X4 Pharmaceuticals Raises $85M in Upsized Private Placement Financing.

X4 Pharmaceuticals closed an upsized private placement of 11,040,776 shares of common stock and pre-funded warrants to purchase 48,852,772 shares of common stock for $85 million. The offering was led by Coastlands Capital and supported by existing investors. The company plans to use the net proceeds for continued development of mavorixafor. The financing was upsized to include an investor with a pre-existing investment right.

X4 Pharmaceuticals (NASDAQ: XFOR) has successfully closed an upsized private placement of 11,040,776 shares of common stock and pre-funded warrants to purchase 48,852,772 shares of common stock for $85 million. The offering was led by Coastlands Capital and supported by existing investors. The company plans to use the net proceeds for continued development of mavorixafor, an orally available CXCR4 antagonist currently in Phase 3 trials for chronic neutropenia [1].

The financing was upsized to include an investor with a pre-existing investment right, reflecting the company's strategic pivot under new leadership. Concurrent with the financing, X4 underwent significant leadership changes, with Dr. Adam Craig appointed as Executive Chairman, John Volpone as President, and David Kirske as CFO. This new management team brings extensive experience in operational turnarounds and life sciences, previously serving at CTI BioPharma [1].

The proceeds from the financing will support the continued development of mavorixafor for chronic neutropenia treatment and its commercialization for WHIM syndrome. The company's Phase 3 4WARD study is currently ongoing, and the new leadership team is focused on unlocking the full commercial potential of mavorixafor [1].

This strategic pivot under new leadership signals a vote of confidence in the company's lead asset, mavorixafor, and its potential for near-term revenue generation. The involvement of existing investors and new specialist life sciences investors underscores a strong belief in the underlying asset value despite operational challenges [1].

References:
[1] https://www.stocktitan.net/news/XFOR/x4-pharmaceuticals-announces-60-million-equity-financing-with-jve30219dr3g.html