NEW YORK — Biodesix said on Monday that it has signed an agreement to sell up to $50 million of its common stock to institutional investor Lincoln Park Capital Fund (LPC).
Under the terms of the deal, Biodesix has the option to sell to LPC up to $50 million in common stock over a 36-month term. The purchase price of the shares will be based on prevailing market prices at the time of each sale, and there are no upper limits to the price per share LPC may pay.
Biodesix said that it will use the proceeds of the sale to advance its growth strategy and for general corporate purposes.
Last month, Biodesix reported a 73 percent drop in preliminary fourth quarter revenues, caused by lower COVID-19 testing revenues, but said that its core lung diagnostic testing revenues were up 49 percent year over year. Based on the preliminary numbers, the Boulder, Colorado-based company said it had $32.7 million in cash and cash equivalents at the end of 2021.