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X4 Pharmaceuticals, Inc. (NASDAQ:XFOR), a small-cap biotech company with a market capitalization of $87 million, reported changes to its board of directors on Friday. According to a press release statement filed with the Securities and Exchange Commission, David McGirr and R. Keith Woods resigned from the board, including all committee positions, effective immediately. The company stated that the resignations were not due to any disagreement with X4 Pharmaceuticals regarding its operations, policies, or practices. The stock has shown remarkable strength recently, surging over 57% in the past week. InvestingPro analysis reveals 17 additional key insights about the company’s performance and outlook.
In conjunction with these departures, Michael Wyzga was appointed as chair of the audit committee. Additionally, Francoise de Craecker and Gary Bridger were named as members of the audit committee.
The information is based on a press release statement included in the company’s recent SEC filing.
In other recent news, X4 Pharmaceuticals has been in the spotlight with several significant developments. The company successfully closed an upsized private placement, raising $85 million through the sale of common stock and pre-funded warrants. This increase from an initially announced $60 million offering was made to accommodate an investor with pre-existing investment rights. Additionally, X4 Pharmaceuticals announced a new leadership team and board of directors, which coincided with a private placement financing expected to yield approximately $60 million in gross proceeds. The financing was led by Coastlands Capital, with participation from Bain Capital Life Sciences and New Enterprise Associates. On the analysis front, H.C. Wainwright lowered its price target for X4 Pharmaceuticals to $3.50 while maintaining a Buy rating. Furthermore, the company presented positive data from its completed Phase 2 trial of mavorixafor for chronic neutropenic conditions at the European Hematology Association Congress. These developments highlight a period of strategic financial and leadership changes for X4 Pharmaceuticals.
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