XORTX Announces $2 Million Public Offering
January 15 2024 - 7:00AM
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, announces the filing of a prospectus supplement on a
non-brokered offering of up to 666,667 common share units
(“
Common Share Units”), with each Common Share
Unit consisting of one common share, no par value, and one warrant
(“
Warrant”) to purchase one common share at $4.50
per common share for a period of two years for aggregate gross
proceeds of up to $2 million, prior to deducting offering expenses
(the “
Offering”). The common shares and Warrants
contained in the Common Share Units are immediately separable upon
issuance. The Warrants have an initial exercise price of $4.50 per
share, will be immediately exercisable, and may be exercised for
two years from the date of issuance, provided, however that, if,
the common shares on the TSX Venture Exchange
(“
TSXV”) trade at greater than $6.00 for 10 or
more consecutive trading days, the Warrants will be accelerated and
the Warrants will expire on the 30th business day following the
date of such notice.
The Offering is expected to close on or about
January 25, 2024, subject to satisfaction of customary closing
conditions.
This news release does
not constitute an offer to sell or a solicitation of an offer to
sell any of the securities in the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the “U.S. Securities
Act”) or any state securities laws and may not be offered
or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
The Company also announces that it has entered
into a consulting agreement with Plutus Bridge Capital Inc.
(“Plutus”) to provide social media marketing and
related services in accordance with TSXV policies (the
“Consulting Agreement”). Plutus is an
independently owned public relations and capital markets
consultancy firm based in Vancouver, British Columbia. In
connection with the engagement, the Company has advanced US$25,000
plus applicable taxes to cover the start-up costs associated with
the public relations campaign and related services. A further
budget will be required to expand the program at the discretion and
approval of the Company. The engagement is for an initial term of
six months until June 30, 2024. The Consulting Agreement can be
extended by mutual consent and can be terminated by either party on
30 days written notice. XORTX and Plutus are unrelated and
unaffiliated entities. Plutus has informed the Company that it
currently has no present, direct or indirect, interest in XORTX or
any securities of XORTX.
About XORTX Therapeutics
Inc.
XORTX is a pharmaceutical company with two
clinically advanced products in development: 1) our lead, XRx-008
program for ADPKD; and 2) our secondary program in XRx-101 for
acute kidney and other acute organ injury associated with
Respiratory Viral infection. In addition, XRx-225 is a pre-clinical
stage program for Type 2 Diabetic Nephropathy. XORTX is working to
advance its clinical development stage products that target
aberrant purine metabolism and xanthine oxidase to decrease or
inhibit production of uric acid. At XORTX, we are dedicated to
developing medications to improve the quality of life and future
health of patients with kidney disease. Additional information on
XORTX is available at www.xortx.com.
For further information, please
contact:
Allen Davidoff, CEO |
Nick Rigopulos, Director of Communications |
adavidoff@xortx.com or +1 403
455 7727 |
nick@alpineequityadv.com or +1 617 901 0785 |
|
|
Neither the TSX Venture Exchange nor Nasdaq has
approved or disapproved the contents of this news release. No stock
exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Forward Looking Statements
This press release contains express or implied
forward-looking statements pursuant to U.S. Federal securities
laws. For example, XORTX is using forward-looking statements when
it discusses the expected mix of securities offered, the timing of
the closing of the Offering, the satisfaction of customary closing
conditions of the Offering and the possible offering of additional
common shares and/or Warrants pursuant to the underwriters’ option.
These forward-looking statements and their implications are based
on the current expectations of the management of XORTX only, and
are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in
the forward-looking statements. The Offering may not occur, may be
delayed or may be completed with different terms than are currently
contemplated. Except as otherwise required by law, XORTX undertakes
no obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting XORTX is contained under the heading “Risk Factors” in
XORTX’s Registration Statement on Form F-1 filed with the SEC,
which is available on the SEC's 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.sedar.com.
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