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

CALGARY, Alberta, Oct. 17, 2024 (GLOBE NEWSWIRE) -- 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, announces that it has entered into securities purchase agreements with institutional investors for the purchase and sale of 810,810 common shares (or common share equivalents in lieu thereof) in a registered direct offering and common warrants to purchase up to 810,810 common shares in a concurrent private placement (together with the registered direct offering, the "Offering") at a combined purchase price of US$1.85 per common share. The common warrants issued pursuant to the concurrent private placement will have an exercise price of US$2.18, will be immediately exercisable and will expire five years from issuance.

The closing of the Offering is expected to occur on or about October 18, 2024, subject to the satisfaction of customary closing conditions and approval from the TSX Venture Exchange. The gross proceeds from the Offering are expected to be approximately US$1.5 million, excluding any proceeds that may be received upon the exercise of the common warrants, before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

A.G.P./Alliance Global Partners is acting as sole placement agent for the Offering.

The common shares (and common share equivalents in lieu thereof) will be issued in a registered direct offering pursuant to an effective shelf registration statement on Form F-3 (File No. 333-269429) previously filed with the U.S. Securities and Exchange ...