Increases Company’s Net Liquidity Position and Reduces Near-Term Cash Interest Costs
Biodesix, Inc. (NASDAQ: BDSX; “Biodesix” or the “Company”) a leading data-driven diagnostic solutions company with a focus in lung disease, announced today that it has closed on a new $30 million term loan (New Term Loan) which matures on March 1, 2026.
Biodesix used the proceeds to repay outstanding borrowings of $25.9 million under the Company’s existing term loan with Innovatus Life Sciences Lending Fund I, LP (Innovatus), which was terminated upon payment, and the remaining proceeds of approximately $4 million will enhance existing liquidity for general corporate purposes. The transaction will provide Biodesix with additional operational and financial flexibility to continue the growth of its commercial organization and expansion of its clinical pipeline while extending our maturities and reducing our near-term cash interest costs.
“We are pleased with the successful execution of this refinancing and our efforts to enhance liquidity and strengthen the balance sheet while improving the terms from our prior facility. The successful closing of this New Term Loan following the on-going disruptions caused by the COVID-19 global pandemic demonstrates the confidence lenders have in our current and long-term plans,” stated Scott Hutton, Chief Executive Officer of Biodesix.
Additional details regarding the New Term Loan will be available in Biodesix’s Current Report on Form 8-K to be filed with the Securities and Exchange Commission later today.