X4 Pharmaceuticals closes upsized $85 million private placement

X4 Pharmaceuticals (NASDAQ: XFOR) completed a private placement of $85 million, the company announced. The biotechnology firm sold 11,040,776 shares of common stock and pre-funded warrants to purchase 48,852,772 shares of common stock.

The offering was increased from the originally announced $60 million to accommodate an investor with a pre-existing investment right. Coastlands Capital led the financing, with participation from existing investors including Empery Asset Management, Bain Capital Life Sciences, New Enterprise Associates, BVF Partners, Deep Track Capital, Kalehua Capital, Nantahala Capital, Stonepine Capital Management, and Trails Edge Capital Partners.

X4 plans to use the net proceeds for continued development toward a potential additional approval of mavorixafor in chronic neutropenia and for the commercialization of WHIM. The company currently markets mavorixafor as XOLREMDI in the United States for its first indication.

The securities were sold in a private transaction not registered under the Securities Act of 1933. X4 has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the shares and underlying warrant shares.

X4 is conducting a Phase 3 clinical trial called 4WARD in people with certain chronic neutropenic disorders. The Boston-based company develops therapies for rare diseases of the immune system, focusing on CXCR4 antagonists.

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