X4 Pharmaceuticals Announces $60 Million Equity Financing with Concurrent Changes in Management and Board Leadership
$60 million PIPE financing led by Coastlands Capital, Bain Capital Life Sciences and New Enterprise Associates
Newly appointed board and management team includes Dr. Adam Craig as Executive Chairman, John Volpone as President and David Kirske as Chief Financial Officer
BOSTON, Aug. 12, 2025 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (NASDAQ:XFOR), a company driven to improve the lives of people with rare diseases of the immune system, today announced that it has entered into a securities purchase agreement for a private placement in public equity ("PIPE") financing that is expected to result in gross proceeds of approximately $60 million, before deducting placement agent fees and other expenses. The closing of the financing is expected to occur on or about August 13, 2025, subject to customary closing conditions.
Concurrent with the financing and effective immediately, X4 President and Chief Executive Officer Paula Ragan, PhD, and Chief Financial Officer Adam Mostafa have stepped down from their respective roles. Dr. Ragan has also resigned from the Board of Directors, and Michael Wyzga has transitioned from Board Chair to Lead Independent Director. In their place, the X4 Board of Directors has appointed Adam Craig, PhD, as Executive Chair, John Volpone as President, and David Kirske as Chief Financial Officer, effectively immediately. Dr. Craig, Mr. Volpone and Mr. Kirske all previously served at CTI BioPharma and bring deep strategic experience in the life sciences sector as well as key expertise 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. "With the 4WARD Phase 3 study underway, there is a clear pathway for the potential approval of mavorixafor for the treatment of chronic neutropenia. As the company transitions to new management, we would like to thank the previous leadership for their work."
The financing is being led by Coastlands Capital with support from existing investors Bain Capital Life Sciences and New Enterprise Associates (NEA) and leading life science investors, among them BVF Partners LP, Deep Track Capital, Kalehua Capital, Nantahala Capital, Stonepine Capital Management, and Trails Edge Capital Partners.
Stifel is acting as sole placement agent for the PIPE transaction.
Pursuant to the terms of the securities purchase agreement, at the closing of the PIPE financing, X4 will issue an aggregate of 11,040,776 shares of common stock (or pre-funded warrants to purchase up to 31,234,731 shares of common stock in lieu thereof). The purchase price per share is $1.42 (or $1.419 per pre-funded warrant). The pre-funded warrants have an exercise price of $0.001 per share, are exercisable at any time after their original issuance and will not expire.
X4 expects to use the net proceeds from the financing for ...
