DermTech files for voluntary chapter 11 protection, implements 20% RIF

DermTech filed for voluntary chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. The chapter 11 filing is a continuation of the company’s strategic alternatives review process. Currently, the company intends to continue its laboratory operations and processing orders for the DermTech Melanoma Test DMT , while simultaneously conducting a process to sell substantially all of its assets. Through the bankruptcy process, the company intends to safeguard the interest of stakeholders and maximize the value of its assets. …Alongside the chapter 11 filings, the company also implemented a reduction in force RIF to significantly reduce expenses associated with its current operations to preserve cash. This RIF resulted in an immediate workforce reduction of approximately 15 employees approximately 20% of the Company’s workforce with potential additional reductions of DermTech’s workforce in the future.