Check-Cap (NSDQ:CHEK) said today that it and its collaborative partner GE Healthcare (NYSE:GE) have reached an initial milestone in their X-ray capsule manufacturing capabilities.
Check-Cap also saw shares rise after it released 1st quarter earnings that topped the Street.
Israel-based Check-Cap said that X-ray sources produced at GE using custom manufacturing methods passed all tests required for compliance with C-Scan system specifications.
“We are very excited to have achieved success in the first critical phase of our collaboration with GE Healthcare, where we demonstrated the capability of our process to manufacture X-ray sources for the C-Scan system. We look forward to moving ahead with the development and validation of scalable production and integration processes that can provide capsules for future U.S. clinical trials and commercialization,” Check-Cap CEO Bill Densel said in a press release.
“The results of this critical phase of the collaboration are incredibly exciting for patients and the future prevention of colorectal cancer. GE Healthcare will continue its collaboration with Check-Cap using our expertise in radiopharmaceutical and device manufacturing to bring the C-Scan system to clinicians and patients,” GE Healthcare life sciences core imaging GM Emmanuel Ligner said in a prepared statement.
Shares in Check-Cap have risen 1.5% today after the medical device developer beat expectations on Wall Street with its 1st quarter earnings.
The company posted losses of $2.7 million, or 16¢ per share, seeing losses shrink 3.1% compared with the same period the year prior. Losses per share were 1¢ ahead of expectations on Wall Street, with analysts expecting to see the company post 17¢ for the quarter.
“Throughout the past quarter, we continued to advance our clinical trial to support CE Marking for the C-Scan system and plan to submit our CE Mark application during the summer of this year. Having completed the first critical phase of our ongoing collaboration with GE Healthcare, we are very encouraged in our progress to develop and validate high-volume manufacturing of X-ray source production and assembly for use in future U.S. clinical trials,” Check-Cap CEO Densel said in a prepared release.
Shares are up 1.5% at $2.00 as of 3:58 p.m. EDT.
