Check-Cap Ltd. (CHEK) announced the approval of a pivotal study of C-Scan on March 15, 2021, after which the CHEK stock price saw a whopping jump of 124.18% to reach $3.43 a share in Monday’s pre-market trading as of this writing.CHEK stock price was $1.530 at the previous closing. Let’s deep dive to explore more of it.
Check-Cap Ltd is a clinical-stage medical diagnostic company involved in the development of a capsule-based system for the detection of cancers in patients. CHEK announced today that it has got approval for its Investigational Device Exemption application by the U.S Food and Drug Administration. Now it is legal for CHEK to begin a pivotal study of C-Scan in the U.S.
C-Scan is mainly for candidates having an average risk of Colorectal Cancer(CRC)or the individuals who are poor candidates for colonoscopy or decline colonoscopy or incomplete colonoscopy. Check-Cap is now aiming to move to the last stage of demonstrating the clinical performance of C-Scan to commercialize in the U.S.Moreover American College of Gastroenterology (ACG) recently published the guidelines for CRC according to which colon capsules can take the place of colonoscopy or Fecal Immunochemical Test (FIT) for CRC screening of individuals.
Back in November 2020, CHEK reported third-quarter financial results of 2020 in which research and development expenses were $2.7 million. General and administrative expenses reached $1.0 million as compared to $0.8 million in 2019. Operating loss was $3.6 million while the net loss was $3.6 million in the third quarter of 2020. The company’s outstanding shares at the end of the third quarter of 2020 were 46,233,296.
Research and development expenses for 9 months ended on September 30, 2020, were $7.2 million while general and administrative expenses were recorded at $2.8 million. Operating loss was approximately $10 million while net loss was approximately $9.9 million for the 9 months of 2020.
CHEK stock price has significantly gained after getting approval for its Investigational Device Exemption by FDA. Check-Cap’s management is optimistic to commercialize its C-Scan in the U.S.Hence investors need to keep an eye on CHEK stock.