X4 Pharmaceuticals to cut workforce by half, shares up

Shares of drug developer X4 Pharmaceuticals XFOR.O rise 2.5% to $3.29 premarket

Co to reduce its workforce by 50%, anticipated to result in $13 mln in annualized cost saving

Co says restructuring to align its resources to complete its late-stage trial testing its treatment in patients with moderate and severe chronic neutropenia

Neutropenia is a condition which involves having lower-than-normal levels of neutrophils- a type of white blood cell in the blood

Says as part of the restructuring, senior executives- chief legal officer, chief operating officer and chief commercial officer will be exiting the company

Up to last close, stock down 85.4% YTD