Business
Biodesix Announces Senior Secured Financing Agreement with Perceptive Advisors for Up to $50 Million
$30 million initial funding $20 million in future revenue milestone-based funding Strengthens balance sheet and extends runway with five-year interest only
About this update from Biodesix, Inc.
[{"type":"text","content":"\n$30 million initial funding \n\n$20 million in future revenue milestone-based funding\n\nStrengthens balance sheet and extends runway with five-year interest only period\n\n BOULDER, Colo.--(BUSINESS WIRE)--\nBiodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic solutions company with a focus in lung disease, today announced that it has obtained a term loan facility for up to $50 million from Perceptive Advisors, a leading healthcare investment firm focused on supporting progress in the life sciences industry by identifying opportunities and directing financial resources toward the most promising technologies in modern healthcare. This debt capital, which is conditioned on the Company raising at least $30 million in gross proceeds through sale of its equity securities, is part of a strategic fundraising effort to strengthen the Company’s balance sheet, reduce near term cash use and enable the continued growth trajectory of the core lung diagnostics business. The proceeds from this debt offering will be used for repayment of existing debt facilities, working capital, and general corporate purposes, including expansion of the commercialization activities for the Company’s five Medicare reimbursed lung diagnostic tests.\n\n“This financing provides Biodesix with significant flexibility and strengthens our balance sheet thereby positioning us to continue building on the growth momentum we have seen the past few quarters,” said Robin Harper Cowie, Chief Financial Officer of Biodesix. “We are pleased to have the support from Perceptive, which is a recognized leader in growth capital financing.”\n\n“Perceptive is delighted to provide capital to support the continued growth of Biodesix’s lung diagnostics portfolio,” said Sam Chawla, Portfolio Manager of Perceptive Advisors. “With a comprehensive set of five Medicare covered tests on the market today that address the diagnostic needs of caregivers and patients across the lung continuum of care, Biodesix represents a unique opportunity to impact the lives of patients. We are excited to collaborate with Biodesix and look forward to participating in the Company’s growth.”\n\nUnder the terms of the agreement, Biodesix will receive an initial $30 million funding, subject to closing conditions, including the equity issuance noted above. An additional $20 million will be available in...