Biodesix Announces Senior Secured Financing Agreement with Perceptive Advisors for Up to $50 Million
16 Novembre 2022 - 10:01PM
Business Wire
$30 million initial funding
$20 million in future revenue
milestone-based funding
Strengthens balance sheet and extends runway
with five-year interest only period
Biodesix, Inc. (Nasdaq: BDSX), a leading data-driven diagnostic
solutions company with a focus in lung disease, today announced
that it has obtained a term loan facility for up to $50 million
from Perceptive Advisors, a leading healthcare investment firm
focused on supporting progress in the life sciences industry by
identifying opportunities and directing financial resources toward
the most promising technologies in modern healthcare. This debt
capital, which is conditioned on the Company raising at least $30
million in gross proceeds through sale of its equity securities, is
part of a strategic fundraising effort to strengthen the Company’s
balance sheet, reduce near term cash use and enable the continued
growth trajectory of the core lung diagnostics business. The
proceeds from this debt offering will be used for repayment of
existing debt facilities, working capital, and general corporate
purposes, including expansion of the commercialization activities
for the Company’s five Medicare reimbursed lung diagnostic
tests.
“This financing provides Biodesix with significant flexibility
and strengthens our balance sheet thereby positioning us to
continue building on the growth momentum we have seen the past few
quarters,” said Robin Harper Cowie, Chief Financial Officer of
Biodesix. “We are pleased to have the support from Perceptive,
which is a recognized leader in growth capital financing.”
“Perceptive is delighted to provide capital to support the
continued growth of Biodesix’s lung diagnostics portfolio,” said
Sam Chawla, Portfolio Manager of Perceptive Advisors. “With a
comprehensive set of five Medicare covered tests on the market
today that address the diagnostic needs of caregivers and patients
across the lung continuum of care, Biodesix represents a unique
opportunity to impact the lives of patients. We are excited to
collaborate with Biodesix and look forward to participating in the
Company’s growth.”
Under the terms of the agreement, Biodesix will receive an
initial $30 million funding, subject to closing conditions,
including the equity issuance noted above. An additional $20
million will be available in two separate $10 million tranches
under the same terms and collateral, subject to certain timelines
and other defined criteria that will be subject to the lender’s
approval. The credit facility is interest only for the term of the
facility, which is five years from the initial funding date. The
term loan bears interest at a per annum rate equal to the greater
of the forward looking one-month SOFR and 3.00% per annum, plus an
applicable margin of 9.00%, payable monthly in arrears. The term
loan is secured by a first lien on all Company assets.
In connection with the closing of the initial funding, the
Company will issue to Perceptive warrants to purchase up to
5,000,000 shares of the Company’s common stock, with warrants
exercisable into 3,000,000 shares of the Company’s common stock to
be issued on the funding date of the initial $30 million funding
(the “Initial Warrants”). The per share exercise price for the
Initial Warrants will be equal to the lower of (i) the 10-day
volume weighted average price (the “10-day VWAP”) ending on the
business day immediately preceding the funding date of initial loan
and (ii) the per share public offering price of the Company’s
shares of common stock issued in connection with the required
equity raise. In addition to the Initial Warrants, additional
warrants will become exercisable into 1,000,000 shares of the
Company’s common stock concurrently with the borrowing of each
additional $10 million term loan funding. The per share exercise
price for the additional warrants will be equal to the lower of (i)
the Initial Warrant exercise price or (ii) the 10-day VWAP ending
on the business day immediately preceding the funding date of each
funding date. Each warrant will be exercisable, in whole or in
part, until the 10th anniversary of the applicable date of
issuance, subject to certain expiration events as set described in
the warrants.
Additional details of the loan agreement will be filed with the
Securities and Exchange Commission on a Current Report on Form
8-K.
About Perceptive Advisors
Founded in 1999, Perceptive Advisors is a leading healthcare
focused investment firm with approximately $9.5 billion of
regulatory assets under management. Since inception, Perceptive
Advisors has focused on supporting progress in the life sciences
industry by identifying opportunities and directing financial
resources toward the most promising technologies in modern
healthcare. For more information about Perceptive, visit
www.perceptivelife.com.
About Biodesix
Biodesix is a leading data-driven diagnostic solutions company
with a focus in lung disease. The Company develops diagnostic tests
addressing important clinical questions by combining multi-omics
through the power of artificial intelligence. Biodesix offers five
Medicare-covered tests for patients with lung diseases. The blood
based Nodify Lung® nodule risk assessment testing strategy,
consisting of the Nodify XL2® and the Nodify CDT® tests, evaluates
the risk of malignancy in incidental pulmonary nodules, enabling
physicians to better triage patients to the most appropriate course
of action. The blood based IQLung™ strategy for lung cancer
patients integrates the GeneStrat® ddPCR™ test, the GeneStrat NGS™
test and the VeriStrat® test to support treatment decisions across
all stages of lung cancer with results in an average of 36-72
hours, expediting time to treatment. Biodesix also leverages the
proprietary and advanced Diagnostic Cortex® AI (Artificial
Intelligence) platform, to collaborate with many of the world’s
leading biotechnology and pharmaceutical companies to solve complex
diagnostic challenges in lung disease. For more information about
Biodesix, visit biodesix.com.
Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements that
involve substantial risks and uncertainties for purposes of the
safe harbor provided by the Private Securities Litigation Reform
Act of 1995. All statements contained in this press release other
than statements of historical fact, are forward-looking statements.
The words “believe,” “may,” “will,” “estimate,” “continue,”
“anticipate,” “intend,” “plan,” “expect,” “predict,” “potential,”
“opportunity,” “goals,” or “should,” and similar expressions are
intended to identify forward-looking statements. Such statements
are based on management’s current expectations and involve risks
and uncertainties. Actual results and performance could differ
materially from those projected in the forward-looking statements
as a result of many factors. Biodesix has based these
forward-looking statements largely on its current expectations and
projections about future events and trends. These forward-looking
statements are subject to a number of risks, uncertainties, and
assumptions. Forward-looking statements may include information
concerning the impact of the COVID-19 pandemic on Biodesix and its
operations, its possible or assumed future results of operations,
including descriptions of its revenues, profitability, outlook, and
overall business strategy, as well as statements relating to the
Company’s plans to consummate the financing, the satisfaction of
closing conditions, and the total funding available under the loan
facility. Forward-looking statements are inherently subject to
risks and uncertainties, some of which cannot be predicted or
quantified. The Company's ability to continue as a going concern
could cause actual results to differ materially from those
contemplated in this press release and additionally, other factors
that could cause actual results to differ materially from those
contemplated in this press release can be found in the Risk Factors
section of Biodesix’s most recent annual report on Form 10-K, filed
March 14, 2022 or subsequent quarterly reports on Form 10-Q during
2022, if applicable. Biodesix undertakes no obligation to revise or
publicly release the results of any revision to such
forward-looking statements, except as required by law. Given these
risks and uncertainties, readers are cautioned not to place undue
reliance on such forward-looking statements. All forward-looking
statements are qualified in their entirety by this cautionary
statement.
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version on businesswire.com: https://www.businesswire.com/news/home/20221116005972/en/
Media: Robin Harper Cowie robin.cowie@biodesix.com (720)
509-8841
Investors: Chris Brinzey chris.brinzey@westwicke.com
(339) 970-2843
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