Biodesix Raises Add-On to Series G, Enters into Debt Refinancing Agreement with Innovatus Capital Partners; Scott Hutton Joins Biodesix
Scott Hutton Joins Biodesix as Chief Operating Officer, Bringing Two Decades of Medical Industry Experience to Management Team
Boulder, CO, March 5, 2018…Biodesix, Inc., a molecular diagnostics company that develops and commercializes non-invasive, blood-based diagnostic tests for oncology, today announced that the Company increased the size of its offering of its series G preferred shares in a follow-on sale and entered into a debt refinancing agreement with Innovatus Capital Partners to provide a $23 million term loan.
Biodesix will use the additional capital for the continued development of new blood-based diagnostic tests for clinical use with immunotherapies, as well as the continued expansion of the company’s offering of its commercialized VeriStrat® and GeneStrat® tests.
“We are pleased to add a new lender to our distinguished investor group,” said David Brunel, chief executive officer of Biodesix. “Innovatus Capital Partners has significant expertise in healthcare and a strong record in the diagnostic space and we are proud to have their backing.”
“We are proud to support Biodesix in its pursuit of providing innovative diagnostic tests for patients with lung cancer,” said Claes Ekstrom, managing director of Innovatus. “We look forward to forging a long-term relationship with the outstanding team at Biodesix as they continue to develop and provide solutions to save patient lives.”
Brunel added, “We are also excited to have Scott Hutton join our team as chief operating officer. Scott is an accomplished and strategic transformational leader with over nineteen years of experience in the medical device/technology industry, and he’s a great addition to our team.”
Scott Hutton was most recently the senior vice president and general manager of Spectranetics. Prior to Spectranetics, he served as vice president and general manager of the Neurosurgery unit of Medtronic and held several other positions with the company during his tenure. Hutton first joined Medtronic in 2000.
Biodesix, VeriStrat and GeneStrat are trademarks or registered trademarks of Biodesix, Inc. All other trademarks referenced herein are property of their respective owners.
Biodesix® is a molecular diagnostics company advancing the development of innovative, multi-omic blood-based tests in oncology to enable precision medicine. Biodesix discovers, develops and commercializes multivariate protein and genomic diagnostic blood tests, including the GeneStrat® and VeriStrat® tests, that deliver results within 72 hours. The company is changing the standard of care by providing physicians with diagnostic tests for better therapeutic guidance, more accurate prognosis and enhanced disease monitoring to improve patient outcomes. At the forefront of precision medicine, Biodesix is developing new blood tests to identify patients who may benefit from immunotherapies. In addition to developing novel diagnostics independently, the company partners with biotechnology and pharmaceutical companies to develop companion diagnostics for use with therapeutic agents.
About Innovatus Life Sciences Lending Fund
Innovatus Life Sciences Lending Fund, I LP (“the Fund”) is an affiliate of Innovatus Capital Partners, LLC, an independent adviser and portfolio management firm with ~$1.6 billion in assets under management. Innovatus has a dedicated team of life sciences investment professionals with deep experience in healthcare, including life sciences. The Fund is currently focused on providing debt financing to medical device, diagnostic and biotechnology companies that address unmet medical needs, improve patient outcomes and reduce overall healthcare expenditures. Innovatus Capital Partners, LLC adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. Further information can be found at innovatuscp.com.