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Biodesix Raises Approximately $16.3M in Sale of Common Shares, Amends $30M Term Loan

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 amendment includes modifications to restrictive financial covenants to provide Biodesix with financial flexibility over the near term to advance its strategic growth objectives, the firm said.

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.

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