XORTX Plans Direct Offering to Raise $1.1 Million for Growth
XORTX Therapeutics Inc. Announces a Direct Offering
CALGARY, Alberta — XORTX Therapeutics Inc. (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a clinical pharmaceutical company dedicated to creating innovative therapies for gout and progressive kidney disease, is moving forward with a registered direct offering.
Details of the Offering
The registered direct offering entails the sale of 1,746,631 common shares at a price of US$0.63 per share. This offering is anticipated to generate gross proceeds of approximately US$1.1 million, which will support the company’s working capital and general corporate initiatives.
Closing Schedule
XORTX expects the closing of the offering to occur shortly, subject to customary closing conditions and TSX Venture Exchange approval. D. Boral Capital LLC will serve as the sole placement agent for this initiative.
Utilization of Proceeds
The net proceeds from this offering are intended for enhancing the company's operational capabilities, ensuring that they can continue developing vital therapies aimed at improving the quality of life for people suffering from gout and other kidney-related issues.
Growth of XORTX’s Product Pipeline
XORTX is advancing several products, including:
- XRx-026: Targeted for gout treatment.
- XRx-008: Designed to address autosomal dominant polycystic kidney disease (ADPKD).
- XRx-101: Aimed at acute kidney injuries tied to respiratory viruses.
- XRx-225: In pre-clinical development, this program focuses on Type 2 diabetic nephropathy.
Company Background
XORTX is passionate about developing therapies that tackle disruptions in purine metabolism and the production of uric acid. The strength of their pipeline reflects their commitment to addressing unmet medical needs and improving health outcomes.
Engagement and Contact Information
For those interested in more information, representatives from XORTX are available:
Allen Davidoff, CEO
Contact: adavidoff@xortx.com or +1 403 455 7727
Nick Rigopulos, Director of Communications
Contact: nick@alpineequityadv.com or +1 617 901 0785
Frequently Asked Questions
What is XORTX Therapeutics focusing on?
XORTX focuses on developing innovative therapies for gout and kidney diseases, enhancing patients' quality of life.
What is the purpose of the recent offering?
The offering aims to raise funds for working capital and to support ongoing corporate needs as XORTX advances its product pipeline.
Who is facilitating the offering?
D. Boral Capital LLC is the sole placement agent for the direct offering, helping to manage the transaction.
What products are in XORTX's pipeline?
XORTX has several products under development, targeting different aspects of kidney health and gout management.
How can I get in touch with XORTX?
You can contact Allen Davidoff, CEO, or Nick Rigopulos, Director of Communications, through their provided emails or phone numbers.
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