Pharmaceutical diagnostics company Biodesix (Nasdaq: BDSX), which has struggled with income in recent quarters, is strengthening its financial position with a market offering of shares and a set of new amendments to its term loan.
The company issued 3,756,994 common shares on December 30, which raised $ 16.3 million in gross proceeds to fund the repayment of its existing term loan.
Key terms of the amendment to its $ 30 million term loan, designed to provide financial flexibility, include:
- Consent for a milestone payment of $ 4.6 million in January 2022.
- Repayment of $ 20 million of unpaid principal on December 31, 2021.
- Waiver and elimination of the $ 600,000 prepayment charge on the repayment of the $ 20 million term loan.
“We are delighted to complete this share sale and this amendment to our term loan that puts Biodesix in a better position to execute our strategy,” Scott Hutton, CEO of Biodesix, said in a statement. “Selling additional shares demonstrates the continued investor confidence and belief in the importance of our product offering and pipeline, and enhances our execution efforts to grow the business through a larger sales force.” . In addition, the terms of the second term loan rider improve our balance sheet and our ability to successfully implement the next stage of our growth objectives.
Biodesix stock has jumped more than 35% in the last five trading days since the market offer.
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