X4 Pharmaceuticals announced a $60 million private placement in public equity (PIPE) financing alongside a complete leadership overhaul, positioning the rare disease company to advance its CXCR4 antagonist mavorixafor toward potential approval in chronic neutropenia. The financing, led by Coastlands Capital with participation from existing investors Bain Capital Life Sciences and New Enterprise Associates, is expected to close on August 13, 2025.
Leadership Transition Brings CTI BioPharma Veterans
Concurrent with the financing announcement, X4 installed a new management team with extensive experience in life sciences turnarounds. Dr. Adam Craig has been appointed Executive Chairman, John Volpone as President, and David Kirske as Chief Financial Officer, effective immediately. The trio previously worked together at CTI BioPharma, where they oversaw the company's restructuring and $1.7 billion acquisition by Sobi.
"We are excited to be joining X4 and for the opportunity to establish a world class hematology company by unlocking the full commercial potential of mavorixafor," said Dr. Craig. "With the 4WARD Phase 3 study underway, there is a clear pathway for the potential approval of mavorixafor for the treatment of chronic neutropenia."
The leadership changes resulted in the departure of President and CEO Paula Ragan, PhD, and Chief Financial Officer Adam Mostafa, who stepped down from their respective roles. Dr. Ragan also resigned from the Board of Directors, while Michael Wyzga transitioned from Board Chair to Lead Independent Director.
Financing Structure and Investor Base
Under the securities purchase agreement, X4 will issue 11,040,776 shares of common stock and pre-funded warrants to purchase up to 31,234,731 additional shares at a purchase price of $1.42 per share. The pre-funded warrants carry an exercise price of $0.001 per share, are exercisable immediately, and do not expire. Stifel is serving as sole placement agent for the transaction.
The investor syndicate includes both new and existing stakeholders, with participation from BVF Partners LP, Deep Track Capital, Kalehua Capital, Nantahala Capital, Stonepine Capital Management, and Trails Edge Capital Partners alongside the lead investors.
Mavorixafor Development Pipeline
X4 expects to use the net proceeds to support continued development of mavorixafor toward potential additional approval in chronic neutropenia, while maintaining commercialization efforts for XOLREMDI, the drug's current indication for WHIM syndrome. The company is conducting a global, pivotal Phase 3 clinical trial called 4WARD in patients with certain chronic neutropenic disorders.
Mavorixafor is an orally available CXCR4 antagonist that leverages X4's expertise in CXCR4 and immune system biology. The drug is currently marketed in the United States as XOLREMDI for its first approved indication, representing X4's entry into the rare disease therapeutics market.
New Leadership Credentials
Dr. Craig brings extensive life science leadership experience, having served as an independent strategic advisor to multiple companies and previously as Interim CEO of Stratus Therapeutics, where he remains on the Board of Directors. At CTI BioPharma, he led the restructuring, oversaw the approval and launch of the company's first product, and guided the acquisition process.
Volpone contributes over two decades of cross-functional drug development experience in oncology and rare diseases. At CTI BioPharma, he served as Executive Vice President and Chief of Staff, overseeing business development, regulatory affairs, and clinical operations. His earlier career included business development roles at Bristol-Myers Squibb and ZymoGenetics.
Kirske brings more than 20 years of strategic financial and operational experience, most recently as CFO of Stratus Therapeutics and previously as Executive Vice President and CFO of CTI BioPharma, where he played a central role in the Sobi acquisition. His background includes CFO consulting and senior financial positions at Helix BioMedix, F-5 Networks, Redhook Brewery, and Cray Computer.
