NEW YORK (GenomeWeb) – Melanoma test development firm DermTech is pulling its proposed initial public offering.
The La Jolla, Calif.-based firm filed a request with the US Securities and Exchange Commission on Thursday saying it seeks an "immediate withdrawal" of its Form S-1 "as it has determined not to proceed with an offering at this time." It did not provide a reason for the withdrawal.
DermTech filed its registration form in May to offer its shares on the Nasdaq Capital Market under ticker symbol "DMTK." The Maxim Group and Feltl & Co., were the underwriters on the offering. It originally planned an offering of up to $25 million of its shares but lowered its target to $15 million in August.
The firm develops gene expression tests for diagnosing skin conditions, including skin cancer, inflammatory diseases, and age-related conditions. Its technology uses an "adhesive patch biopsy" that provides a tissue sample non-invasively, DermTech said in its Form S-1. Skin cells are then analyzed via a qPCR-based method.