XORTX Reprices Warrants Issued in Connection with Previous Private Placements
March 11 2024 - 7:00AM
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 that it is proposing to amend the terms of an
aggregate of 1,101,433 outstanding common share purchase warrants
(“
Warrants”) by amending the exercise price to USD
$5.00 per share.
231,746 of the Warrants were issued pursuant to
Private Placement that closed on February 9, 2021. The Warrants had
an original exercise price of CAD $42.26 per share. The Company
intends to amend the exercise price from CAD $42.26 to USD $5.00
(on a post-consolidation basis).
286,355 of the Warrants were issued pursuant to
a Private Placement that closed on October 15, 2021. The Warrants
had an original exercise price of CAD $53.10 per share. The Company
intends to amend the exercise price from CAD $53.10 to USD $5.00
(on a post-consolidation basis).
583,332 of the Warrants were issued pursuant to
a Private Placement that closed on October 7, 2022. The Warrants
had an original exercise price of CAD $15.06 per share. The Company
intends to amend the exercise price from CAD $15.06 to USD $5.00
(on a post-consolidation basis).
Pursuant to the polices of the TSX Venture
Exchange (“Exchange”) the terms of the Warrants,
as amended, will be subject to an acceleration expiry provision
such that if for any ten consecutive trading dates (the
“Premium Trading Days”) during the unexpired term
of the Warrants, the closing price of the Company’s shares on the
Exchange exceeds USD $6.50, the exercise period of the Warrants
will be reduced to 30 days, starting seven days after the last
Premium Trading Day. The Company will announce any such accelerated
expiry date by press release. All other terms of the Warrants
remain unchanged.
The amendments described above are subject to
acceptance by the holders of the Warrants and the approval of the
Exchange.
About XORTX Therapeutics
Inc.
XORTX is a pharmaceutical company with two
clinically advanced products in development: 1) our lead, XRx-008
program for ADPKD; and 2) our secondary program in XRx-101 for
acute kidney and other acute organ injury associated with
Respiratory Viral infection. In addition, XRx-225 is a pre-clinical
stage program for Type 2 Diabetic Nephropathy. XORTX is working to
advance its clinical development stage products that target
aberrant purine metabolism and xanthine oxidase to decrease or
inhibit production of uric acid. At XORTX, we are dedicated to
developing medications to improve the quality of life and future
health of patients with kidney disease. Additional information on
XORTX is available at www.xortx.com.
For further information, please
contact:
Allen Davidoff, CEO |
Nick Rigopulos, Director of Communications |
adavidoff@xortx.com or +1 403
455 7727 |
nick@alpineequityadv.com or +1 617 901 0785 |
Neither the TSX Venture Exchange nor Nasdaq has
approved or disapproved the contents of this news release. No stock
exchange, securities commission or other regulatory authority has
approved or disapproved the information contained herein.
Forward Looking Statements
This press release contains express or implied
forward-looking statements pursuant to U.S. Federal securities
laws. These forward-looking statements and their implications are
based on the current expectations of the management of XORTX only,
and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in
the forward-looking statements. Except as otherwise required by
law, XORTX undertakes no obligation to publicly release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. More detailed information about the risks and
uncertainties affecting XORTX is contained under the heading “Risk
Factors” in XORTX’s Registration Statement on Form F-1 filed with
the SEC, which is available on the SEC's website, www.sec.gov
(including any documents forming a part thereof or incorporated by
reference therein), as well as in our reports, public disclosure
documents and other filings with the securities commissions and
other regulatory bodies in Canada, which are available on
www.sedarplus.ca.
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