Friday, April 19, 2024

DermTech Seeks Buyer, Chops More Than Half Of Workforce

San Diego-based dermatology technology developer DermTech said yesterday afternoon that it is seeking "strategic alternatives" for the company, and has hired an investment banker to advise it in its efforts. According to the company, a special committee of its board of directors has engaged investment bank TD Cowen to "conduct a process exploring strategic alternatives to maximize stockholder value." The company said it is also cutting approximately 100 employees, or approximately 56 percent of its workforce, as part of a restructing plan which it says will "significantly reduce expenses" and help it preserve cash.