09:06 AM EDT, 06/18/2024 (MT Newswires) -- DermTech ( DMTK ) said Tuesday it filed for Chapter 11 bankruptcy protection as part of its ongoing review of strategic options, sending shares falling more than 56% in premarket activity.

The company said it aims to continue its laboratory operations and fulfill orders for its melanoma test while selling substantially all its assets.

To reduce costs and preserve cash, the company said it has terminated 15 employees, or about 20% of its workforce, with potential for further reductions.

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