Drug developer Check-Cap gains on job cuts, explores strategic alternatives

Mbody Ai

06/06/2023 12:57

** Drug developer Check-Cap Ltd's  CHEK.O  shares up 5.6% at
$1.93 premarket
    ** CHEK says it is exploring strategic alternatives,
including sale of all or part of the company, licensing, merger
    ** Company lays off about 90% of its workforce, after which
CHEK expected to have eight employees
    ** Check-Cap also discontinuing certain studies and does not
plan on commencing U.S. study to evaluate accuracy of its device
to detect colon cancer
    ** As of Monday's close, stock down ~17% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com))