Medical diagnostics company Check-Cap Ltd (NASDAQ:CHEK) (NASDAQ:CHEKZ) stated on Friday that it recorded a net loss of USD13.8m for the full year ended 31 December 2020.
This is flat when compared with net loss of USD13.8m for the 12 months ended 31 December 2019.
Research and development expenses, net, of USD10.0m were recorded for the 12 months ended 31 December 2020, a decline over R&D of USD10.5m for the same period in 2019,primarily due to decrease in clinical expenses mainly due to higher expenses for the pilot study in the US and post CE study in 2019, decrease in other research and development expenses as well as a decrease in share-based compensation.
In 2020, the US FDA had approved the company's Investigational Device Exemption (IDE) application to begin a pivotal study of C-Scan in the US. The company received the US FDA Breakthrough Device Designation for C-Scan, strengthened its balance sheet through aggregate gross proceeds of USD25.9m from a private placement and received aggregate gross proceeds of USD19.2m through warrants exercised by certain holders, as well as continued to optimize C-Scan's functionality and patient experience in preparation for the upcoming US pivotal study.
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