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Biodesix Raises $11.7M in Private Placement, Amends Loan Agreement

NEW YORK — Biodesix said on Monday that it has raised $11.7 million through a private placement of common stock to a group of investors that includes members of the company's board.

The diagnostics developer also said that it has agreed to an amendment of a 2021 loan agreement that would, among other things, eliminate a prepayment fee.

Under the terms of the private placement, Biodesix is issuing and selling 6,508,376 shares of its common stock to three members of its board and other existing shareholders at $1.79 per share. The board members are acquiring 3,631,284 shares, the firm said in a filing with the US Securities and Exchange Commission.

The amended loan agreement, which was struck with Silicon Valley Bank, will allow Biodesix to repay $3 million in outstanding principal this month. An additional $2 million is to be paid before May 15, although this date could be extended until Sept. 30 based on Biodesix's successful raising of $15 million in equity funding, including the $11.7 million raised from the latest private placement.

As part of the amendment, Silicon Valley Bank has waived both a minimum revenue requirement for Biodesix for the first quarter of this year and a prepayment fee tied to the debt repayments.

Last month, Boulder, Colorado-based Biodesix reported ending 2021 with $32.7 million in cash and cash equivalents, and it announced an agreement to sell up to $50 million in common stock to institutional investor Lincoln Park Capital Fund.

The company has also affirmed its guidance of between $37.5 million and $39.5 million in revenues for 2022.