XORTX Finalizes $2.7 Million Prospectus Supplement and Concurrent Private Placement for the Offering of Units
04 Marzo 2024 - 6:00AM
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, is pleased to announce a second tranche closing (the
“
Second Tranche Closing”) of gross proceeds of CAD
$224,850 under previously announced offering, including CAD $99,000
in a concurrent private placement of the Company in connection with
international subscribers.
The Company completed the Second Tranche Closing
under the same terms of the previously announced first tranche
closing on February 15, 2024 (the “First Tranche
Closing”). The Second Tranche Closing of the non-brokered
offering comprised 74,950 common share units (“Common Share
Units”) at CAD $3.00 per Common Share Unit, with each
Common Share Unit consisting of one common share, no par value, and
one warrant (“Warrant”) to purchase one common
share at CAD $4.50 per common share for a period of two years for
aggregate gross proceeds of CAD $224,850, 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 CAD $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 CAD $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.
In connection with the Second Tranche Closing,
the Company paid finder’s fees of CAD $10,342.50, representing a 5%
finder’s fee on certain subscriptions in the Offering to qualified
finders.
Completion of the Second Tranche Closing
concludes the Offering under the Company’s prospectus supplement.
Pursuant to the First Tranche Closing and the Second Tranche
Closing, the Company raised aggregate gross proceeds of CAD
$2,699,151 prior to deducting Offering expenses, comprised 899,717
Common Share Units. The Company intends to use the net proceeds
from the Offering for general corporate and working capital
purposes.
The Offering was made under the short form base
shelf prospectus dated April 24, 2023, which provides for the issue
of up to CAD $50 million principal amount of securities. Complete
details of the Offering are set out in the amended and restated
prospectus supplement filed with the Canadian securities regulatory
authorities and made available on SEDAR+ at www.sedarplus.ca.
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.
In other news, the
Company has issued an aggregate of 39,483 options to purchase
common shares of the Company to directors, officers, employees and
consultants in accordance with the Company’s stock option plan. The
options are exercisable at a price of $4.50 CAD per common share
and expire five years from the date of grant.
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. 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. 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.sedarplus.ca.
XORTX Therapeutics (NASDAQ:XRTX)
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