Biodesix Strengthens Financial Position with Equity Issuance and Amendment to Term Loan
05 1월 2022 - 6:01AM
Business Wire
Approximately $16.3 million in Common Shares
Sold Under At-the-market Agreement Used to Offset Prepayment of
Debt
Second Amendment to $30 Million Term Loan
Provides Additional Financial Flexibility for Growth
Biodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic
solutions company with a focus in lung disease, announced the sale
of 3,756,994 common shares on December 30, 2021 in an at-the-market
offering that raised approximately $16.3 million in gross proceeds
to fund repayment of its existing term loan.
In addition, the Company entered into a Second Amendment to its
$30 million 2021 Term Loan (“Second Amendment”) on December 31,
2021, which includes modifications to certain restrictive financial
covenants to provide the Company additional financial flexibility
over the near term to advance its strategic growth objectives.
The key terms under the Second Amendment to our $30 million 2021
Term Loan include the following:
- Consent for a $4.6 million January 2022 milestone payment under
the Integrated Diagnostics APA;
- Repayment of $20 million in outstanding principal on December
31, 2021; and
- 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,” said Scott Hutton, CEO of Biodesix. “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.”
About Biodesix
Biodesix is a leading data-driven diagnostic solutions company
with a focus in lung disease. The Company develops diagnostic tests
addressing important clinical questions by combining multi-omics
through the power of artificial intelligence. Biodesix is the first
company to offer eight non-invasive tests for patients with lung
diseases. The blood based Nodify Lung® nodule risk assessment
testing strategy, consisting of the Nodify XL2® and the Nodify CDT®
tests, evaluates the risk of malignancy in incidental pulmonary
nodules, enabling physicians to better triage patients to the most
appropriate course of action. The blood based IQlung™ strategy for
lung cancer patients integrates the GeneStrat® targeted test, the
GeneStrat NGS ™ test and the VeriStrat® test to support treatment
decisions across all stages of lung cancer with results in 36-72
hours, expediting time to treatment. Biodesix also leverages the
proprietary and advanced Diagnostic Cortex® AI (Artificial
Intelligence) platform, to collaborate with many of the world’s
leading biotechnology and pharmaceutical companies to solve complex
diagnostic challenges in lung disease. Biodesix launched the
SARS-CoV-2 ddPCR™ test, the Platelia SARS-CoV-2 Total Ab, and the
cPass ™ SARS-CoV-2 Neutralization Antibody test (cPass™
Neutralization Test Kit, GenScript, Inc,) in response to the global
pandemic and virus that impacts the lung and causes COVID-19. For
more information about Biodesix, visit biodesix.com.
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that
involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. All statements contained in this press release other
than statements of historical fact, are forward-looking statements.
The words “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,”
“opportunity,” “goals,” or “should,” and similar expressions are
intended to identify forward-looking statements. Such statements
are based on management’s current expectations and involve risks
and uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors. Biodesix has based these
forward-looking statements largely on its current expectations and
projections about future events and trends. These forward-looking
statements are subject to a number of risks, uncertainties and
assumptions. Forward-looking statements may include information
concerning the impact of the COVID-19 pandemic on Biodesix and its
operations, it is possible or assumed future results of operations,
including descriptions of its revenues, profitability, outlook and
overall business strategy. Forward-looking statements are
inherently subject to risks and uncertainties, some of which cannot
be predicted or quantified. Factors that could cause actual results
to differ materially from those contemplated in this press release
can be found in the Risk Factors section of Biodesix’s most recent
annual report on Form 10-K, filed March 16, 2021 or subsequent
quarterly reports on Form 10-Q during 2021, if applicable. Biodesix
undertakes no obligation to revise or publicly release the results
of any revision to such forward-looking statements, except as
required by law. Given these risks and uncertainties, readers are
cautioned not to place undue reliance on such forward-looking
statements. All forward-looking statements are qualified in their
entirety by this cautionary statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20220104005957/en/
Media: Bobbi Coffin bobbi.coffin@biodesix.com (303) 892-3203
Investors: Chris Brinzey chris.brinzey@westwicke.com (339) 970-2843
Biodesix (NASDAQ:BDSX)
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