XORTX Finalizes a Private Placement worth USD $114,500
XORTX Therapeutics Inc., a pharmaceutical company focused on improving the quality of life and health of individuals with gout and other significant diseases, has completed a non-brokered private placement to raise $114,500 USD. The company issued 156,849 common share units at $0.73 per unit.
Each unit consists of one common share and one common share purchase warrant. The warrant allows the holder to purchase one additional common share at US$1.20 for 60 months. This private placement is part of XORTX’s ongoing effort to develop therapies for gout and progressive kidney disease.
The proceeds from this private placement will be used to support XORTX’s gout programs and cover general corporate and working capital needs. This placement specifically accommodated additional investor interest related to the company's LIFE offering, particularly from non-Canadian investors, according to CEO Allen Davidoff.
The securities issued under the Offering are subject to a four-month and one-day statutory hold period under applicable Canadian securities laws. The news release contains forward-looking statements about the company's current and future financing plans.
The success and timing of the company's preclinical studies and clinical trials are factors considered in the forward-looking information. The company's ability to obtain additional financing, intellectual property protection for its product candidates, and the performance of third-party manufacturers and contract research organizations are also important factors.
More detailed information about the risks and uncertainties affecting the company can be found in the company's Annual Report on Form 20-F filed with the SEC. The securities have not been registered under the U.S. Securities Act and may not be offered or sold to U.S. persons without registration or an exemption.
XORTX Therapeutics' plans to develop and commercialize its product candidates for gout, ADPKD, acute kidney injury, and Type 2 diabetic nephropathy are also part of the forward-looking information. The company's ability to advance research in other kidney disease applications is also included in the forward-looking information.
The closing price of the Common Shares on the Nasdaq, if it exceeds US$2.00 for ten consecutive trading days, will trigger an early expiration of the warrants. The news release mentions expectations concerning the company's plans and objectives in respect of the Offering's gross proceeds.
This private placement is part of a larger financing strategy for XORTX, with a $925,000 placement completed earlier in 2025. The company remains focused on its mission to develop medications that improve the quality of life and health of individuals with gout and other important diseases.
- The proceeds from XORTX Therapeutics' private placement will be utilized to fund its gout programs and cover general corporate and working capital needs, as part of the company's ongoing effort to develop therapies for gout and progressive kidney disease.
- XORTX Therapeutics' business strategy includes the development and commercialization of its product candidates for various diseases, such as gout, ADPKD, acute kidney injury, Type 2 diabetic nephropathy, and potentially other kidney disease applications.
- The company, based in Canada, specifically attracted additional investor interest from outside of Canada for its LIFE offering, as mentioned by CEO Allen Davidoff, and the securities issued under this offering are subject to a four-month and one-day statutory hold period under Canadian securities laws.
- The success of XORTX Therapeutics' preclinical studies and clinical trials, along with its ability to obtain additional financing, intellectual property protection for its product candidates, and the performance of third-party manufacturers and contract research organizations, are important factors affecting the company's future in the healthcare and finance industries.
