DermTech to explore strategic alternatives, reduce workforce by 56%

DermTech “announced that the special committee of its board of directors engaged TD Cowen to conduct a process exploring strategic alternatives to maximize stockholder value. Potential strategic alternatives that may be explored or evaluated include an acquisition, merger, reverse merger, business combination, sale of assets, licensing or other transaction involving the Company. The Company is also implementing a restructuring plan to significantly reduce expenses associated with its current operations to preserve cash. These restructuring actions will result in a workforce reduction of approximately 100 employees, or approximately 56% of DermTech’s workforce. The Company anticipates incurring a one-time restructuring charge of approximately $1.6 million in the second quarter of 2024 in connection with these restructuring actions.”