XORTX Announces Completion of US$5 Million Public Offering, The Canadian Business Journal

Calgary, Alberta, October 7, 2022 (GLOBE NEWSWIRE) — XORTX Therapeutics Inc. (“XORTX” or “Company) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU) is a late-stage clinical pharmaceutical company focused on developing innovative therapies to treat advanced kidney disease. Announces the closing of the public offering: (i) 1,400,000 Common Stock Units (“Share unit numberEach common stock unit consists of one share of common stock, no par value, and one warrant (“warrant“) purchase of one common share at a public offering price of US$1.00 per common share; and (ii) 3,600,000 pre-funded Warrant Units (“pre-funded unit” and common stock units together with “unit”), each pre-funded unit is one pre-funded warrant (“advance funding writ”) One share of common stock and one warrant for the purchase of one share of common stock at a public offering price of US$0.9999 per Prefunded Unit for an aggregate aggregate sum of US$5 million, before deduction of underwriting discounts and other offering costs. to buy shares. exercise the underwriter’s option to purchase additional securities described herein (“Recruitment”). Common shares and stock acquisition rights contained in common stock units and pre-funded stock acquisition rights and stock acquisition rights contained in pre-funded units are separable immediately upon issuance. The warrants have an initial exercise price of $1.22 per share, are exercisable immediately, and are exercisable for five years from the date of issuance. The prefunded warrants have an exercise price of US$0.0001 per share, are exercisable immediately, and expire when fully exercised.

In connection with the offering, the Company has entered into an agreement to reduce the exercise price of outstanding warrants to purchase up to 910,000 shares of common stock issued in the 2021 public offering (“advance warrant”), from $4.77 per share to $1.17 per share, to be held by investors in this offering, effective upon closing of the offering. All other terms of the advance warranty remained the same.

AGP/Alliance Global Partners acted as sole lead manager for the offering.

U.S. Securities and Exchange Commission (“SEC) has declared effective September 22, 2022, a registration statement on Form F-1 (File No. 333-267328) relating to these securities. A definitive prospectus for the offering has been filed with the SEC. The offering was made only by means of a prospectus. A copy of the final prospectus relating to the offering may be obtained by contacting AGP/Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by email at: [email protected]Investors may also obtain these documents free of charge by visiting the SEC’s website at https://www.sec.gov. Prospective investors should read the prospectus and the documents incorporated by reference before making any investment decision.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction where such offer, solicitation or sale would be unlawful. the securities laws of any such state or jurisdiction;

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company developing two clinically advanced products. 2) his XRx-101 secondary program for acute renal and other acute organ injury associated with coronavirus/COVID-19 infection; Additionally, XRx-225 is a preclinical program for type 2 diabetic nephropathy.

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Neither TSX Venture Exchange nor Nasdaq endorse or deny the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved of the information contained herein.

Forward-Looking Statements

This press release contains forward-looking statements, either express or implied, under the United States federal securities laws. These forward-looking statements and their impact are based solely on the current expectations of XORTX’s management and may cause actual results to differ materially from those set forth in the forward-looking statements. Subject to many factors and uncertainties. Except as otherwise required by law, XORTX does not publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. shall not be obligated to release to More detailed information regarding the risks and uncertainties affecting XORTX is included under the heading “Risk Factors” in XORTX’s registration statement on Form F-1 filed with the SEC. ), and our reports, public documents and other filings with the Securities Commission of Canada and other regulatory bodies, available at www.sedar.com Available.

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