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In Brief This Week: DermTech; Myriad Genetics; T2 Biosystems

NEW YORK –  DermTech this week said this its third quarter revenues rose to $3.9 million from $3.6 million in the year-ago quarter, matching the consensus Wall Street estimate. Test revenues for the three months ended Sept. 30 grew to $3.7 million from $3.4 million, while contract revenues rose to $223,000 from $140,000. In a statement, the San Diego-based skin cancer testing firm noted that billable sample volume declined 13 percent year over year to about 15,710. It had a net loss of $19.2 million, or $.57 per share, for the recently completed quarter compared to a net loss of $28.8 million, or $.96 per share, a year ago. The consensus Wall Street estimate was a loss of $.76 per share. The firm's R&D spending narrowed to $3.6 million from $5.7 million a year ago, while its SG&A costs declined to $16.4 million from $23.4 million. DermTech exited Q3 2023 with $37.2 million in cash and cash equivalents and $31.0 million in short-term marketable securities. 

Myriad Genetics this week invoked its option to increase the maximum principal amount of a $90 million asset-backed credit facility by $25 million. The option was enacted via a new commitment by Goldman Sachs Bank USA. The company also amended its original credit agreement to allow the leasing and sale of office furniture and related equipment, extend the time for compliance with certain post-closing obligations of the original credit agreement, and revise the language of the original security agreement to better reflect Myriad’s current cash management system. anticipated in 2024. 

T2 Biosystems announced this week that it has regained compliance with Nasdaq’s minimum bid pricing requirement of $1 per share to remain listing on the exchange. The company said it was also informed by the Nasdaq that it will be subject to a mandatory panel monitor for one year. T2 is required to maintain the minimum bid price for that period and if it fails to comply it will not be permitted additional time to regain compliance. 

In Brief This Week is a selection of news items that may be of interest to our readers but had not previously appeared on 360Dx.