XORTX Strengthens Executive Team
December 19 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, welcomes Dr. Michael Bumby, a biotech/pharma industry
veteran, as its Chief Financial Officer replacing James Fairbairn,
the Company’s current Chief Financial Officer.
Dr. Bumby, DVM, MBA, is currently a director and
audit committee chair of MediPharm Labs following their successful
acquisition of VIVO Cannabis Inc. where Dr. Bumby was CFO for six
years. Dr. Bumby brings over 20 years of finance and leadership
experience in the biotech/pharma industry. He had a 14-year career
at Eli Lilly, including roles in corporate finance and investment
banking at Lilly’s global headquarters in Indianapolis leading
international business development activities for early- and
late-stage assets, as well as working as a regional CFO in Europe.
He left Lilly to move back to Canada and began working as a public
company CFO, initially at Antibe Therapeutics which he helped go
public via an Initial Public Offering in 2013, and more recently as
the CFO of Merus Labs, an international specialty pharmaceutical
company where he co-led that company’s acquisition by Norgine B.V.
in 2017 for $340 million. Dr. Bumby has experience with TSX, TSX-V
and NASDAQ listed companies and has led Human Resources, IT, Legal,
and operations functions as well as acted as corporate secretary
for a number of public companies.
Dr. Bumby holds a Doctor of Veterinary Medicine
degree from the University of Guelph, a lean six-sigma blackbelt,
and an MBA from the University of Toronto.
Anthony Giovinazzo, XORTX’s Chairman stated, “We
are delighted to welcome Michael as XORTX’s CFO. His dual
science-finance background and extensive business and drug
development experience will help XORTX meet its near and longer
term objectives.”
Dr. Davidoff, XORTX’s CEO added, “On behalf of
XORTX, I would like to express our gratitude to Jim Fairbairn for
his excellence and professionalism in his role as CFO. We will miss
Jim as a team member and friend. I look forward to working with
Michael. His well rounded background in the biotech/pharma industry
will be a valuable asset in the next stages of XORTX’s
development.”
In connection with the appointment of Dr. Bumby,
XORTX has granted, in accordance with the Company’s stock option
plan, 13,000 options to purchase common shares of the Company at an
exercise price of $1.75 for a period of five years.
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 Coronavirus / COVID-19 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 health of kidney disease patients.
Additional information on XORTX is available at www.xortx.com.
For more 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.
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