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DermTech Prices $125M Public Offering of Common Stock

NEW YORK ─ DermTech on Thursday said it has priced an underwritten public offering of 4,237,288 shares of its common stock at $29.50 per share.

The La Jolla, California-based firm expects approximately $125 million in gross proceeds from the offering, before deducting underwriting discounts, commissions, and offering expenses.

In addition, DermTech has granted the underwriters a 30-day option to purchase up to an additional 635,593 shares of common stock at the offering price, less underwriting discounts and commissions.

The offering is expected to close on Jan. 11.

DermTech markets and develops products that facilitate the early detection of skin cancers, and it is developing products that assess inflammatory diseases and customize drug treatments.

The company said it intends to use the net proceeds from the offering to fund further commercialization of its clinical tests, accelerate pipeline development, and for general and administrative corporate purposes, including working capital.

Cowen and William Blair are joint book-running managers for the offering; BTIG, Craig-Hallum, and Oppenheimer are lead managers; and Lake Street Capital Markets is co-manager.

Last March, the company said it would sell approximately $65 million in stock to undisclosed institutional investors in a private placement.