Boulder’s Biodesix debuts on the Nasdaq at $18 per share

NEW YORK and BOULDER — Biodesix Inc. (Nasdaq: BDSX) has officially entered life as a public company, debuting on the Nasdaq Global Market with its initial public offering Wednesday morning.

The lung cancer diagnostics company began trading at $18 as of market open, against its prior expectations of trading between $17 and $19 per share. As of 9 a.m. Mountain Time, it has not recorded any price changes.

Biodesix, which made known its intentions to go public earlier this month, has earmarked 4.16 million shares to be available to the public. Between those public shares and 625,000 additional shares earmarked as warrants for the IPO’s underwriters, the company could gain up to $91 million in proceeds from going public.

The company expects to have 26.42 million shares outstanding after the offering when the approximately 4 million public shares are combined with an additional 21.93 million shares generated from converting privately held stock and debt notes. 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 develops assays to determine if a patient’s lung cancer is driven by a genetic abnormality, and suggests specific drugs and strategies targeted against that genetic cause. It has spent much of the year pivoting toward creating and processing COVID-19 tests. The company said in securities filings that it has been receiving fewer tumor samples this year and that its pharmaceutical customers are struggling to recruit new patients into clinical trials, likely due to the massive shift in health care to address the pandemic.

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