Biodesix takes out $30M refi loan

BOULDER — Lung cancer diagnostics developer Biodesix Inc. (Nasdaq: BDSX) has taken out a $30 million loan to refinance an earlier financing vehicle.

In a filing with the U.S. Securities and Exchange Commission Wednesday morning, the Boulder company said it will use a portion of the loan from SVB Financial Group (Nasdaq: SIVB) to pay off $25.9 million in a prior loan from Innovatus Life Sciences Lending Fund I LP, and use the approximately $4 million for general corporate use.

The new loan will allow Biodesix to pay only monthly interest through the end of February 2023, and that period would be extended to February 2024 if the company hits $65 million in revenue within a 12-month period. The loan is due in full in March 2026.

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In a statement, CEO Scott Hutton said the loan is a vote of confidence in the company’s prospects.

“The successful closing of this new term loan following the ongoing disruptions caused by the COVID-19 global pandemic demonstrates the confidence lenders have in our current and long-term plans,” he said.

Biodesix generated sales of $45.6 million last year, with a large portion of that coming from its COVID-19 testing operation. However, it posted a net loss of $31.35 million.

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