Skip to main content
Premium Trial:

Request an Annual Quote

DermTech Reports Revenues for H1 2014, Lowers Target for Planned IPO

NEW YORK (GenomeWeb) – DermTech reported recently that it recorded $46,000 in revenues for the first six months of the year, up from none a year ago.

The La Jolla, Calif.-based developer of a gene expression-based melanoma test also lowered the targeted amount for its proposed initial public offering to $15 million from $25 million.

In an amended preliminary prospectus filed last week with the US Securities and Exchange Commission, DermTech said that the H1 2014 revenues were the first recognized revenues for the firm.

Its net loss for H1 2014 was $2.6 million, or $.33 per share, compared to a net loss of $1.7 million, or $.50 per share, in H1 2013.

Its R&D spending increased 69 percent year over year to $1.5 million from $887,603, while its SG&A costs rose 66 percent to $1.2 million from $724,015.

The firm had $1.6 million in cash and cash equivalents as of June 30.

DermTech also lowered the proposed maximum aggregate offering price on its planned IPO to $15 million. It has not yet disclosed a price range on the shares or said how many shares it plans to offer.

It filed a preliminary prospectus for the IPO in May, saying it plans to list its shares on the Nasdaq Capital Market under ticker symbol "DMTK." The underwriters on the offering are the Maxim Group and Feltl & Co.

DermTech's initial products are directed at the diagnostic pathway of pigmented skin lesions. Its first test in this area is the Pigmented Lesion Assay, which is designed to reduce unnecessary surgical biopsy procedures by ruling out false positives. It provides a PLA score, which is derived from a proprietary algorithm that utilizes the gene expression data from the assay.

PLA is slated for a second-half 2014 commercial launch. The company plans to market the test to a group of 250 to 500 dermatologists who treat "a majority of the 750,000 patients with the highest risk of melanoma" in the US, it said in its Form S-1.

The Scan

Interfering With Invasive Mussels

The Chicago Tribune reports that researchers are studying whether RNA interference- or CRISPR-based approaches can combat invasive freshwater mussels.

Participation Analysis

A new study finds that women tend to participate less at scientific meetings but that some changes can lead to increased involvement, the Guardian reports.

Right Whales' Decline

A research study plans to use genetic analysis to gain insight into population decline among North American right whales, according to CBC.

Science Papers Tie Rare Mutations to Short Stature, Immunodeficiency; Present Single-Cell Transcriptomics Map

In Science this week: pair of mutations in one gene uncovered in brothers with short stature and immunodeficiency, and more.