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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