Biodesix Inc., a molecular diagnostics company that researches, develops and commercializes rapid, blood-based tests for precision medicine in oncology, 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 $27 million of series E shares sold from 2013 through 2015, the company brought in another $11 million, for total proceeds of $38 million. Existing Biodesix shareholders provided all of the new capital.
The investment will be used for ongoing new product development and expansion of commercial efforts to support Biodesix’ commercialized products, VeriStrat® and GeneStrat™,as well as new product launches in 2015 – 2016. VeriStrat is a blood-based serum protein test that provides diagnostic information on disease aggressiveness and helps physicians guide therapy for patients with advanced non-small cell lung cancer (NSCLC); GeneStrat is a targeted, blood-based mutation test for patients with advanced cancer.
“Biodesix is continuing to focus on advancing the standard of care in cancer by developing and commercializing blood-based diagnostic 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 continue work on diagnostics that help inform treatment decisions and improve patient care in a cost-effective manner.”
Biodesix, VeriStrat, and GeneStrat are registered trademarks of Biodesix, Inc. All other trademarks are the property of their respective owners.
Biodesix® is a molecular diagnostics company advancing the development of innovative blood-based tests – GeneStrat™ and VeriStrat® - for precision medicine in oncology. The company provides physicians with diagnostic tests for earlier disease detection, more accurate diagnosis, disease monitoring and better therapeutic guidance, which can lead to improved patient outcomes. Biodesix discovers, develops and commercializes multivariate proteomic and genomic diagnostic tests on various discovery platforms. In addition to developing novel diagnostics independently, the company partners with biotechnology and pharmaceutical companies to develop companion diagnostics to improve the utility of therapeutic agents.
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.
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