Biodesix announces closing of $30M term loan
Wednesday March 24, 2021
BOULDER -- Biodesix, Inc. (NASDAQ: BDSX) announced it closed on a new $30 million term loan that matures on March 1, 2026.
Biodesix said it 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,” said Scott Hutton, Biodesix CEO.
“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.”