Check-Cap Ltd.’s shares dropped 43% to $1.74 on Tuesday after it reported a setback in studies of its C-Scan system for detecting precancerous polyps.
The system is intended to be a patient-friendly way to “reach those who are deterred by colonoscopy.” It uses an ingestible capsule that travels along the gastrointestinal tract while scanning the inner lining of the colon to provide 3D maps.
Check-Cap said that following its internal assessment of the clinical data collected to date from calibration studies, it determined that the current efficacy results don’t meet its goal for proceeding to another study phase called the powered portion.
The company said it “adopted a plan of action that includes conducting additional clinical data analysis and approaching the FDA to make amendments to the U.S. pivotal study protocol.” It is also implementing a cost reduction plan.
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