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Biodesix to Sell $35.1M in Common Stock, Inks $50M Loan Agreement

NEW YORK — Biodesix said on Thursday that it has priced a public offering of 30.5 million shares of its stock at $1.15 apiece for expected gross proceeds of $35.1 million.

The offering is expected to close on Nov. 21 and includes a 30-day option granted to the underwriters of the offering for the purchase of an additional 4.575 million shares at the same price per share. William Blair is the sole bookrunning manager for the offering.

Biodesix also said on Wednesday that it has signed a $50 million loan agreement with Perceptive Advisors, with $30 million available upfront and the remainder available in two $10 million tranches.

Proceeds of the deal, which is contingent on Biodesix raising at least $30 million through the sale of its securities, will be used to repay existing debt, as well as for working capital and general corporate purposes such as the expansion of commercialization activities around the company's five Medicare-reimbursed lung cancer diagnostics.

Upon receipt of the initial loan money, Biodesix will grant Perceptive Advisors warrants to purchase up to 5 million shares of its common stock, with warrants exercisable into 3 million shares issued upon receipt of the initial $30 million.

Earlier this month, the Boulder, Colorado-based firm reported ending the third quarter with $15.2 million in cash and cash equivalents.

During early morning trading on the Nasdaq, shares of Biodesix were up nearly 3 percent at $1.18.