Business & Finance
Check-Cap Ltd achieves higher financial income, net of USD19,000 for Q4 2019
9 March 2020 -

Medical diagnostics company Check-Cap Ltd (NASDAQ: CHEK) (NASDAQ:CHEKZ) stated on Friday its financial income, net of USD19,000 for the fourth quarter ended 31 December 2019, compared with financial income, net of USD366,000 for the same period in 2018. The change is primarily as a result of a change in royalties' provision in 2019 compared to 2018 as well as financial income from interest in 2018.

Research and development (R&D) expenses, net, of USD2.8m were recorded for the three months ended 31 December 2019, a rise over R&D of USD2.4m for the same period in 2018, primarily due to increase in salaries, related expenses and materials, subcontractor and consultant expenses, primarily in connection with the company's US pilot study and regulatory expenses.

Check-Cap added that it strengthened it balance sheet through a USD4.76m private placement of ordinary shares. Cash and cash equivalents, restricted cash and short-term bank deposits as of 31 December 2019 were USD8.0m versus USD14.6m as of 31 December 2018.