XFOR - X4 Pharmaceuticals Announces $125 Million Capital Infusion from $105 Million Sale of Priority Review Voucher and $20 Million Drawdown from Existing Loan Facility | Benzinga
$125 million of non-dilutive capital extends projected cash runway into late 2025, excluding expected commercial sales from XOLREMDI™ (mavorixafor)
XOLREMDI, the first drug indicated in patients with WHIM syndrome, received U.S. FDA approval in April 2024
BOSTON, May 09, 2024 (GLOBE NEWSWIRE) -- X4 Pharmaceuticals (NASDAQ:XFOR), a company driven to improve the lives of people with rare diseases of the immune system, today announced that it has completed the sale of its Rare Pediatric Disease Priority Review Voucher (PRV) to an undisclosed purchaser for $105 million and that it has drawn an additional tranche of $20 million under its existing loan facility with Hercules Capital, Inc. (NYSE:HTGC). Both transactions result from the U.S. Food and Drug Administration (FDA) approval of the company's first product, XOLREMDI™ (mavorixafor), in late April.
"This infusion of non-dilutive capital provided by these transactions extends our projected cash runway into late 2025, excluding expected commercial product sales, and provides us with additional financial strength and flexibility as we execute on the XOLREMDI launch in WHIM syndrome and continue to advance mavorixafor into a potential second indication, with the planned initiation of a Phase 3 trial this quarter in certain chronic neutropenic disorders," said Adam Mostafa, Chief Financial Officer of X4 Pharmaceuticals.
Under the Rare Pediatric Disease program, the FDA awards PRVs to sponsors of rare pediatric disease product applications that meet certain criteria to encourage development of new drugs and biologics for the prevention and treatment of rare pediatric diseases. The term loan facility with Hercules Capital provides for up to $115 million of term loans in the aggregate, available to be ...