COVID-19 Public

Biodesix, Developer Of Tests For Lung Disease And COVID-19, Files For IPO

Boulder, Colorado-based Biodesix, a developer of diagnostics for lung disease and COVID-19, is the latest well-funded biotech company to plan its public market debut.

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The company filed an IPO prospectus with the U.S. Securities and Exchange Commission on Friday, seeking to raise up to $75 million in a Nasdaq offering.

Biodesix describes itself as a “data-driven diagnostic solutions company” that incorporates artificial intelligence into its platform to develop and commercialize diagnostics for unmet clinical needs, with a primary focus on lung disease.

While best known for its lung diagnostics, the company has also responded to the COVID-19 pandemic by entering partnerships to develop tests offered to health care and nursing home care providers, educational institutions and businesses. Biodesix said it expects increased revenues from COVID-19 diagnostic and antibody tests over the course of 2020 and the first quarter of 2021.

Founded in 2005, Biodesix previously raised $188 million in venture funding, per Crunchbase data. Its largest stakeholders include biotech investors Jack Schuler and John Patience, per the SEC filing.

For the first six months of 2020, the company posted $9.3 million in revenue and a loss of $18 million, compared to revenue of $12.3 million and a net loss of $14.6 million in the year-ago period.

Illustration: Li-Anne Dias

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