Biodesix closes $40M stock offering

BOULDER — Biodesix Inc. (Nasdaq: BDSX), a life-sciences company that specializes in developing tools to detect lung disease, has closed on an upsized public stock offering that grossed $40.3 million.

The offering, launched last week in order to meet the terms of a new $50 million line of credit from a health care investment firm, involved the sale of just over 35 million new shares at $1.15 each.

“The net proceeds of the offering are expected to be used for commercial expansion of sales, supporting its product pipeline, research and development and for general corporate purposes,” Biodesix said. 

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The $50 million term-loan facility from investor Perceptive Advisors LLC “is conditioned on the company raising at least $30 million in gross proceeds through sale of its equity securities, [and] is part of a strategic fundraising effort to strengthen the company’s balance sheet, reduce near term cash use and enable the continued growth trajectory of the core lung diagnostics business,” Biodesix said. “The proceeds from this debt offering will be used for repayment of existing debt facilities, working capital, and general corporate purposes, including expansion of the commercialization activities for the company’s five Medicare reimbursed lung diagnostic tests.”

The loan will be paid out in one $30 million tranche with two additional buckets of $10 million each available as needed.

“This financing provides Biodesix with significant flexibility and strengthens our balance sheet thereby positioning us to continue building on the growth momentum we have seen the past few quarters,” Biodesix chief operating officer Robin Harper Cowie said in a prepared statement. “We are pleased to have the support from Perceptive, which is a recognized leader in growth capital financing.”

Biodesix is bolstering its balance sheet at the same time as it prepares to move into a new 80,000-square-foot facility, a former Kohl’s Corp. (NYSE: KSS) clothing store in Louisville that the company is transforming into a lab and office space. 

As of Tuesday evening, the financial maneuvering appears to have satisfied Wall Street as Biodesix’s stock price has ballooned more than 35% over the past five days.