SAN DIEGO--(BUSINESS WIRE)--DermTech, Inc. (OTC: DMTKQ) (DermTech or the Company) a leader in precision dermatology offering non-invasive skin genomics solutions, today announced that it has closed its Asset Purchase Agreement (APA) with DERM-JES Holdings, LLC. As a result of the APA, DERM-JES Holdings, LLC has acquired substantially all assets of the Company. The new entity will operate as DermTech, LLC going forward.
Led by a dedicated team of dermatologists, dermatopathologists and experienced laboratory and industry professionals, DermTech, LLC's focus will be a renewed commitment to quality and customer support. The now-private company will remain in its state-of-the art laboratory in San Diego, CA, and will continue processing orders for the DermTech Melanoma Test (DMT).
Following completion of the court-approved auction process, DermTech selected DERM-JES Holdings, LLC as the winning bidder. At the Sale Hearing on August 15, 2024, the U.S. Bankruptcy Court for the District of Delaware approved the Company's entry into the APA pursuant to Section 363 of the U.S. Bankruptcy Code.
Additional information regarding the Chapter 11 process is available at https://cases.stretto.com/DermTech/. Stakeholders with questions may call the Company's claims agent Stretto at (855) 468-2381 or email at TeamDermTech@Stretto.com. At this time, the Company does not expect its stockholders to receive value in connection with the sale under the APA or in connection with the Chapter 11 and any resulting dissolution. DermTech expects to cease all operations other than those in connection with the Chapter 11 and dissolution.
DermTech is advised in this matter by Wilson, Sonsini, Goodrich & Rosati, PC, AlixPartners, Inc., Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., and TD Cowen, a division of TD Securities. DERM-JES Holdings, LLC is advised by Polsinelli.
About DermTech, LLC
DermTech, LLC provides genomic analysis of skin samples collected using its Smart Stickers. DermTech, LLC develops and markets products that facilitate the assessment of melanoma. For additional information, please visit DermTech
Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. The expectations, estimates, and projections of DermTech may differ from its actual results and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations and other statements with respect to: results of the Chapter 11 process and cessation of operations. The Company's actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors, including risks and uncertainties relating to the Company's Chapter 11 cases and other risks and uncertainties included in the "Risk Factors" section of the most recent Annual Report on Form 10-K filed by DermTech with the Securities and Exchange Commission (the "SEC"), and other documents previously filed by DermTech with the SEC. DermTech cautions that the foregoing list of factors is not exclusive. You should not place undue reliance upon any forward- looking statements, which speak only as of the date made. DermTech does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Contacts
Investor Relations
DermTech
investorrelations@dermtech.com
