DermTech Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
December 14 2023 - 3:05PM
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 the grant to 15 new employees
of restricted stock units representing the contingent right to
receive up to an aggregate of 56,230 shares of the Company’s common
stock under its 2022 Inducement Equity Incentive Plan, as amended,
or the 2022 Inducement Plan. The restricted stock units were
approved by DermTech’s Compensation Committee, effective December
11, 2023, and were granted as inducements material to the
employee’s acceptance of employment with DermTech in accordance
with Nasdaq Listing Rule 5635(c)(4).
The 56,230 restricted stock units shall vest over 4 years as
follows: (i) twenty-five percent of the restricted stock units will
vest on December 5, 2024 and (ii) the remaining seventy-five
percent of the restricted stock units will vest in equal quarterly
installments until fully vested on December 5, 2027, 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,”
“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; 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 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
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; and (9) 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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version on businesswire.com: https://www.businesswire.com/news/home/20231214239695/en/
Steve Kunszabo DermTech (858) 291-1647
steve.kunszabo@dermtech.com
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