Biodesix, Inc., a fully integrated molecular diagnostic company dedicated to personalizing medicine, today announced that the company closed an $8.3 million Series E preferred equity financing. New funds accounted for $4.3 million of the round and the remaining $4 million came from the conversion of a convertible note. Existing Biodesix shareholders provided all of the capital.
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).
“Biodesix is a growing company with a strong pipeline,” said David Brunel, Chief Executive Officer of Biodesix. “In securing this investment we are well positioned to effectively deliver game changing diagnostics to guide physician decisions and improve patient outcomes.”
Biodesix and VeriStrat are registered trademarks of Biodesix, Inc. All other trademarks are property of their respective owners.
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.
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 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, the Company’s inability to further identify, develop and achieve commercial success for products and technologies; the risk that the Company’s financial resources will be insufficient to meet the Company’s business objectives; uncertainties relating to the regulatory approval process and changes in relationships with strategic partners. We disclaim any intent or obligation to update these forward-looking statements.
Chempetitive Group for Biodesix
Kena Hudson or Kelly Quigley