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DermTech Files for Voluntary Chapter 11 Protection

June 20, 2024, 07:00 AM
Filed Under: Bankruptcy

DermTech, a leader in precision dermatology enabled by a non-invasive skin genomics technology, filed for voluntary chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. The chapter 11 filing is a continuation of the Company’s strategic alternatives review process. Currently, the Company intends to continue its laboratory operations and processing orders for the DermTech Melanoma Test (DMT), while simultaneously conducting a process to sell substantially all of its assets. Through the bankruptcy process, the Company intends to safeguard the interest of stakeholders and maximize the value of its assets.

DermTech is advised in this matter by Wilson, Sonsini, Goodrich & Rosati, PC, AlixPartners, Inc., and TD Cowen, a division of TD Securities.

Alongside the chapter 11 filings, the Company also implemented a reduction in force (RIF) to significantly reduce expenses associated with its current operations to preserve cash. This RIF resulted in an immediate workforce reduction of approximately 15 employees (approximately 20% of the Company’s workforce), with potential additional reductions of DermTech’s workforce in the future.

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