XORTX Raises $2.5 Million Under Prospectus Supplement and Concurrent Private Placement for the Offering of Units
15 Fevereiro 2024 - 9:00AM
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 an initial closing of gross
proceeds of $2,474,301 under previously announced offering,
including $690,000 in a concurrent private placement of the Company
in connection with international subscribers.
The initial closing of the non-brokered offering
comprised 824,767 common share units (“Common Share
Units”) at $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 $4.50 per common share for a period of two years for aggregate
gross proceeds of $2,474,301, 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 $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 $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 Offering, the Company
paid finder’s fees of $122,208, representing a 5% finder’s fee on
certain subscriptions in the Offering to qualified finders.
The Company anticipates that a second tranche
closing under the same terms of the Offering will close on or about
February 20, 2024 (the “Second Tranche
Closing”).
Under Multilateral Instrument 61-101 Protection
of Minority Security Holders in Special Transactions (“MI
61-101”), the Offering constitutes a “related party
transaction” because a portion of the Offering was subscribed for
by a “related party”. However, the Transaction is exempt from the
formal valuation and minority shareholder approval requirements of
MI 61-101 in reliance on the exemptions set forth in sections
5.5(a) and 5.7(1)(a) of MI 61-101.
The Offering is made under the short form base
shelf prospectus dated April 24, 2023, which provides for the issue
of up to $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.
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. The Second Trance Closing may not
occur, may be delayed or may be completed with different terms than
are currently contemplated. 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.sedar.com.
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