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Forum - Wall Street Pit (DermTech - DMTK)    Stock Due Diligence for All

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From: SunTzu772 (Rep: 1175)Date: 09/23/2019 01:51
Forum: Wall Street Pit - Msg #2800456 - List DMTK msgs Thread #674099972 (Rec: 2)
Looking at $25-$30 stock post Medicare/Medicaid PLA approval..729K float.

"The findings in this study shed light on how the noninvasive PLA helps dermatologists rule out melanoma and the need for surgical biopsies of atypical pigmented lesions in routine use US dermatology office settings. The findings show utility and corroborate that clinicians follow the guidance of the test that provides a unique clinical value proposition in the assessment of pigmented lesions by offering a tool to transform the current pathway from a subjective, invasive, and low accuracy paradigm, to one that is objective, noninvasive, and highly accurate."

https://dermtech.com/wp-content/uploads/MelanomaResearch2018.pdf


DermTech Announces Successful Closing of Business Combination with
Constellation Alpha Capital Corp.

Combined Company Will Trade on the Nasdaq Capital Market under “DMTK”

Business Wire

LA JOLLA, Calif. & NEW YORK -- September 3, 2019

DermTech, Inc. (“DermTech”), a global leader in precision dermatology enabled
by a non-invasive skin genomics platform, announced today that it has
completed its previously announced business combination with Constellation
Alpha Capital Corp. (“Constellation”), a publicly traded special purpose
acquisition company prior to the business combination. As a result of the
business combination, the previous DermTech stockholders own a controlling
interest in the combined company (the “Company”). Shortly following the
completion of the business combination, the Company effected a one-for-two
reverse stock split of its common stock. As of August 30, 2019, the Company’s
common stock and certain of its warrants began trading on the Nasdaq Capital
Market under the ticker symbols “DMTK” and “DMTKW,” respectively.

DermTech’s business combination with Constellation was funded through proceeds
received from a private sale of Constellation stock 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. Participating investors included experienced life sciences
investors such as RTW Investments, HLM Venture Partners, Irwin and Gary
Jacobs, the founding family of Qualcomm, Inc., and two institutional investors
each with over $10 billion in assets under management.


Immediately following the completion of the business combination, all of
Constellation’s officers and directors resigned. DermTech’s senior management
has been appointed to serve in their current roles at the Company, and all of
the members of DermTech’s board have been appointed to the Company’s board. In
particular, Dr. John Dobak, CEO of DermTech, will serve as CEO of the Company,
and Matthew Posard, Chairman of DermTech’s board, will serve as Chairman of
the Company’s board. In addition, Enrico Picozza of HLM Venture Partners has
been appointed as a director of the Company’s board.

DermTech’s flagship product, the Pigmented Lesion Assay (PLA), enables
non-invasive and early detection of melanoma using genomic analysis. Studies
to date have shown that the PLA test enhances the early detection of melanoma
with a higher diagnostic performance than biopsy, the pathology standard of
care. These studies have also shown that the PLA test reduces unnecessary
surgical procedures ten-fold and lowers the cost per melanoma diagnosed by
six-fold. The Company estimates that more than 3.0 million surgical procedures
are performed each year to assess pigmented lesions for melanoma. The PLA can
be used in a significant majority of these assessments to non-invasively
facilitate the early detection of melanoma.

DermTech’s PLA recently received a favorable draft Local Coverage
Determination (LCD) from Medicare’s MolDX program administered by Palmetto,
GBA. The Company expects this determination, along with product pricing, to be
finalized by the end of 2019. DermTech recently hired Todd Wood, who led the
dermatology and ophthalmology sales organizations at Allergan, PLC. Under
Todd’s direction, DermTech has recently scaled its sales effort to 24 sales
representatives in major U.S. urban territories and will continue to expand up
to 50 territories over the next five quarters.
Proceeds will also be used to
develop additional pipeline products for basal and squamous cell skin cancer
and to determine skin cancer risk.

John Dobak, M.D., CEO of DermTech, commented, “We are extremely pleased to
complete this transaction and are grateful for the tremendous work of all
parties on both sides to make this happen. We are excited to expand our effort
to bring our novel product to patients and providers across the U.S., and to
address a significant unmet need in medicine by improving the early detection
of melanoma. We believe that approximately 3.5 million pigmented lesions are
assessed for melanoma each year by surgical biopsy. Our platform has the
potential to greatly enhance this assessment by helping to find melanoma at
earlier stages without requiring surgical incisions. We look forward to
scaling our commercial effort and using our platform to deliver additional
transformative products to the practice of dermatology.”

Rajiv Sarman Shukla, Chairman and CEO of Constellation, commented, “We are
excited to bring this opportunity to our shareholders for three reasons. One,
the molecular diagnostics sector has meaningfully outperformed the traditional
pathology sector over the last two years. Two, in addition to a deep pipeline
of new technologies, DermTech has developed PLA, a clinically proven test that
is significantly superior to surgical biopsy in terms of patient comfort,
specificity and sensitivity. Three, there is a significant near-term value
creation opportunity linked with anticipated LCD and product pricing decisions
as well as a significant long-term value creation opportunity linked with
scale-up of its commercial footprint and sales led by a very experienced and
competent Management team.”

Cowen and Company, LLC acted as financial and capital markets advisor.
Greenberg Traurig, LLP served as legal advisor to Constellation for the
business combination, and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
acted as legal advisor to DermTech for the business combination.

https://www.bloomberg.com/press-releases/2019-09-03/dermtech-announces-successful-closing-of-business-combination-with-constellation-alpha-capital-corp

http://shortsqueeze.com/?symbol=DMTK&submit=Short+Quote%E2%84%A2

http://www.thelion.com/bin/forum.cgi?tf=wall_street_pit&msg=2799761&cmd=r&t=0&dt=1

http://www.thelion.com/bin/forum.cgi?tf=wall_street_pit&msg=2799873&cmd=r&t=0&dt=1

----

DermTech Goes Public Through Reverse Merger
By Jared Whitlock

Wednesday, September 4, 2019
DermTech has gained a Nasdaq listing through a reverse merger with Constellation Alpha Capital.
The deal gives San Diego’s DermTech access to public investors as the company scales its scalpel-free test for skin cancer.

DermTech’s skin patch captures genetic material. The company can then say whether a mole is benign or if a biopsy would be warranted, what’s billed as precision dermatology.
The merger, which closed Aug. 30, provided the combined company with $29 million in capital. Investors included RTW Investments, HLM Venture Partners, and Qualcomm co-founder Irwin Jacobs.
San Diego-based DermTech took over Constellation’s public stock listing – now trading as “DMTK” and “DMTKW” on Nasdaq – and the management of the business. The deal involved a one-for-two stock split.
“Approximately 3.5 million pigmented lesions are assessed for melanoma each year by surgical biopsy. Our platform has the potential to greatly enhance this assessment by helping to find melanoma at earlier stages without requiring surgical incisions,” said DermTech CEO John Dobak in a statement.

Dobak recently spoke at Biocom’s Devicefest and Digital Health Conference about warming up insurers and regulators to new technologies.
Besides detecting skin cancer, Dermtech said it’s in the business of assessing inflammatory diseases and customizing drug treatment.
The merger combined Constellation shares, proceeds from the private sale of Constellation stock and remaining Constellation cash.
“The molecular diagnostics sector has meaningfully outperformed the traditional pathology sector over the last two years,” said Constellation CEO Rajiv Sarman Shukla in a statement.

As another reason for supporting the merger, he cited DermTech’s flagship product, Pigmented Lesion Assay, or PLA which launched in 2016.

DermTech noted a 2018 study published in Melanoma Research that found its PLA test was highly accurate and reduced unnecessary surgical procedures ten-fold.
Although it recently became a public company, DermTech flirted with the idea a while back. In 2014, the company scrapped plans for a $25 million initial public offering.

https://www.sdbj.com/news/2019/sep/04/dermtech-goes-public-through-reverse-merger/



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