XORTX Therapeutics closes $114,500 (U.S.) financing

Mr. Allen Davidoff reports XORTX COMPLETES USD $114,500 PRIVATE PLACEMENT XORTX Therapeutics Inc. has closed its previously announced non-brokered private placement of units, whereby it issued 156,849 units at a price of 73 U.S. cents per unit for aggregate gross proceeds of $114,500 (U.S.). Under the offering, each unit consisted of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share at a price of $1.20 (U.S.) for a period of 60 months following the date of issuance provided, however, that if the closing price of the common shares on the Nasdaq Stock Market is greater than $2 (U.S.) for 10 or more consecutive trading days, the warrants will be accelerated and will expire on the 30th business day following the date of such notice. Closing of the offering was conditionally approved by the TSX Venture Exchange and the securities issued under the offering are subject to a four-month-and-one-day statutory hold period. The company intends to use the proceeds of the offering for gout programs, general corporate and working capital purposes. No finders' fees were paid in connection with the offering. About XORTX Therapeutics Inc. XORTX is a pharmaceutical company with three clinically advanced products in development: (1) its lead program, the XRx-026 program, for the treatment of gout; (2) the XRx-008 program, for ADPKD; and (3) the XRx-101 program, for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the company is developing XRx-225, a preclinical-stage program for Type 2 diabetic nephropathy. XORTX is working to advance products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. XORTX is dedicated to developing medications that improve the quality of life and health of individuals with gout and other important diseases. We seek Safe Harbor.