DermTech Announces Pricing of Public Offering of Common Stock
January 07 2021 - 12:00AM
Business Wire
DermTech, Inc. (Nasdaq: DMTK) (“DermTech”), a leader in
precision dermatology enabled by a non-invasive skin genomics
platform, announced today the pricing of its previously announced
underwritten public offering of 4,237,288 shares of its common
stock at a price to the public of $29.50 per share. DermTech’s
gross proceeds from the offering are expected to be approximately
$125 million, before deducting underwriting discounts and
commissions and offering expenses. In addition, DermTech has
granted the underwriters a 30-day option to purchase up to 635,593
additional shares of common stock at the public offering price,
less underwriting discounts and commissions. All of the shares in
the offering are being sold by DermTech. DermTech currently intends
to use the net proceeds from the offering to fund further
commercialization of its clinical commercial tests, accelerate
pipeline development and for general corporate purposes, including
working capital and other general and administrative purposes.
Cowen and William Blair are acting as joint book-running
managers for the offering. BTIG, Craig-Hallum and Oppenheimer &
Co. are acting as lead managers for the offering, and Lake Street
Capital Markets is acting as co-manager for the offering. The
offering is expected to close on January 11, 2021, subject to the
satisfaction of customary closing conditions.
The offering is being made only by means of a written prospectus
and related prospectus supplement forming part of DermTech’s shelf
registration statement on Form S-3 (File No. 333-248642) that was
filed with the Securities and Exchange Commission (the “SEC”) on
September 8, 2020 and declared effective by the SEC on September
17, 2020. The preliminary prospectus supplement and accompanying
prospectus relating to and describing the terms of the offering
were filed with the SEC on January 6, 2021. The final prospectus
supplement and accompanying prospectus will be available at the
SEC’s website located at www.sec.gov. Alternatively, copies may be
obtained, when available, from Cowen and Company, LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, Attn: Prospectus Department, by email at
PostSaleManualRequests@broadridge.com or by telephone at (833)
297-2926, or from William Blair & Company, L.L.C., Attention:
Prospectus Department, 150 North Riverside Plaza, Chicago, IL
60606, or by email at prospectus@williamblair.com or by telephone
at 1-800-621-0687.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or other jurisdiction.
About DermTech:
DermTech is the leading genomics company in dermatology and is
creating a new category of medicine, precision dermatology, enabled
by our non-invasive skin genomics platform. DermTech’s mission is
to transform dermatology with our non-invasive skin genomics
platform, to democratize access to high quality dermatology care,
and to improve the lives of millions. DermTech provides genomic
analysis of skin samples collected non-invasively using an adhesive
patch rather than a scalpel. DermTech markets and develops products
that facilitate the early detection of skin cancers, and is
developing products that assess inflammatory diseases and customize
drug treatments.
Forward-Looking Statements:
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. The expectations,
estimates, and projections of DermTech may differ from its actual
results and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “continue,” and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, expectations with respect to: the completion, timing
and option relating to the public offering and the anticipated
amount and use of proceeds therefrom, as well as the performance,
patient benefits, cost-effectiveness, commercialization and
adoption of DermTech’s products and the market opportunity
therefor. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from the expected results. Most of these factors
are outside of the control of DermTech and are difficult to
predict. Factors that may cause such differences include, but are
not limited to: (1) the outcome of any legal proceedings that may
be instituted against DermTech; (2) DermTech’s ability to obtain
additional funding to develop and market its products; (3) the
existence of favorable or unfavorable clinical guidelines for
DermTech’s tests; (4) the reimbursement of DermTech’s tests by
Medicare and private payors; (5) the ability of patients or
healthcare providers to obtain coverage of or sufficient
reimbursement for DermTech’s products; (6) DermTech’s ability to
grow, manage growth and retain its key employees; (7) changes in
applicable laws or regulations; (8) the market adoption and demand
for DermTech’s products and services together with the possibility
that DermTech may be adversely affected by other economic,
business, and/or competitive factors; (9) the completion of the
public offering; and (10) other risks and uncertainties included in
the “Risk Factors” section of the preliminary prospectus filed by
DermTech with the SEC on January 6, 2021, the most recent Quarterly
Report on Form 10‑Q filed by DermTech with the SEC, and other
documents filed or to be filed by DermTech with the SEC. DermTech
cautions that the foregoing list of factors is not exclusive. You
should not place undue reliance upon any forward-looking
statements, which speak only as of the date made. DermTech does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is
based.
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version on businesswire.com: https://www.businesswire.com/news/home/20210106005941/en/
Sarah Dion VP Marketing sdion@dermtech.com (858) 450-4222
Investor Relations: Caroline Corner, PhD Westwicke, an ICR
company caroline.corner@westwicke.com (415) 202-5678
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