X4 Pharmaceuticals, Inc. Draws an Additional Tranche of $20 Million Under Its Existing Loan Facility with Hercules Capital, Inc

X4 Pharmaceuticals, Inc. has drawn an additional tranche of $20 million under its existing loan facility with Hercules Capital, Inc. transactions result from the U.S. Food and Drug Administration (FDA) approval of the company?s first product, XOLREMDI? (mavorixafor), in late April. 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 funded in multiple tranches, and is in an interest-only period until July 2027. The $105 million of gross funds received from the sale of the PRV and the $20 million drawn from the existing loan facility add to the $82 million in cash, cash equivalents, restricted cash, and short-term marketable securities reported as of March 31, 2024.