NEW YORK ─ Biodesix said on Tuesday that it sold 3,756,994 common shares on Dec. 30 in an at-the-market offering, raising approximately $16.3 million to fund repayment of a term loan.
The Boulder, Colorado-based company, which offers blood-based molecular tests for patients with lung diseases and other assays, said it also entered into a second amendment to a $30 million 2021 term loan on Dec. 31.
The key terms under the amendment include consent for a $4.6 million January 2022 milestone payment under an asset purchase agreement as part of Biodesix's buy of Integrated Diagnostics in 2018; repayment of $20 million in outstanding principal on Dec. 31, 2021; and the waiver and elimination of a $600,000 prepayment fee on a $20 million term loan repayment.
Scott Hutton, CEO of Biodesix, said in a statement that the equity sale improves its "execution efforts in scaling the business through a larger sales force." The terms of the second amendment to the term loan improve Biodesix's ability to implement the next stage of its growth objectives, he added.