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., 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.
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“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”
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.
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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.”
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