Check-Cap Ltd. (the “Company†or “Check-Capâ€) (NASDAQ: CHEK, CHEKW), a clinical stage medical diagnostics company engaged in the development of an ingestible capsule for preparation-free, colorectal cancer screening, today provided a corporate update and announced financial results for the second quarter, ended June 30, 2015.
“We are encouraged by the progress we have made in recent months, including the successful imaging of clinically significant polyps in various anatomical segments of the colon,†said Guy Neev, CEO of Check-Cap. “In order to accelerate the continued development of the Check-Cap system, we have also added an additional site to our CE Mark trial, and have expanded our talent base with the hiring of several new employees. We are continuing to make progress with our clinical program and remain committed to further validation of the preliminary efficacy of the Check-Cap system.â€
Financial Results for the Second Quarter Ended June 30, 2015
Research and development expenses, net were $1.4 million in the three months ended June 30, 2015 compared to $0.8 million in the same period in 2014. This increase was primarily due to on-going clinical trial expenses. General and administrative expenses were $1.2 million in the three months ended June 30, 2015 compared to $0.3 million in the same period in 2014. This increase was primarily due to an increase in payroll and related expenses, an increase in share-based payments, recruiting expenses as well as increased professional expenses and customary costs associated with being a publicly-traded company. Net loss for the three months ended June 30, 2015 was $3.9 million compared to $1.1 million in the same period in 2014. Non-GAAP net loss for the three months ended June 30, 2015 was $2.0 million compared to $1.1 million in the same period in 2014.
Extraordinary General Meeting of Shareholders – August 13, 2015
On August 13, Check-Cap will hold an Extraordinary General Meeting of Shareholders (1) to approve the adoption of the Check-Cap Ltd. Compensation Policy for Executive Officers and Directors; (2) to approve the adoption of the Check-Cap Ltd. 2015 Equity Incentive Plan and the Check-Cap Ltd. 2015 United States Sub-Plan to the 2015 Equity Incentive Plan for U.S. tax purposes; and (3) to approve the terms of engagement of Mr. William Densel, as Chief Executive Officer.
Check-Cap Ltd.