Biodesix, Inc., a molecular diagnostics company that develops and commercializes blood-based tests in oncology enabling physicians to make more precise diagnostic and therapeutic decisions, announced today that the company increased the size of its offering of series E preferred shares in a follow-on sale. In addition to the $15 million of series E shares sold in 2013 and 2014, the company brought in another $12 million, for total proceeds of $27 million from the sale. Existing Biodesix shareholders provided nearly all of the capital.
The investment will be used for ongoing development of the company’s technology platform, new product development and expansion of commercial efforts to support Biodesix’ first product, VeriStrat®, as well as new product launches. VeriStrat is a serum protein test that helps physicians guide therapy for patients with advanced non-small cell lung cancer (NSCLC).
“Biodesix is continuing to develop and commercialize blood-based diagnostics tests that advance precision medicine – treating the right patient at the right time with the right combination of therapies,” said David Brunel, Chief Executive Officer of Biodesix. “Securing this investment enables us to effectively bring innovative diagnostics to market that help inform treatment decisions and improve patient care in a cost effective manner.”
Biodesix and VeriStrat are registered trademarks of Biodesix, Inc.
Biodesix® is a molecular diagnostics company advancing the development of innovative products for precision medicine. The company focuses on providing 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 data analytic and 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 predictive and prognostic 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 generally 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 visitwww.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.