NEW YORK – Skin cancer test developer DermTech said Friday that it has sold substantially all its assets to Derm-Jes Holdings.
DermTech will resume operations under its current name.
In June, DermTech filed for bankruptcy and laid off 20 percent of its remaining workforce. Before that, it announced layoffs in January and April. On Friday, the company said that it had selected Derm-Jes Holdings as the winning bidder in a court-approved auction for the company's assets, and earlier this month, the US Bankruptcy Court for the District of Delaware approved the asset purchase agreement.
DermTech is now a private company, and the firm said that it will retain its laboratory in San Diego and continue processing orders for its DermTech Melanoma Test. The company had been listed on the Nasdaq, but its shares were delisted from the exchange in late June following its Chapter 11 bankruptcy filing.
The DermTech Melanoma Test uses an RT-PCR assay to identify expression of the LINC00518 and PRAME genes to aid the identification of melanoma, and the test can include an add-on assay for the presence of TERT promoter mutations. The company has said that that its test platform detects melanoma with a greater than 99 percent negative predictive value.