Xortx therapeutics announces closing of us$12 million public offering

Calgary, alberta, oct. 15, 2021 (globe newswire) -- xortx therapeutics inc. ("xortx" or the “company”) (cse: xrx | nasdaq: xrtx), a pharmaceutical therapeutics company focused on developing innovative therapies to treat progressive kidney disease, today announced the closing of an underwritten public offering of 2,906,000 units ("units"), with each unit consisting of one common share, no par value, and one warrant ("warrant") to purchase one common share at a public offering price of us$4.13 per unit, for aggregate gross proceeds of approximately us$12 million, prior to deducting underwriting discounts and other offering expenses (the “offering”). the common shares and warrants contained in the units are immediately separable upon issuance. the warrants have an initial exercise price of us$4.77 per share, are immediately exercisable, and have a term of approximately five years. in addition, the company granted the underwriters a 45-day option to purchase up to an additional 435,900 common shares and/or warrants to purchase up to an additional 435,900 common shares at the offering price less the underwriting discounts. on october 15, 2021, a.g.p. exercised its option to purchase additional warrants to purchase up to an additional 435,900 common shares.
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