Overview of XORTX's Auditor Transition
XORTX Therapeutics Inc. (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU) has recently made a significant change in its financial oversight by appointing a new auditor. This transition is part of the company's commitment to maintaining high standards as it continues to develop innovative therapies aimed at treating progressive kidney diseases and gout.
Changes in Auditing Oversight
The company announced that it has shifted its auditing responsibilities from the former auditor, Smythe LLP, Chartered Professional Accountants, to Davidson & Company LLP, Chartered Professional Accountants. This change became effective on January 16, and reflects the company’s focus on ensuring robust financial practices.
Importance of the Change
The board of directors at XORTX recognized the necessity of this shift, emphasizing the desire for a partnership that can better support XORTX’s growth trajectory and financial transparency. The new auditor will be responsible for conducting audits until the next annual general meeting, ensuring ongoing compliance and accuracy within financial reporting.
Audit Reports and Relationship Status
Importantly, the former auditor had no reservations in their audit reports during their tenure, highlighting a clean slate in financial accountability. Furthermore, no 'reportable events' ensued during the association with the former auditor, indicating a smooth operational flow regarding financial practices.
Compliance with Regulatory Norms
In adherence to National Instrument 51-102, XORTX has prepared and reviewed the necessary documents regarding this change. The audit committee and the board have thoroughly examined the Notice of Change of Auditor along with the requisite communications from both the former and succeeding auditors. All relevant filings have been documented in the company’s SEDAR+ profile.
About XORTX Therapeutics Inc.
XORTX Therapeutics is a clinical pharmaceutical company dedicated to advancing treatment options for patients with severe kidney conditions and gout. The company has several products in various stages of clinical development aimed at targeting abnormal purine metabolism and inhibiting uric acid production. Key initiatives include:
Advanced Clinical Products
The company’s lead program, XRx-008, focuses on Autosomal Dominant Polycystic Kidney Disease (ADPKD), a debilitating condition that affects kidney function. In addition to XRx-008, XORTX is progressing the XRx-026 program, specifically targeting patients intolerant to allopurinol, a standard gout treatment. Another significant offering is XRx-101, which aims to address acute kidney injury and other organ damages linked to COVID-19 infection.
Future Directions
As part of its long-term vision, XORTX is also developing XRx-225, a preclinical program addressing Type 2 Diabetic Nephropathy. The goal across all programs is to create therapies that significantly enhance the quality of life for individuals suffering from these serious health conditions, thereby leading the way in innovative healthcare solutions.
Contact Information
For further inquiries about XORTX and its transformative work in therapeutics, you can reach:
Allen Davidoff, CEO
Email: adavidoff@xortx.com
Phone: +1 403 455 7727
Nick Rigopulos, Director of Communications
Email: nick@alpineequityadv.com
Phone: +1 617 901 0785
Frequently Asked Questions
What prompted XORTX to change its auditor?
The change was made to enhance financial oversight as the company progresses in developing innovative therapies.
Who is the new auditor for XORTX?
Davidson & Company LLP has been appointed as the new auditor, succeeding Smythe LLP.
How will the auditor transition affect the company?
This transition is expected to fortify the company’s commitment to financial integrity and transparency.
What are XORTX's main clinical programs?
Key programs include XRx-008 for ADPKD, XRx-026 for gout intolerant to allopurinol, and XRx-101 for acute kidney injuries.
Where can I find more information about XORTX?
Additional information can be found on the company’s website at www.xortx.com.
