X4 Pharmaceuticals Secures $27M in Series B Financing

X4 Pharmaceuticals, a clinical stage biotechnology company developing novel CXCR4 inhibitor drugs to improve immune cell trafficking to treat cancer and rare diseases, announced the successful completion of a $27 million Series B financing. Proceeds from the financing will be used to advance X4’s two lead drug candidates in clinical efficacy studies in immuno-oncology and a pivotal study in WHIM syndrome, a rare primary immunodeficiency disease. X4’s novel therapeutics are directed against the CXCR4 pathway to correct the trafficking of key immune cells that regulate healthy immune surveillance throughout the body.

“We are incredibly pleased to have the support of Cormorant Asset Management and additional new and existing investors to support our mission of bringing innovative treatments to patients with cancer and rare diseases,” said Paula Ragan, PhD, President and CEO of X4. “We are now in a strong position to advance our lead candidate in WHIM syndrome into a pivotal study in 2018 and to advance our proof of concept studies in oncology. This financing recognizes the progress we have made as well as the important milestones that lie ahead in 2018.”

“Having been an investor in the earliest stages of X4, we have witnessed the strong progress the company has made and the impact these treatments are having for patients,” said Bihua Chen, CEO and Portfolio Manager, Cormorant Asset Management. “X4 has built a differentiated approach rooted in strong science and clear regulatory pathways. We are pleased to support X4’s continuing work in developing and commercializing innovative therapies for primary immunodeficiencies and cancer.”

In the two years since X4 launched in 2015, the company has rapidly entered clinical studies with lead programs for two different diseases: as an immuno-oncology agent for solid tumors and as a treatment for the rare disease WHIM syndrome. The company’s oral, small molecule drug candidates inhibit the binding of chemokine CXCL12 to C-X-C receptor type 4 (CXCR4), a receptor-ligand pair that plays an essential role in normal immune surveillance. X4P-001-IO has demonstrated encouraging results in Phase 1/2 testing in refractory clear cell renal cell carcinoma, as well as in melanoma where results support activation of the immune system. In addition, X4P-001-RD has demonstrated initial proof-of-concept in the Phase 2 portion of an on-going Phase 2/3 study in patients with WHIM syndrome.