DermTech (DMTK) said Tuesday it filed for Chapter 11 bankruptcy protection as part of its ongoing review of strategic options, sending shares falling more than 56% in premarket activity.
The company said it aims to continue its laboratory operations and fulfill orders for its melanoma test while selling substantially all its assets.
To reduce costs and preserve cash, the company said it has terminated 15 employees, or about 20% of its workforce, with potential for further reductions.
Price: 0.1449, Change: -0.19, Percent Change: -56.42
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments