XORTX raises $114,500 through private placement of common share units

XORTX Therapeutics Inc. (NASDAQ: XRTX) announced a non-brokered private placement to raise up to $114,500 through the issuance of up to 156,849 common share units priced at $0.73 per unit.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional common shares at $1.20 per warrant for 60 months from issuance. The warrants include an acceleration clause that reduces the exercise period to 30 business days if the company's common shares close above $2.00 for 10 consecutive trading days on NASDAQ.

According to a press release, CEO Allen Davidoff stated the private placement accommodates non-Canadian investors interested in the company's LIFE offering referenced in previous announcements from June 26 and July 22, 2025.

The offering is expected to close on or about August 5, 2025, subject to regulatory approvals including approval from the TSX Venture Exchange. XORTX plans to use proceeds for gout programs, general corporate purposes and working capital.

All securities issued will be subject to a four-month and one-day hold period under Canadian securities legislation. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.

XORTX develops treatments for gout and progressive kidney disease. The Calgary-based pharmaceutical company has three clinical-stage programs including XRx-026 for gout treatment, XRx-008 for autosomal dominant polycystic kidney disease, and XRx-101 for acute kidney injury associated with respiratory virus infections.

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