and nine months ended September 30, 2021.\nThird Quarter and Recent Highlights:\nStrengthened balance sheet through gross proceeds of $35 million in a registered direct offering completed in July 2021. The Company believes that it has sufficient capital to fund its ongoing operations and plans, including the U.S. pivotal study, until well into 2023. Strengthened clinical team with the appointment of Dr. Hanit Brenner-Lavie as Vice President of Clinical Affairs and by additional qualified clinical employees. Dr. Brenner-Lavie is leading the Company's overall clinical strategy and its implementation, including the execution of the planned U.S. pivotal trial. Expanded C-Scan manufacturing capacity and on-premise production line. Continued patient enrollment and data collection at Israeli sites, to further enable optimization of C-Scan's functionality and patient experience ahead of the U.S. pivotal trial. Granting of new U.S. patent covering the C-Scan® proprietary tracking technology that enables real time tracking of the capsule and its activation only when it moves throughout the colon. This functionality allows for optimal scanning along the gastrointestinal (GI) tract while maintaining low energy consumption during the procedure. The patent also covers the capsule positioning data recording for the C-Scan analysis suite, which enables gastroenterologists to make a clinical decision and generate a report with their diagnosis and recommendations. This patent will expire in May 2034. Corresponding patents were issued in Japan and China and patents were approved for granting in Europe and Israel. \"This past quarter we have been actively focused on meeting our critical objectives to advance towards the initiation of the U.S. pivotal trial,\" said Alex Ovadia, chief executive officer of Check-Cap. \"The expansion of our manufacturing capacity and the entire production process is expected to secure t...