X4 Pharmaceuticals, Inc. announced that it expects to receive $115 million in funding
August 02, 2023
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X4 Pharmaceuticals, Inc. announced that it will raise $115 million loan facility with Hercules Capital, Inc. on August 3, 2023. The company will raise funds in multiple tranches.
On the same date, the company raised $22.5 million as its first tranche. In addition to its initial drawdown, the company may draw an additional tranche of up to $20 million. An additional tranche will be available in the amount of up to $7.5 million. The availability of a final tranche of up to $32.5 million. In addition, the availability of each tranche is subject to certain customary conditions to drawing. The facility refinances $32.5 million in outstanding principal indebtedness and extends the initial interest-only period and maturity of existing and future borrowings. The company is under no obligation to draw funds in the future. The loans mature on October 1, 2026; provided, however , such maturity date will be extended to July 1, 2027 if the Amortization Date is extended pursuant to clause of the foregoing sentence. The Company may prepay all, but not less than all, of the outstanding borrowings, subject to a prepayment premium that remains unchanged from the Existing Loan Agreement ? 3.0% during the first 12 months following the Original Closing Date, 2.0% during the following 12 months and 1.0% thereafter.
X4 Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on discovering and developing novel therapeutics for the treatment of rare diseases and those with limited treatment options, with a focus on conditions resulting from dysfunction of the immune system. Its lead clinical candidate is mavorixafor, a small-molecule selective antagonist of chemokine receptor CXCR4, that is being developed as an oral, once-daily therapy. It has developed a pipeline of small-molecule, oral antagonists of the chemokine receptor C-X-C receptor type 4 (CXCR4). It has two pre-clinical candidates: X4P-003, a second-generation CXCR4 antagonist designed to have enhanced properties relative to mavorixafor, potentially enabling opportunities in CXCR4-dependent disorders and primary immunodeficiencies, and X4P-002, a CXCR4 antagonist with a distribution profile and a demonstrated ability to cross the blood-brain barrier.
X4 PHARMACEUTICALS, INC. 
