Biodesix Looks Set to Launch $75 Million IPO

Colorado-based health solutions provider, Biodesix, prepares to raise $75 million in an initial public offering of its common stock

Biodesix (BDSX) was founded with the primary goal of developing and commercializing diagnostic tests for lung cancer and more recently for the SARS-CoV-2 virus. According to an S-1 registration statement, the company looks set to raise funds from the capital market as it launches an IPO of its common stock.

Led by President and CEO Scott Hutton, the company’s diagnostic test revenue is majorly from Medicare reimbursements, accounting for about 60% of the revenue. The major categories of solutions offered by Biodesix are Nodify XL2 and Nodify CDT tests, GeneStrat and VeriStrat tests, and Worksafe Covid-19 testing program.

Biodesix presently runs several tests through its Diagnostic Cortex, a proprietary AI/machine learning system designed to provide a “holistic view of each patient’s dynamic disease state.”

The company has already received more than $194 million from investors such as John Patience, Lawrence Kennedy Jr., Jack Schuler, Robert Crawthorn, and Life Sciences Alternative Financing. The firm is also reported to be pursuing client relationships with biopharmaceutical companies and research institutions through a direct sales force.

Biodesix is looking to be a major player in the growing non-small cell lung cancer [NSCLC] treatment market, which would make the IPO even more attractive to investors. A 2017 report from Grand View Research forecasts the global market for the treatment of non-small cell lung cancer [NSCLC] to reach $12 billion by 2025.

The firm is also not resting on it oars in the light of the recent COVID-19 pandemic, developing a partnership with Bio-Rad Laboratories (BIO) for its COVID-19 testing system.

The primary set of offerings from the company is to detect, quantify, and monitor the treatment of NSCLC. Consequently, the rise in the prevalence should lead to an increase in the demand for its testing and monitoring services, especially with only 700,000 testing opportunities available each year for early-stage lung cancer and over 3 million opportunities annually to monitor and guide decision making for advanced conditions.

Biodesix is looking to raise $75 million in gross proceeds from an IPO of 4.2 million shares to be offered at a midpoint price of $18.00 per share. According to the management of the company, the proceeds of the IPO will be used to support commercial expansion, product pipeline, research and development, Integrated Diagnostics acquisition milestone payment, and working capital and general corporate purposes.

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