Check-Cap To Explore Strategic Alternatives; To Cut Workforce By Approx. 90%

(RTTNews) - Check-Cap Ltd. (CHEK) said the company is exploring strategic alternatives, and has engaged Ladenburg Thalmann & Co. Inc. as an advisor in the process. Check-Cap noted that the strategic alternatives include the sale of all or part of the company, licensing, merger or reverse merger.

The company's Board has approved a reduction in its workforce by approximately 90 percent, to reduce cash burn, after which the company expects to have eight remaining employees.

Check-Cap previously reported that the most recent efficacy results from calibration studies did not meet the goal in order to proceed to the powered portion of the U.S. pivotal study. The company is discontinuing the calibration studies and does not plan on commencing the powered portion of its U.S. pivotal study.

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