XORTX Therapeutics Secures USD $925,000 in Private Placement
XORTX Therapeutics Announces USD $925,000 Private Placement
CALGARY, Alberta — XORTX Therapeutics Inc. (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU) has officially announced a remarkable opportunity for investors. The company plans to conduct a non-brokered private placement aiming to raise up to USD $925,000. This capital will be generated through the issuance of up to 1,267,123 common share units at a price of USD $0.73 each.
Understanding the Offering
Each unit of the private placement will comprise one common share and a warrant. This warrant allows the holder to purchase an additional common share at a price of USD $1.20 per share, with the option available for up to 60 months from the closing date of the offering. Interestingly, if the market price exceeds USD $2.00 for a consecutive 10-day trading period, the warrants will be accelerated and will expire after 30 business days following that notice.
Investment Details
This private placement aims to be accessible to purchasers residing in Canada, however, residents of Quebec will not be included. This offering will be conducted in accordance with National Instrument 45-106, allowing for a streamlined process that bypasses a hold period on the securities issued, due to it qualifying under the Listed Issuer Financing Exemption.
Capital Utilization Plan
The net proceeds from the offering are anticipated to be allocated towards the advancement of XORTX's groundbreaking programs for gout, as well as general corporate expenses. This funding will not only aid in the development of existing products but will also bolster research initiatives aimed at tackling progressive kidney disease.
Closing Timeline
Although slated for closing on or around July 4, 2025, the exact date may be subject to change based on various conditions, including approval from the TSX Venture Exchange. XORTX remains committed to ensuring all necessary regulatory approvals are secured.
About XORTX Therapeutics Inc.
XORTX Therapeutics is a clinical-stage pharmaceutical company with a focus on research and the development of novel therapies. Its lead program, XRx-026, aims to combat gout, followed by XRx-008, designed for ADPKD, and finally, XRx-101, which targets acute kidney injuries related to respiratory virus infections. The portfolio also includes XRx-225, a pre-clinical program addressing Type 2 diabetic nephropathy, emphasizing the company’s commitment to improving the lives of individuals dealing with these challenging health issues.
Corporate Contact Information
For further inquiries, feel free to reach out to:
Allen Davidoff, CEO
Email: adavidoff@xortx.com or Phone: +1 403 455 7727
Nick Rigopulos, Director of Communications
Email: nick@alpineequityadv.com or Phone: +1 617 901 0785
Frequently Asked Questions
What is the purpose of XORTX's private placement?
The private placement aims to raise funds for advancing XORTX’s programs focused on gout and general corporate purposes.
How much is XORTX planning to raise?
XORTX is aiming to raise up to USD $925,000 through this private placement.
What are the key features of the warrants?
The warrants allow holders to purchase additional common shares at USD $1.20 until they expire, with potential acceleration if certain market conditions are met.
Who can participate in the private placement?
The offering is available to purchasers residing in Canada, excluding Quebec, and other qualifying jurisdictions as permitted by regulatory requirements.
When is the expected closing date for the offering?
The expected closing date for the offering is on or about July 4, 2025, subject to necessary approvals.
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