|Slides 9 and 22 stand out - HLM Venture Partners TNDM TDOC PHR..|
Of note is HLM Venture Partners being the institution locked in @ $6.50 for minimum 180 days..the same venture capital firm behind TNDM ($2-$74) TDOC ($9-$89) and PHR (opened 50% over IPO pricing)..Billionaire Qualcomm Jacobs founding family own over 25% of the tiny tightly held #OS...Gary Jacobs (Irwin Jacobs) son is DermTech's chairman of the board..imho DMTK is RARX all over again but far better...as of this date very few retail investors are even aware of DMTK existence...that should change in an extremely large way with Medicare/Medicaid approval coming up at the end of 2019..see Irwin Jacobs and Qualcomm founding family, HLM Venture Partners, RTW Investments etc.
The street is basically looking at the future of skin cancer screening (cheaper, easier, and more effective) as an example I submit EXAS ($9-$124) which changed the landscape of colon screening has accomplished.
Form SC 13D DermTech, Inc. Filed by: HLM Venture Partners IV, L.P.
*** Of note are slides 9 and 22 -
The Company filed an application for a technology assessment for its Pigmented Lesion Assay, or PLA, with MolDX (Medicare) in April of 2018, and the comment period for the accompanying Medicare Draft Local Coverage Decision, or Draft LCD, closed in August of 2018. In March 2019, a Draft LCD proposed favorable coverage for the PLA. The final policy is expected by the Company in the second half of 2019 and the Company expects to experience a significant revenue increase after CMS approval because of the opportunity to approach private payors. The Company believes that, if Medicare coverage is granted, PLA may generate significant revenues in the second and third years following such coverage grant.
Further, in connection with, and as a condition to the completion of the Business Combination, the Investors and certain persons and entities holding Company common stock upon the consummation of the Business Combination entered into a Lock-up Agreement (the “Lock-up Agreement”) requiring each holder to agree that, during the period commencing on the completion of the Business Combination and continuing to and including the date 180 days after the date of the completion of the Business Combination, the holder would not sell, offer to sell, pledge, or transfer any Company securities held by the holder, subject to certain limited exceptions.
The Business Combination was funded through proceeds received from the PIPE Financing at a split-adjusted price of $6.50 per common share, and cash remaining in Constellation’s trust account after giving effect to stockholder redemptions. As a result of the Business Combination, the Company has access to approximately $29 million of gross capital, exceeding the $15 million closing cash requirement previously announced. The Company expects the proceeds received from the Business Combination to fund its operations for the 18-month period following August 29, 2019, the date of the completion of the Business Combination.
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