X4 Pharmaceuticals, Inc. (XFOR) Tuesday said it has entered into an agreement for a $60 million private placement in public equity (PIPE) financing.
The closing of the financing is expected by August 13.
Parallelly, the company's President and Chief Executive Officer Paula Ragan, and Chief Financial Officer Adam Mostafa have stepped down, effective immediately.
X4 appointed Adam Craig, as Executive Chair, John Volpone as President, and David Kirske as Chief Financial Officer, all served at CTI BioPharma previously.
As per the terms of the agreement, at the closing of the PIPE financing, X4 will issue 11,040,776 shares for $1.42 per share, or pre-funded warrants to purchase up to 31,234,731 shares in lieu thereof.
The company intends to use proceeds from the financing for the commercialisation of mavorixafor for the treatment of warts, hypogammaglobulinemia, immunodeficiency, myelokathexis (WHIM) syndrome, and also for the continued development of the drug for a potential additional approval in chronic neutropenia.
The financing is led by Coastlands Capital with support from existing investors Bain Capital Life Sciences and New Enterprise Associates (NEA) and leading life science investors, including BVF Partners LP, Deep Track Capital, Kalehua Capital, Nantahala Capital, Stonepine Capital Management, and Trails Edge Capital Partners.
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