SAN DIEGO--(BUSINESS WIRE)--Sep. 21, 2023--
DermTech, Inc. (NASDAQ: DMTK) (DermTech or the Company), a leader in precision dermatology enabled by a non-invasive skin genomics technology, today announced that DermTech’s Compensation Committee has granted an equity award to its new chief commercial officer, Mark Aguillard. The award was granted pursuant to the terms of Mr. Aguillard’s employment letter and as a material inducement to his joining the Company as chief commercial officer.
On September 20, 2023, DermTech’s Compensation Committee approved the grant of an option to purchase 90,000 shares of the Company’s common stock pursuant to its 2022 Inducement Equity Incentive Plan, as amended, or the 2022 Inducement Plan, in accordance with NASDAQ Listing Rule 5635(c)(4). The stock option has an exercise price of $1.69 per share and a 10-year term. Subject to Mr. Aguillard’s continued employment, twenty-five percent of the shares of the Company’s common stock exercisable pursuant to the option will vest on the first anniversary of the date of grant and the remaining seventy-five percent will vest in a series of thirty-six equal monthly installments.
In addition, Mr. Aguillard was granted restricted stock units representing the contingent right to receive 90,000 shares of the Company’s common stock under its 2022 Inducement Plan. The restricted stock units were approved by DermTech’s Compensation Committee, effective September 20, 2023, and were granted as inducements material to Mr. Aguillard’s acceptance of employment with DermTech in accordance with Nasdaq Listing Rule 5635(c)(4).
The 90,000 restricted stock units shall vest over 4 years as follows: (i) twenty-five percent of the restricted stock units will vest on September 20, 2024 and (ii) the remaining seventy-five percent of the restricted stock units will vest in equal quarterly installments until fully vested on September 20, 2027, subject to Mr. Aguillard’s continued employment with the Company on these vesting dates. The restricted stock units are subject to the terms and conditions of the 2022 Inducement Plan, and the terms and conditions of the equity award agreements covering the grants.
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 non-invasively using our Smart StickersTM. DermTech develops and markets products that facilitate the assessment of melanoma. For additional information, please visit DermTech.
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,” "outlook," “anticipate,” “intend,” “plan,” “strive," “may,” “will,” “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 and future financial performance DermTech’s ability to increase its test volume, revenue and the proportion of reimbursed billable tests; 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230921044968/en/
Source: DermTech, Inc.