Biodesix attempts balance sheet cleanup with stock offering, loan amendments
BOULDER — Pharmaceutical diagnostics company Biodesix (Nasdaq: BDSX), which has struggled with revenue in recent quarters, is shoring 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, which raised $16.3 million in gross proceeds to fund repayment of its existing term loan.
Key terms of the amendment to its $30 million term loan, designed to provide financial flexibility, include:
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- Consent for a $4.6 million January 2022 milestone payment.
- Repayment of $20 million in outstanding principal on Dec. 31, 2021.
- Waiver and elimination of $600,000 prepayment fee on the $20 million term loan repayment.
“We are pleased to complete this equity sale and amendment to our term loan that puts Biodesix in a better position to execute on our strategy,” Biodesix CEO Scott Hutton said in a prepared statement. “The sale of additional equity demonstrates the continued investor confidence and belief in the importance of our product offering and pipeline, and enhances our execution efforts in scaling the business through a larger sales force. In addition, the terms of the second amendment to the term loan enhances our balance sheet and our ability to successfully implement the next stage of our growth objectives.”
Biodesix’s stock has jumped more than 35% over the past five trading days since the at-the-market offering.
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