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

Y Chromosome Study Reveals Details on Timing of Human Settlement in Americas

A Y chromosome-based analysis suggests South America may have first been settled more than 18,000 years ago, according to a new PLOS One study.

New Insights Into TP53-Driven Cancer

Researchers examine in Nature how TP53 mutations arise and spark tumor development.

Mapping Single-Cell Genomic, Transcriptomic Landscapes of Colorectal Cancer

In Genome Medicine, researchers present a map of single-cell genomic and transcriptomic landscapes of primary and metastatic colorectal cancer.

Expanded Genetic Testing Uncovers Hereditary Cancer Risk in Significant Subset of Cancer Patients

In Genome Medicine, researchers found pathogenic or likely pathogenic hereditary cancer risk variants in close to 17 percent of the 17,523 patients profiled with expanded germline genetic testing.