XORTX Announces USD $3 Million Offering
Summary
Proceeds will be used to advance XORTXs programs for gout CALGARY, Alberta, May 19, 2025 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the Company) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late stage clinical pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease and gout, announces a non-brokered private placement to raise up to USD $3,000,000 through the issuance of up to 3,409,090 common share units of the Company at a price of USD $0.88 per unit (the Offering). The Company will use commercially reasonable efforts to file a registration statement on Form F-1 within 30 calendar days of the Closing Date with the U.S. Securities and Exchange Commission and have it declared effective as soon as practicable thereafter.The Offering is subject to approval of the TSX Venture Exchange.The net proceeds from the Offering will be used to advance XORTXs programs for gout and for working capital and general corporate purpose.XORTX is a pharmaceutical company with three clinically advanced products in development: 1) our lead program XRx-026 program for the treatment of gout; 2) XRx-008 program for ADPKD; and 3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. At XORTX, we are dedicated to developing medications that improve the quality of life and health of individuals with gout and other important diseases. Such risks, uncertainties, and other factors include, but are not limited to, our ability to obtain additional financing; the accuracy of our estimates regarding expenses, future revenues and capital requirements; the success and timing of our preclinical studies and clinical trials; the performance of third-party manufacturers and contract research organizations; our plans to develop and commercialize our product candidates; our plans to advance research in other kidney disease applications; and, our ability to obtain and maintain intellectual property protection for our product candidates. More detailed information about the risks and uncertainties affecting XORTX is contained under the heading Risk Factors in XORTXs Annual Report on Form 20-F filed with the SEC, which is available on the SECs website, www.sec.gov (including any documents forming a part thereof or incorporated by reference therein), as well as in our reports, public disclosure documents and other filings with the securities commissions and other regulatory bodies in Canada, which are available on www.sedarplus.ca.