X4 Pharmaceuticals Cuts Half Its Workforce in Restructuring

Rare Daily Staff

Rare disease drug developer X4 Pharmaceuticals said it will slash its workforce by 50 percent as part of a restructuring to conserve resources and focus on completing its phase 3 study in patients with moderate and severe chronic neutropenia.

The company said it expects to save about $13 million a year as a result of the staff reduction.

The changes follow a $60 million private placement in August, concurrent with the resignations of CEO Paula Ragan and CFO Adam Mostafa.

John Volpone, president of X4, will take on the additional role of chief operating officer. He will oversee day-to-day operational management and business execution across the company.

Adam Craig, executive chairman, will oversee clinical development.

As part of the workforce reduction, Natasha Thoren, chief legal and compliance officer; Mary DiBiase, chief operating officer; and Mark Baldry, chief commercial officer, will be leaving the company.

Christophe Arbet‑Engels, chief medical officer, is resigning for personal reasons and will remain available to support transition activities.

“The new X4 management team has taken the first step in streamlining the organization to effectively execute and complete the 4WARD phase 3 trial,” Craig said. “Over the coming weeks, we plan to continue to drive operational efficiencies, consolidate resources, and strengthen our leadership structure.”

Photo: Adam Craig, executive chairman of X4