XORTX Secures Extension to Meet Nasdaq Compliance Goals
XORTX Therapeutics Receives Compliance Extension from Nasdaq
CALGARY, Alberta — XORTX Therapeutics Inc. (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a clinical-stage pharmaceutical company dedicated to developing innovative treatments for gout and progressive kidney disease, has recently announced a significant development concerning its Nasdaq compliance status. The company has received an Extension Notice from the Nasdaq Stock Market, granting them an additional 180 days to align with the minimum bid price requirement of US$1.00 per share.
Understanding the Compliance Extension
Previously, Nasdaq informed XORTX that it was not meeting the Minimum Bid Requirement on April 17, 2025. At that time, the company was given until October 14, 2025, to achieve compliance. With the newly awarded extension, XORTX now has until April 13, 2026, to meet the stipulated requirement.
Path to Compliance
To regain compliance, XORTX must ensure that the closing bid price of its common shares remains at or above $1 per share for at least ten consecutive business days within the designated compliance period. If successful, Nasdaq will notify the company that it has met the Minimum Bid Requirement, effectively closing any deficiency matters.
Next Steps If Compliance Is Not Met
In the unfortunate event that XORTX cannot demonstrate compliance by April 13, 2026, Nasdaq may issue a written notice of potential delisting. However, XORTX has the right to appeal this determination to a Nasdaq Hearings Panel, which will maintain the company’s listings status during the appeal process.
XORTX’s Commitment to Solutions
The company is focused on exploring various options to resolve this compliance issue efficiently. XORTX is not only dedicated to fulfilling its listing requirements but also to advancing its pioneering pharmaceutical products. Currently, XORTX has three promising drugs in clinical development, which includes treatments specifically designed for gout and kidney diseases.
Current Product Pipeline
Among XORTX's primary development programs, the XRx-026 initiative aims to address gout, while the XRx-008 program targets autosomal dominant polycystic kidney disease (ADPKD). Furthermore, XORTX is working on XRx-101, designed to treat acute kidney and other organ injuries associated with respiratory virus infections. Also in the pipeline is XRx-225, a pre-clinical program aimed at diabetic nephropathy.
Strategic Focus on Uric Acid Production
The company’s research primarily targets aberrations in purine metabolism and seeks to inhibit the production of uric acid via the action of xanthine oxidase. This focus is crucial as elevated uric acid levels can lead to a range of health complications, including gout. XORTX’s dedication to enhancing the lives of individuals affected by these conditions underpins its mission to develop effective therapeutic solutions.
Looking Beyond Compliance
Even as XORTX progresses through its compliance journey, the company remains steadfast in its commitment to clinical innovation. With ongoing research and development, XORTX endeavors to push boundaries and deliver healthcare solutions that address pressing medical needs effectively.
Contact Information
For additional inquiries, reach out to:
Allen Davidoff, CEO — adavidoff@xortx.com or call +1 403 455 7727.
Nick Rigopulos, Director of Communications — nick@alpineequityadv.com or call +1 617 901 0785.
Frequently Asked Questions
What is the purpose of the compliance extension granted to XORTX?
The extension allows XORTX until April 13, 2026, to meet Nasdaq’s minimum bid price requirement of $1.00 per share.
How does XORTX plan to regain compliance with Nasdaq?
XORTX must maintain a closing bid price of $1 or above for at least ten consecutive business days during the compliance period.
What happens if XORTX fails to comply by the deadline?
If compliance is not achieved by April 13, 2026, Nasdaq could delist XORTX’s shares, but the company can appeal this decision.
What are some of XORTX’s key product offerings?
XORTX is developing several treatments, including XRx-026 for gout and XRx-008 for ADPKD, highlighting its commitment to addressing kidney-related diseases.
How does XORTX aim to impact patient health?
XORTX focuses on medications that improve the quality of life for patients suffering from gout and progressive kidney diseases through innovative therapeutics.
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