CALGARY, Alberta, October 7, 2022 (GLOBE NEWSWIRE) — XORTX Therapeutics Inc. (“XORTX” or the “company“) XRTXXRTXANU)), a late-stage pharmaceutical company focused on developing innovative therapies to treat progressive kidney disease, announces the completion of a subscribed public offering of: (i) 1,400,000 common share units (“common stock units“), with each unit of common stock consisting of one common share of no par value and one warrant (“warranty“) to purchase one common share at a public offering price of $1.00 per common share unit and (ii) 3,600,000 prefunded warrant units (“Prefunded Units” and together with the common stock units, the “units“), each Prefunded Unit consisting of a Prefunded Warrant (“Pre-Funded Warrant“) to purchase one common share and a warrant to purchase one common share at a public offering price of $0.9999 per prefunded unit for aggregate gross proceeds of $5 million, before the deduction of subscription discounts and other offering costs and without any exercise of the option of the Underwriters to Purchase Additional Securities as described herein (the “offer“). The common stock and warrants contained in the common stock units and the prefunded warrants and warrants contained in the prefunded units are redeemable immediately upon issuance. The warrants have an initial exercise price of $1.22 per Share and are exercisable immediately and can be exercised for a period of five years from the date of issue.
In connection with the Offering, the Company entered into an agreement to reduce the exercise price of outstanding warrants to purchase up to 910,000 common shares issued pursuant to the 2021 public offering (the “Previous Arrest Warrants“) and held by investors in this offering from $4.77 per share to $1.17 per share, effective upon closing of the offering. All other…
