Xortx announces closing of us$5 million public offering

Calgary, alberta, oct. 07, 2022 (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 the closing of an underwritten public offering of: (i) 1,400,000 common share units ("common share units"), with each common share 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$1.00 per common share unit, and (ii) 3,600,000 pre-funded warrant units (“pre-funded units” and together with the common share units, the “units”), with each pre-funded unit consisting of one pre-funded warrant (“pre-funded warrant”) to purchase one common share and one warrant to purchase one common share at a public offering price of us$0.9999 per pre-funded unit, for aggregate gross proceeds of us$5 million, prior to deducting underwriting discounts and other offering expenses and excluding any exercise of the underwriters' option to purchase any additional securities as described herein (the “offering”). the common shares and warrants contained in the common share units and the pre-funded warrants and warrants contained in the pre-funded units are immediately separable upon issuance. the warrants have an initial exercise price of us$1.22 per share, are immediately exercisable, and may be exercised for five years from the date of issuance. the pre-funded warrants have an exercise price of us$0.0001 per share, are immediately exercisable, and will terminate once exercised in full.
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