DermTech Files for Voluntary Chapter 11 Protection

DermTech announced it has 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.

DermTech, which is a provider of noninvasive skin genomics technology, said it 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. 

Alongside the chapter 11 filings, DermTech 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.