DermTech to Slash 56% of Workforce, Explore Options

Dow Jones04-19

By Ben Glickman

DermTech said Thursday that it plans to cut more than half of its workforce as it explores strategic alternatives, its third round of layoffs in less than a year.

The San Diego-based dermatology-treatment company said that it would cut about 100 employees, or about 56% of its workforce, as it looks to conserve cash.

DermTech's board has engaged TD Cowen to explore strategic alternatives, including a possible sale or merger.

The company said it expects to incur a restructuring charge of about $1.6 million in the second quarter connected to the layoffs.

DermTech said it plans to continue laboratory operations during the strategic review, believes it can still process orders of its melanoma test.

The company said in late January that it would cut 15% of its headcount, or 30 employees, in a bid to prioritize revenue growth and cut expenses. Those reductions were on top of plans to cut 15% of its headcount in June as the company suspended all of its pipeline programs.

DermTech suspended its pipeline programs in June and looked to focus on growth potential for its melanoma test.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

April 18, 2024 16:37 ET (20:37 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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