XORTX Announces USD $3 Million Offering

Core Viewpoint - XORTX Therapeutics Inc. is conducting a non-brokered private placement to raise up to USD $3,000,000 to advance its gout treatment programs and for general corporate purposes [1][3]. Group 1: Offering Details - The private placement will involve the issuance of up to 3,409,090 common share units at a price of USD $0.88 per unit, each unit consisting of one common share and one common share purchase warrant [1]. - Each warrant will allow the holder to purchase an additional common share at a price of USD $1.20, valid for 60 months from the closing date, with an acceleration clause if the common shares exceed USD $2.00 for 10 consecutive trading days [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be allocated to advancing XORTX's programs for gout, as well as for working capital and general corporate purposes [3]. Group 3: Company Overview - XORTX is focused on developing innovative therapies for progressive kidney disease and gout, with three clinically advanced products: XRx-026 for gout, XRx-008 for ADPKD, and XRx-101 for acute kidney injury related to respiratory virus infections [4]. - The company is also developing XRx-225, a pre-clinical program for Type 2 diabetic nephropathy, targeting purine metabolism and xanthine oxidase to reduce uric acid production [4].