XORTX Announces Closing of US$1.5 Million Registered Direct Offering and Concurrent Private Placement

Group 1 - XORTX Therapeutics Inc. has completed a registered direct offering and concurrent private placement, selling 810,810 common shares at a price of US$1.85 per share, along with common warrants to purchase an equal number of shares [1][2] - The gross proceeds from the offering are approximately US$1.5 million, which will be used for working capital and general corporate purposes [2] - A.G.P./Alliance Global Partners acted as the sole placement agent for the offering [2] Group 2 - The common shares were issued under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission [3] - The private placement of common warrants was made under an exemption from registration, meaning these securities cannot be sold in the U.S. without an effective registration statement or applicable exemption [4] - XORTX is focused on developing therapies for progressive kidney disease, with two advanced products: XRx008 for ADPKD and XRx-101 for acute kidney injury related to COVID-19 [5]