Biodesix Inc., a fully integrated molecular diagnostic company dedicated to personalizing medicine, today announced that the company closed a structured debt financing with Capital Royalty Partners L.P. The transaction provides Biodesix®with up to $20 million of capital.
“Capital Royalty’s financing structure has been uniquely tailored to suit our capital needs, especially during this growth phase of our company,” said David Brunel, Chief Executive Officer of Biodesix. “Their breadth of experience in the healthcare industry and deep knowledge of our business has convinced us that they are the right partner for us going forward.”
The investment will be used for ongoing development of the company’s technology platform and expansion of sales and marketing efforts to support Biodesix’ first product, VeriStrat®. VeriStrat is a serum protein test that helps physicians guide therapy for patients with advanced non-small cell lung cancer (NSCLC).
“Our investment in Biodesix is consistent with our focus on providing financing options for growing companies with commercial technologies,” said Charles Tate, Chairman of Capital Royalty L.P. “We are excited about the commercial opportunity for VeriStrat, as well as the future application of Biodesix’ technology platform.”
Biodesix and VeriStrat are registered trademarks of Biodesix, Inc. All other trademarks are property of their respective owners.
About Biodesix, Inc.
Biodesix is a molecular diagnostics company advancing the development of innovative products for personalizing medicine. The company provides physicians with diagnostic tests for earlier disease detection, more accurate diagnosis, disease monitoring and better therapeutic guidance, which may lead to improved patient outcomes. Biodesix discovers, develops and commercializes multivariate protein diagnostics based on their proprietary mass spectrometry-based discovery platform. VeriStrat, a multivariate serum protein test, is Biodesix’ first product developed with this technology. The commercially available test provides oncologists with information to help them select between erlotinib and single-agent chemotherapy for advanced lung cancer patients. Tests are processed in Biodesix’ CLIA-certified laboratory and results are reported in less than 72 hours. In addition to developing novel diagnostics independently, the company also partners with biotechnology and pharmaceutical companies to develop companion diagnostics to improve utility of therapeutic agents. For more information on VeriStrat, please visit www.VeriStratSupport.com. For more information about Biodesix, please visit www.Biodesix.com.
About Capital Royalty L.P.
Capital Royalty L.P. is a market pioneer and innovator in healthcare investing focused on intellectual property investments in approved products through structures including royalty bonds, secured debt, revenue interests and traditional royalty monetizations. Capital Royalty works directly with leading healthcare companies, research institutions and inventors to provide customized solutions to meet their unique financing needs. The value of each investment is based on the future revenue of commercialized biopharmaceutical products and medical technologies. Capital Royalty is actively making investments through Capital Royalty Fund II, which has $805 million of committed capital.
The firm is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City. For additional information, please visit www.capitalroyalty.com.
This press release contains statements that are hereby identified as “forward-looking statements” for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Such statements are based on Biodesix management’s current expectations and involve risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, Biodesix’ inability to further identify, develop and achieve commercial success for products and technologies; the risk that Biodesix’ financial resources will be insufficient to meet Biodesix’ business objectives; uncertainties relating to the regulatory approval process and changes in relationships with strategic partners. Biodesix disclaims any intent or obligation to update these forward-looking statements.
Chempetitive Group for Biodesix
Kena Hudson or Kelly Quigley
Capital Royalty L.P.
Luke Duster, Managing Director