Biodesix raises $11.7M in private placement, amends term loan again

BOULDER — Biodesix Inc. (Nasdaq: BDSX), a medical diagnostics company that focuses on using artificial intelligence to test for lung disease, raised $11.7 million in a private placement offering. 

The offering involved selling more than 6.5 million shares of common stock at $1.79 per share to members of the company’s board of directors and other existing shareholders.

Biodesix also amended its 2021 term loan, agreeing to repay $3 million this month and $2 million by May 15 in exchange for the following:

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• Consent for a $2.0 million April 2022 mutually agreed upon milestone payment under the Integrated Diagnostics Asset Purchase Agreement, as amended.
• Waiver of minimum revenue requirement for the three months ended March 31, 2022.
• Waiver and elimination of the prepayment fee on the $3.0 million 2021 Term Loan partial repayment in April 2022 and subsequent $2.0 million principal repayment.

“This transaction marks another important milestone in the company’s effort to build an enduring business that will fundamentally change the lung diagnostic testing industry,” said Scott Hutton, CEO of Biodesix. “This transaction strengthens our ability to achieve our vision, and we could not be more excited about what the future holds for Biodesix. We believe the continued confidence and commitment demonstrated by some of our largest shareholders is a testament to our business model, the strength of our team and the huge market opportunity in front of us.”

This marks the second time this year that Biodesix has amended its term loan and raised funds for a repayment and financial flexibility; it also did so in January. In March, the company entered into an agreement with Chicago investment firm Lincoln Park Capital Fund LLC to buy as much as $50 million worth of Biodesix’s shares.

This also follows Biodesix reporting last month that it lost $43 million for the 2021 fiscal year.

The company also reaffirmed the previous guidance from its 2021 annual report. It expects between $37.5 million and $39.5 million in revenue for 2022.

Biodesix stock closed Monday at $1.59 per share. It is down 72.6% since the start of the year.