XORTX Therapeutics Welcomes New CFO to Its Team
CALGARY, Alberta — XORTX Therapeutics Inc. (NASDAQ: XRTX), a leader in developing novel therapies for kidney diseases, has appointed Dr. Michael Bumby as its new Chief Financial Officer. His extensive experience in finance and the biotech industry positions XORTX to advance further in its mission to innovate treatments for progressive kidney diseases.
Dr. Bumby's Proven Background in Biotech Finance
Dr. Bumby, with a robust background in finance and leadership, was previously the CFO of MediPharm Labs and played a critical role following its acquisition of VIVO Cannabis Inc. With over 20 years in various finance roles, including a significant tenure at Eli Lilly, where he directed corporate finance and investment banking efforts, Dr. Bumby's insights are invaluable.
Key Experiences at Eli Lilly
His experience at Eli Lilly spanned 14 years, during which he not only led international business development for early- and late-stage projects but also served as a regional CFO in Europe. These roles have prepared him well for his significant responsibilities at XORTX.
Public Company Expertise
After leaving Eli Lilly, he transitioned to the role of public company CFO at Antibe Therapeutics, contributing to its successful IPO in 2013. More recently, he was the CFO of Merus Labs, where he co-led its acquisition by Norgine B.V. for an impressive $340 million.
A Strong Fit for XORTX's Vision
Anthony Giovinazzo, Chairman of XORTX, expressed his excitement over Dr. Bumby joining the team, highlighting his expansive knowledge in both science and finance, suggesting that it will greatly aid the company in achieving its future objectives.
CEO’s Acknowledgment to the Previous CFO
Dr. Davidoff, CEO of XORTX, conveyed gratitude to the outgoing CFO, Jim Fairbairn. Acknowledging Fairbairn's contributions, Dr. Davidoff emphasized the positive attributes that Dr. Bumby brings to the company as they move towards their next stages of development.
Stock Options Granted
As part of Dr. Bumby's appointment, XORTX has issued 13,000 stock options, enabling him to purchase common shares at $1.75 over the next five years, aligning his interests with the company's performance and growth.
About XORTX Therapeutics Inc.
XORTX Therapeutics is on an ambitious path with two clinically advanced projects aimed at addressing critical kidney health issues. The lead program, known as XRx-008, is dedicated to treating Autosomal Dominant Polycystic Kidney Disease (ADPKD), while the secondary program, XRx-101, focuses on acute kidney injury linked to COVID-19. The company is also advancing XRx-225, targeting Type 2 Diabetic Nephropathy in pre-clinical stages.
Research and Development Focus
At XORTX, the goal is to develop medications that tackle aberrant purine metabolism and inhibit xanthine oxidase to manage uric acid production effectively. The commitment to improving patients' quality of life remains at the core of XORTX's mission.
Contact Information for Inquiries
For further 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 position has Dr. Bumby been appointed to at XORTX?
Dr. Michael Bumby has been appointed as the Chief Financial Officer (CFO) of XORTX Therapeutics.
What prior experience does Dr. Bumby have?
Dr. Bumby has over 20 years of experience in finance, previously serving as CFO at MediPharm Labs and Eli Lilly, among other positions.
Why is Dr. Bumby's appointment significant for XORTX?
His extensive background in biotech finance and leadership is expected to enhance XORTX's operational capabilities and drive its strategic objectives forward.
What are the main projects XORTX is developing?
XORTX is focused on two advanced clinical programs: XRx-008 for ADPKD and XRx-101 for acute kidney injury related to COVID-19.
How can I contact XORTX for more information?
You can contact Allen Davidoff at adavidoff@xortx.com or Nick Rigopulos at nick@alpineequityadv.com for inquiries regarding XORTX Therapeutics.
