MedTech Dive June 20, 2024
The diagnostic test maker will continue to hunt for a buyer for its skin cancer detection patch.
Dive Brief:
- Dermtech has filed for Chapter 11 bankruptcy protection and laid off 20% of its staff to support its push to find a buyer for its cancer test technology, the company said Tuesday.
- The San Diego-based company, which makes a skin patch to test for melanoma, began looking for a buyer in January as a mix of reimbursement challenges and costs related to R&D, facility leases and more created financial problems.
- After almost five months of outreach and negotiations, Dermtech decided Chapter 11 “provided the clearest path to maximize value” because the bankruptcy code provides benefits to buyers.
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Topics: Medical Devices