X4 Pharmaceuticals, Inc. announced a private placement of common stock and warrants to certain institutional accredited investors co-led by new investors, New Enterprise Associates, Inc., Acorn Bioventures and Lumira Ventures on June 30, 2022. The company will issue 50,925,365 shares of common stock at a price of $1.095 per share and warrants for an aggregate gross proceeds of $55,000,000 before deducting fees to the placement agent and other estimated offering expenses payable by the company. The closing of the financing is expected to occur on or about July 6, 2022, subject to customary closing conditions.

The warrants will have a per share exercise price of $1.095 and may be exercised at any time on or after the closing date and through the fifth anniversary of the closing date. The transaction also included participation from 23 investors including returning investors, Bain Capital Life Sciences Investors, LLC, AXA Investment Managers, OrbiMed Advisors LLC and Hercules Capital, Inc. In connection with the transaction, the company has agreed to convene a special meeting of its stockholders no later than 90 days following the closing to seek approval of an increase in the number of its authorized shares of common stock. The company will raise $55,749,999 through securities pursuant to exemption provided under Regulation D.