Check-Cap Ltd. (CHEK) plans to reduce its employee count by approximately 90 percent, resulting in only eight remaining employees
Check-Cap Ltd. (CHEK), a medical technology company, has recently made an announcement regarding strategic alternatives aimed at maximizing stockholder value. The company has engaged Ladenburg Thalmann & Co. Inc. as an advisor in this process.
In order to optimize its operations and create value for its shareholders, Check-Cap is evaluating strategic alternatives. These alternatives include the potential sale of all or part of the company, licensing agreements, merger opportunities, or a reverse merger. While the company acknowledges the uncertainty of the outcome, it remains committed to exploring these possibilities.
As part of its strategy to optimize resources and reduce cash burn, Check-Cap's Board of Directors has approved a significant reduction in its workforce. The company plans to reduce its employee count by approximately 90 percent, resulting in only eight remaining employees. This reduction is aimed at aligning the company's operational costs with its current objectives and financial resources.
Following a review of the most recent efficacy results from the calibration studies, Check-Cap has decided to discontinue them. These studies did not meet the goal required to proceed to the powered portion of the U.S. pivotal study. Consequently, the company has made the strategic decision to concentrate its resources on essential research activities and strategic alternatives instead of pursuing the powered portion of the study.
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