XORTX Completes USD $114,500 Private Placement

Core Viewpoint - XORTX Therapeutics Inc. has successfully closed a non-brokered private placement, raising US$114,500 through the issuance of 156,849 units at a price of US$0.73 per unit, aimed at funding its gout programs and general corporate purposes [1][3]. Group 1: Offering Details - Each unit in the offering consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of an additional common share at US$1.20 for a period of 60 months [2]. - If the closing price of the common shares exceeds US$2.00 for ten consecutive trading days, the warrants will be accelerated and will expire 30 business days after notice [2]. Group 2: Regulatory and Financial Information - The offering has received conditional approval from the TSX Venture Exchange, and the issued securities are subject to a four-month and one-day hold period [3]. - The proceeds from the offering will be utilized for gout programs, general corporate, and working capital purposes [3]. Group 3: Company Overview - XORTX Therapeutics is focused on developing innovative therapies for gout and progressive kidney disease, with three clinically advanced products: XRx-026 for gout, XRx-008 for ADPKD, and XRx-101 for acute kidney injury [5]. - 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 [5].