DermTech Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
April 01 2024 - 4:05PM
Business Wire
DermTech, Inc. (NASDAQ: DMTK) (“DermTech” or the “Company”), a
leader in precision dermatology enabled by a non-invasive skin
genomics technology, today announced that effective March 27, 2024,
the Compensation Committee of DermTech’s Board of Directors granted
an aggregate of 26,240 restricted stock units to eight new
employees under its 2022 Inducement Equity Incentive Plan, as
amended, or the 2022 Inducement Plan. The 2022 Inducement Plan is
used exclusively for the grant of equity awards to individuals who
were not previously a DermTech employee, as inducements material to
the employee’s entering into employment with DermTech, in
accordance with Nasdaq Listing Rule 5635(c)(4).
The 26,240 restricted stock units shall vest over 4 years as
follows: (i) twenty-five percent of the restricted stock units will
vest on March 5, 2025 and (ii) the remaining seventy-five percent
of the restricted stock units will vest in equal quarterly
installments until fully vested on March 5, 2028, subject to the
employee’s continued employment with the Company on these vesting
dates. The restricted stock units are also subject to the terms and
conditions of the 2022 Inducement Plan and the terms and conditions
of the equity award agreements covering the grants.
About DermTech
DermTech is a leading genomics company in dermatology and is
creating a new category of medicine, precision dermatology, enabled
by its non-invasive skin genomics technology. DermTech’s mission is
to improve the lives of millions by providing non-invasive
precision dermatology solutions that enable individualized care.
DermTech provides genomic analysis of skin samples collected using
its Smart StickersTM. DermTech develops and markets products that
facilitate the assessment of melanoma. For additional information,
please visit DermTech.
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,”
”aim,” “runway,” "outlook," “anticipate,” “intend,” “plan,”
“strive," “may,” “will,” “sustain,” “could,” “should,” “believe,”
“predict,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements include, without limitation,
expectations and evaluations with respect to: the performance,
patient benefits, cost- effectiveness, commercialization and
adoption of DermTech’s products and the market opportunity for
these products; expectations regarding DermTech’s potential growth,
scale, patient reach, financial outlook, including its cash runway
and future financial performance DermTech’s ability to increase its
test volume, revenue and the proportion of reimbursed billable
tests and control or reduce cost, expenses and cash burn, including
as a result of DermTech’s recent restructuring actions; and
expectations regarding agreements with or reimbursement or cash
collection patterns from government payers (including Medicare) or
commercial payers and related billing practices or number of
covered lives. 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 capital when and as needed or on acceptable terms; (3)
the existence of favorable or unfavorable clinical guidelines for
DermTech’s tests; (4) the reimbursement of DermTech’s tests by
government payers (including Medicare) and commercial payers; (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 and maintain or improve its operating efficiency and
reduce operating expenses; (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) DermTech’s ability to continue as a going
concern and (10) other risks and uncertainties included in the
“Risk Factors” section of the most recent Annual Report on Form
10-K filed by DermTech with the Securities and Exchange Commission
(the “SEC”), and other documents filed or to be filed by DermTech
with the SEC, including subsequently filed reports. 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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Steve Kunszabo DermTech (858) 291-1647
steve.kunszabo@dermtech.com
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