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Investing.com -- X4 Pharmaceuticals (NASDAQ:XFOR) stock surged 19.7% after announcing a $60 million private placement financing and appointing new leadership with turnaround experience.
The company reported it has entered into a securities purchase agreement for a PIPE financing expected to yield approximately $60 million in gross proceeds before expenses. The financing is being led by Coastlands Capital with participation from existing investors Bain Capital Life Sciences and New Enterprise Associates, along with several other life science investors.
Concurrent with the financing announcement, X4 revealed immediate leadership changes. President and CEO Paula Ragan and CFO Adam Mostafa have stepped down from their roles, with Dr. Ragan also resigning from the Board of Directors. The company has appointed Adam Craig as Executive Chair, John Volpone as President, and David Kirske as CFO - all former executives from CTI BioPharma (NASDAQ:CTIC) with experience in operational turnarounds.
"We are excited to be joining X4 and for the opportunity to establish a world class hematology company by unlocking the full commercial potential of mavorixafor," said Dr. Adam Craig, Executive Chairman of X4.
The company intends to use the proceeds to continue development toward potential additional approval of mavorixafor in chronic neutropenia and for commercialization of WHIM. The financing is expected to close around August 13, 2025, subject to customary closing conditions.
Under the agreement, X4 will issue approximately 11 million shares of common stock and pre-funded warrants to purchase up to 31.2 million shares at a purchase price of $1.42 per share.
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