Small Massachusetts biotech tries to beat back the bears with $55M PIPE

Small Massachusetts biotech tries to beat back the bears with $55M PIPE

Source: 
Endpoints
snippet: 

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.