LA JOLLA, Calif.--(BUSINESS WIRE)--DermTech, Inc. (NASDAQ: DMTK) (“DermTech” or the “Company”), a leader in precision dermatology enabled by a non-invasive skin genomics platform, announced expansion plans to support the Company’s continued growth in San Diego, with the lease of a building owned by Kilroy Realty. The 95,997 square-foot building will become DermTech’s new corporate headquarters and the site of its laboratory (the “DermTech Gene Lab”) where DermTech will among other things, process its DermTech Melanoma Test to aid in the early detection of melanoma.
The property at 12340 El Camino Real, will undergo a significant transformation that will include conversion of approximately 30,000 square feet of office space to life science laboratory space, and will become available to the Company in four phases. The first portion of the new building is slated to open in the next couple of months and will include office space for the DermTech team. The next portion of the building is slated to open throughout 2022 and will offer a brand-new, state-of-the-art space for the DermTech Gene Lab, further expanding the Company’s laboratory capacity to support expected growth in commercial diagnostic test volume. This phase will also include separate dedicated laboratory space to enhance the Company’s research and development capabilities, as well as additional office space to support expected growth in commercial and administrative teams. The lease has a term of 126 months, with two options to extend the lease term for 5 additional years each. DermTech leased the new building from Los Angeles-based developer Kilroy Realty, who is working to help further the growing regional demand for space among biotech companies.
“DermTech continues to make significant investments in people and infrastructure to allow us to capture the market opportunity before us,” said John Dobak, M.D., CEO of DermTech. “We are incredibly fortunate to remain headquartered in San Diego, a thriving hub for healthcare and biotechnology innovation, and excited to make the move to the Del Mar Heights neighborhood.”
"We’re thrilled to welcome DermTech to Kilroy’s Del Mar Corporate Centre II (DMCC II); the move certainly shows the rising demand and strength in the Del Mar Heights neighborhood for San Diego’s biotech and life science industries," said Nelson Ackerly, Kilroy’s Senior Vice President, San Diego. “This transaction is also representative of how Kilroy is successfully converting property, in this case a traditional law firm building, into its highest and best use in today’s market. We’re looking forward to working with DermTech and ushering in additional opportunities for life science and biotech tenants within the region.”
For more information about DermTech, please visit: www.dermtech.com.
DermTech is the leading genomics company in dermatology and is creating a new category of medicine, precision dermatology, enabled by our non-invasive skin genomics platform. DermTech’s mission is to transform dermatology with our non-invasive skin genomics platform, to democratize access to high quality dermatology care, and to improve the lives of millions. DermTech provides genomic analysis of skin samples collected non-invasively using an adhesive patch rather than a scalpel. DermTech markets and develops products that facilitate the early detection of skin cancers, and is developing products that assess inflammatory diseases and customize drug treatments. For additional information on DermTech, please visit DermTech’s investor relations site at: www.dermtech.com.
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,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, expectations with respect to: (1) expected timing and benefits of the Company’s renovation and occupancy of the newly leased property, and (2) the performance, patient benefits, cost‑effectiveness, commercialization and adoption of DermTech’s products and the market opportunity therefor. 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 Medicare and private payors; (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; (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 (x) the “Risk Factors” section of the most recent Quarterly Report on Form 10-Q filed by DermTech with the Securities and Exchange Commission (the “SEC”), and (y) other documents filed or to be filed by DermTech with the SEC. 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.