Nasus Pharma Debuts on NYSE American, X4 Pharmaceuticals Secures $85M in Upsized Private Placement

Nasus Pharma (NSRX) opens at $8 in its NYSE American debut, raising $10M for its intranasal epinephrine program. X4 Pharmaceuticals (XFOR) closes an $85M upsized private placement to support Mavorixafor development and commercialization.

Nasus Pharma Launches IPO at $8 per Share

Nasus Pharma Ltd. (NYSE: NSRX), a clinical-stage pharmaceutical company specializing in innovative intranasal treatments for emergency medical conditions, began trading on the NYSE American Wednesday. Shares opened at $8.00, matching the IPO price.

The IPO raised $10 million in gross proceeds from the sale of 1,250,000 ordinary shares, excluding underwriting discounts, commissions, and other offering expenses.

Over-Allotment Option Granted
Underwriters have a 45-day option to purchase up to an additional 187,500 shares at the IPO price to cover over-allotments.

Use of Proceeds

• Advance the intranasal Epinephrine program, including manufacturing scale-up
• Fund additional Phase 2 studies
• Support working capital, corporate purposes, and capital expenditures

Bookrunners

• Laidlaw & Company (UK) Ltd.
• Craft Capital Management LLC

X4 Pharmaceuticals Closes $85M Upsized Private Placement

X4 Pharmaceuticals (NASDAQ: XFOR) announced the closing of an upsized private placement involving over 11 million shares of common stock and nearly 49 million pre-funded warrants. The total offering proceeds reached $85 million, up from the initially announced $60 million.

Reason for Upsizing
The deal size was increased to accommodate an investor with pre-existing investment rights.

Funding Allocation
Proceeds will support:

• Continued development of Mavorixafor for chronic neutropenia
• Commercialization of Mavorixafor for WHIM syndrome treatment

Market Sentiment and Analyst Reactions

H3: Retail Sentiment Surge
On Stocktwits, retail investor sentiment shifted from “bullish” to “extremely bullish” within 24 hours, with message volume spiking to “extremely high”.

H3: Analyst View

• H.C. Wainwright’s Swayampakula Ramakanth cut the price target from $7 to $3.50 but maintained a Buy rating.
• The analyst cited strengthened balance sheet, improved ability to meet Hercules Loan covenants, and strategic benefits from the capital raise.

Leadership Changes at X4 Pharmaceuticals

X4 also announced significant executive changes:

• Paula Ragan (CEO) and Adam Mostafa (CFO) resigned.
• Adam Craig appointed as Executive Chair
• John Volpone as President
• David Kirske as CFO

These moves are effective immediately.

Stock Performance

• XFOR: Down 86% year-to-date and 83% over the past 12 months, reflecting investor caution amid operational challenges.
• NSRX: Began trading at IPO price; early performance will depend on investor reception and progress in pipeline development.

Investor Takeaways

• Nasus Pharma (NSRX): A small-cap biotech debut focused on emergency intranasal treatments, with a clear funding path for Phase 2 trials.
• X4 Pharmaceuticals (XFOR): Strengthened finances but faces pressure to execute on drug development, navigate leadership transitions, and regain investor trust.