NEW YORK – Biodesix said on Tuesday that it has closed on a new $30 million term loan, which will mature on Mar. 1, 2026.
The Boulder, Colorado-based firm used the proceeds to repay outstanding borrowings of $25.9 million under its existing loan with Innovatus Life Sciences.
Biodesix said it will use the remaining $4 million to improve existing liquidity for general corporate purposes, including commercial organization growth and clinical pipeline expansion while reducing near-term cash interest costs.
"We are pleased with the successful execution of this refinancing and our efforts to enhance liquidity and strengthen the balance sheet while improving the terms from our prior facility," Scott Hutton, CEO of Biodesix, said in a statement. "The successful closing of this new term loan following the ongoing disruptions caused by the COVID-19 global pandemic demonstrates the confidence lenders have in our current and long-term plans."
Biodesix is investing in its pipeline of lung cancer tests, including a blood-based proteomic pre-surgery assay to identify early-stage lung cancer patients likely to recur.