X4 Pharmaceuticals announces $60M financing, management changes

X4 Pharmaceuticals (XFOR) has entered into a securities purchase agreement for a private placement in public equity 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 CEO Paula Ragan, PhD, and CFO 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 CFO, 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. The financing is being led by Coastlands Capital with support from existing investors Bain Capital Life Sciences and New Enterprise Associates 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. The purchase price per share is $1.42. 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 continued development towards a potential additional approval of mavorixafor in chronic neutropenia in addition to the commercialization of WHIM. Craig was previously Interim CEO at Stratus Therapeutics where he remains on the Board of Directors. Volpone most recently served as Executive Vice President and Chief of Staff at CTI BioPharma, overseeing a broad range of functions including business development, regulatory affairs and clinical operations. Kirske was most recently the CFO of Stratus Therapeutics and previously Executive Vice President and CFO of CTI BioPharma.