XORTX closes $1.1 million registered direct offering

XORTX Therapeutics Inc. (NASDAQ: XRTX) completed a registered direct offering that raised $1.1 million in gross proceeds, the pharmaceutical company announced. The Calgary-based company sold 1,750,000 common shares at $0.63 per share to an institutional investor.

The offering included 572,470 common shares and 1,117,530 pre-funded warrants. Each pre-funded warrant allows the holder to purchase one common share at an exercise price of $0.001 per share. The company plans to use the net proceeds for working capital and general corporate purposes.

D. Boral Capital LLC served as the sole placement agent for the offering and will receive 87,500 agent warrants. These warrants can be exercised for common shares at $0.69 per share beginning 181 days after issuance and expire 18 months from the closing date.

The securities were issued under an effective shelf registration statement on Form F-3 that was previously filed with the Securities and Exchange Commission and declared effective on February 3, 2023.

XORTX develops treatments for gout and progressive kidney disease. The company has three clinical programs in development: 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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