XORTX Adjusts Warrants from Previous Private Placements

CALGARY, Alberta, April 30, 2024 -- XORTX Therapeutics Inc. ("XORTX" or the "Company") (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a late-stage clinical pharmaceutical company focused on innovative kidney disease therapies, announced that it has received approval from the TSX Venture Exchange to amend the terms of 1,024,099 outstanding common share purchase warrants.

The warrants will now have an amended exercise price of USD $5.00 per share. This approval follows the Company's press release dated March 11, 2024. The amended terms affect three sets of warrants:

1. February 9, 2021, Private Placement: Originally, 198,333 warrants issued had an exercise price of CAD $42.26 per share, later adjusted to reflect consolidations on September 20, 2021, and November 10, 2023. The new exercise price is set at USD $5.00 per share.

2. October 15, 2021, Private Placement: A total of 270,211 warrants were issued with an initial exercise price of USD $42.93 (CAD $53.10) per share, adjusted to USD $4.77 after the November 10, 2023, consolidation. These will now have a USD $5.00 exercise price.

3. October 7, 2022, Private Placement: The original exercise price for these 555,555 warrants was USD $10.98 (CAD $15.06) per share, later adjusted to USD $1.22. The new exercise price is USD $5.00.

Additionally, the Company introduced a Warrant Acceleration Provision. If the average price of XORTX's common shares on the TSXV exceeds USD $6.50 (approximately CAD $8.7562) for ten consecutive trading days, the Company can issue a notice to warrant holders, requiring them to exercise their warrants within 30 days. The warrants will expire at 4:30 p.m. (Calgary time) on the 30th day from the notice date if not exercised. This provision is only applicable when the forced exercise results in the issuance of free trading shares.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company focusing on developing therapies for progressive kidney disease. The company has two advanced clinical programs: 

1. XRx-008: The lead program targeting Autosomal Dominant Polycystic Kidney Disease (ADPKD).
2. XRx-101: A secondary program for treating acute kidney and other organ injuries associated with respiratory viral infections.

Additionally, XORTX has a pre-clinical stage program, XRx-225, targeting Type 2 Diabetic Nephropathy. The company's strategy revolves around addressing abnormal purine metabolism and xanthine oxidase to reduce uric acid production. XORTX aims to improve the quality of life and health outcomes for patients with kidney disease.

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