X4 Pharmaceuticals Secures $85 Million Funding for Growth
X4 Pharmaceuticals Secures $85 Million Funding
X4 Pharmaceuticals (Nasdaq: XFOR), a company committed to transforming the lives of individuals with rare immune system diseases, has successfully concluded a significant private placement, raising a total of $85 million. This upsized offering involved 11,040,776 shares of common stock and pre-funded warrants, allowing X4 to broaden its investor base and include a key participant with prior investment rights.
Details of the Private Placement
The initial target for this deal was set at $60 million but was increased to allow for strategic inclusion of more investors. The offering was spearheaded by Coastlands Capital, working closely with notable existing investors such as Empery Asset Management, Bain Capital Life Sciences, New Enterprise Associates (NEA), and several other prominent life science investors like BVF Partners LP, Deep Track Capital, and Trails Edge Capital Partners.
Utilization of Funds
X4 Pharmaceuticals plans to allocate the funds raised through this transaction toward advancing its clinical programs. Specifically, they aim to further develop mavorixafor, a drug being evaluated for additional indications including chronic neutropenia, while continuing to bring WHIM therapies to market.
Commitment to Compliance
The securities involved in this financing have not been registered under the Securities Act of 1933 and will not be offered or sold to the public, except under specific exemptions. X4 Pharmaceuticals understands the importance of regulatory compliance and intends to file a registration statement with the Securities and Exchange Commission for resale of the shares involved in this transaction.
About X4 Pharmaceuticals
X4 Pharmaceuticals is dedicated to delivering innovative treatments specifically designed for patients grappling with rare immune disorders. Utilizing their deep understanding of CXCR4 biology, they have introduced mavorixafor, currently known as XOLREMDI, approved for specific conditions in the U.S. They continue to explore its potential applications and are conducting a pivotal Phase 3 clinical trial, known as 4WARD, examining its efficacy in patients with chronic neutropenic disorders.
Financial Outlook and Future Plans
With the acquisition of this substantial funding, X4 Pharmaceuticals is well-positioned to enhance its research and development activities, as well as its commercialization strategies for mavorixafor. This support vitalizes their efforts in addressing significant unmet needs in the healthcare landscape for those suffering from rare diseases.
Frequently Asked Questions
What is the amount raised in the recent funding?
X4 Pharmaceuticals raised $85 million through a private placement.
Who led the financing for X4 Pharmaceuticals?
The financing was led by Coastlands Capital, along with support from existing major investors.
What will X4 Pharmaceuticals do with the funding?
The funding will primarily be used to further develop mavorixafor and support the commercialization of WHIM treatments.
Is the offering open to the public?
No, the securities sold in this financing are not registered for public offering and will only be available under specific exemptions.
What products does X4 Pharmaceuticals currently market?
They currently market mavorixafor (XOLREMDI) for specific indications related to rare immune diseases.
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