Paula Ragan, X4 Pharmaceuticals CEO

Small Mass­a­chu­setts biotech tries to beat back the bears with $55M PIPE

As the bear mar­ket con­tin­ues to hold down biotechs of sev­er­al shapes and sizes, one com­pa­ny is sell­ing shares to ex­tend its run­way.

Boston-based X4 Phar­ma­ceu­ti­cals an­nounced Fri­day that it has agreed to sell over 50 mil­lion shares of com­mon stock to cer­tain in­vestors in a PIPE fi­nanc­ing. The com­pa­ny is an­tic­i­pat­ing that gross pro­ceeds from the PIPE will be ap­prox­i­mate­ly $55 mil­lion and close on Ju­ly 6, with a pur­chase set at $1.09.

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