Biodesix seeks to raise up to $79M from public in IPO

BOULDER — Lung cancer testing company Biodesix Inc. is seeking to raise as much as $79 million in its initial public offering and values itself at up to $500 million on the open market.

In an updated S-1 filing with the U.S. Securities and Exchange Commission Wednesday, the Boulder company said it plans to distribute 4,166,667 shares of common stock upon its debut on the Nasdaq and anticipates initial prices of between $17 and $19 per share.

At that range, Biodesix would raise between $70.83 million and $79.16 million from sales to the public.

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However, that figure could rise to as much as $91 million due to 625,000 shares that are reserved as optional purchases for the IPO’s underwriters.

Combined with an additional 21.93 million shares generated from converting privately-held stock and debt notes, and the company expects to have 26.42 million shares outstanding after the offering. If traded at the expected IPO price, that would place the company’s market capitalization at between $449.15 million and just under $500.2 million.

Biodesix first filed plans to go public this month under the stock symbol “BDSX”, but did not offer pricing details. The latest filings remain preliminary, meaning they are subject to change before an effective date and debut date are set.

The company develops tests that analyze lung-cancer samples to determine if specific genes have mutated to cause the malignant tumors, in turn offering specific strategies for doctors and patients.

For much of 2020, it has been developing and processing COVID-19 tests on behalf of sports leagues like the Big Ten and Major League Lacrosse, along with serving as an expanded capacity testing lab for Colorado State University.

While the company posted revenues of $20.43 million and $24.55 million in 2018 and 2019, respectively, it had net losses of $26.16 million and $30.72 million in those same periods.

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