checkAd

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.

A.G.P. / Alliance Global Partners acted as sole book-running manager for the Offering.

Dr. Allen Davidoff, President and CEO stated, “We wish to thank the team at Alliance Global Partners for this successful offering and to welcome our new shareholders.  This financing, along with recent warrant exercises that have brought in over $1 million (Canadian dollars), places XORTX in a strong cash position to continue to advance our clinical trial programs and regulatory filings in support of our proprietary formulations - XRx-008 and XRx-101.”

The offering was made pursuant to an effective registration statement on Form F-1 (Registration No. 333-258741) previously filed with the U.S. Securities and Exchange Commission (the “SEC”). A final prospectus relating to this offering was filed with the SEC. Copies of the final prospectus relating to the offering may be obtained by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by email at prospectus@allianceg.com. Investors may also obtain these documents at no cost by visiting the SEC’s website at www.sec.gov.

Seite 1 von 2



0 Kommentare
Nachrichtenquelle: globenewswire
15.10.2021, 23:38  |  104   |   |   

Schreibe Deinen Kommentar

Bitte melden Sie sich an, um zu kommentieren. Anmelden | Registrieren

 

Disclaimer

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, …

Nachrichten des Autors

Titel
Titel
Titel
Titel