X4 Pharmaceuticals Raises $60 Million, Overhauls Leadership to Advance Mavorixafor

X4 Pharmaceuticals said it has secured about $60 million in gross proceeds through a private placement of equity, issuing 11.0 million common shares at $1.42 each and pre-funded warrants for up to 31.2 million additional shares at $1.419. The financing is led by Coastlands Capital with participation from existing investors Bain Capital Life Sciences and New Enterprise Associates. Closing is expected on or around 13 August, subject to customary conditions. Concurrently, the Boston-based rare-disease specialist overhauled its leadership. Long-time Chief Executive Officer Paula Ragan and Chief Financial Officer Adam Mostafa stepped down, and former CTI BioPharma executives Adam Craig, John Volpone and David Kirske were named executive chairman, president and CFO, respectively. Board chair Michael Wyzga will move to lead independent director. X4 plans to use the fresh capital to advance mavorixafor, its CXCR4 antagonist, including the ongoing Phase 3 4WARD study in chronic neutropenia and planned commercialization for WHIM syndrome. Stifel is acting as sole placement agent for the transaction.