X4 Pharmaceuticals Successfully Closes Public Offering Raising $155M
X4 Pharmaceuticals Completes a Major Public Offering
X4 Pharmaceuticals (NASDAQ:XFOR) has recently made significant strides in its mission to enhance the lives of individuals with rare hematology disorders. The company has successfully closed its underwritten public offering, which comprised 52,844,000 shares of common stock. This offering included the complete exercise of the underwriters' option, allowing for the purchase of an additional 6,984,000 shares, culminating in gross proceeds of approximately $155.3 million.
The Details of the Offering
The shares were sold at an initial public offering price of $2.90 each. In conjunction with common stock, X4 also offered pre-funded warrants at a price of $2.899 per warrant for select investors, which enables the purchase of up to 700,000 additional shares at an exercise price of merely $0.001. This strategic move not only bolsters X4’s financial foundation but also expands its total outstanding shares to 79,214,708.
Recognition of Underwriters
Leading financial institutions played a pivotal role in this successful offering. Leerink Partners, Stifel, and Guggenheim Securities served as the joint bookrunning managers, showcasing their commitment to supporting innovative pharmaceutical companies like X4 Pharmaceuticals.
Regulatory Filing Overview
To facilitate this public offering, X4 Pharmaceuticals filed a shelf registration statement with the Securities and Exchange Commission (SEC), which became effective shortly after filing. This strategic regulatory step ensures transparency and adherence to financial regulations, affirming X4's dedication to accountability and integrity.
Innovations in Rare Hematology
X4 Pharmaceuticals is at the forefront of developing innovative therapies targeted towards rare hematology diseases. Leveraging expertise in CXCR4, the company has successfully introduced mavorixafor, an oral CXCR4 antagonist marketed in the United States as XOLREMDI. This drug represents a significant advancement in treating chronic neutropenic disorders, providing hope to many patients facing these challenging conditions.
Upcoming Clinical Trials
The company's pioneering work extends to evaluating additional applications of mavorixafor. Currently, X4 is conducting a pivotal global Phase 3 clinical trial titled 4WARD, focused on individuals with chronic neutropenic disorders. This trial exemplifies X4’s commitment to research and development, as it seeks to address pressing unmet medical needs among patients.
Connecting with X4 Pharmaceuticals
Investors and other stakeholders interested in the latest updates and offerings from X4 Pharmaceuticals can contact the company directly through their investor relations email at IR@X4pharma.com. This open line of communication reflects X4's ongoing commitment to transparency and investor engagement.
Company's Vision
Headquartered in Boston, Massachusetts, X4 Pharmaceuticals is dedicated to making a meaningful impact in the healthcare sector, especially for those with rare and underserved conditions. The successful closing of this offering is not just a financial milestone; it represents a step forward in their broader mission to improve patient outcomes.
Frequently Asked Questions
What was the gross amount raised by X4 Pharmaceuticals?
X4 Pharmaceuticals raised approximately $155.3 million through its public offering.
Who were the underwriters for the public offering?
Leerink Partners, Stifel, and Guggenheim Securities acted as joint bookrunning managers for the offering.
What is mavorixafor?
Mavorixafor is an orally available CXCR4 antagonist developed by X4 Pharmaceuticals, marketed as XOLREMDI for specific indications.
What are the aims of the ongoing clinical trial 4WARD?
The 4WARD trial aims to evaluate the effectiveness of mavorixafor in treating chronic neutropenic disorders.
How can investors get in touch with X4 Pharmaceuticals?
Investors can reach out to X4 Pharmaceuticals via their investor relations email at IR@X4pharma.com.
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