Biodesix agrees to sell as much as $50M in stock to Chicago investor
BOULDER — Biodesix (Nasdaq: BDSX) has inked a deal with Chicago investment firm Lincoln Park Capital Fund LLC that gives the investor the option to purchase up to $50 million in common shares from the Boulder pharmaceutical diagnostics company.
Under the terms of the purchase agreement, Biodesix will have the right at its sole discretion, but not the obligation, to sell to LPC up to $50 million worth of common stock over a 36-month period at market prices, Biodesix said in a news release.
Proceeds from the stock sale will be used for “growth strategy and for general corporate purposes,” the company said.
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Biodesix, which has struggled with revenue in recent quarters, declared its intent several months ago to shore up its financial position with an at-the-market stock offering and a set of new amendments to its term loan.
The company issued 3,756,994 common shares on Dec. 30, 2021, which raised $16.3 million in gross proceeds to fund repayment of its existing term loan.
Biodesix stock jumped initially after the issuance of those new shares, but the past 12 months have been devastating with the stock price falling more than 88% over the year.