By Sam Boughedda
Investing.com — XORTX Therapeutics (NASDAQ: XRTX) announced the pricing of its public offering on Wednesday, with A.G.P./Alliance Global acting as the sole book-running manager.
The pharmaceutical company develops therapies to treat progressive kidney disease. It priced 2.9 million units, with each unit comprising one common share of no par value and one warrant to purchase one common share at a public offering price of $4.13 per unit.
The company wants to raise approximately $12 million.
The warrants have an initial exercise price of $4.77 per share and are immediately exercisable, with a term of approximately five years.
Additionally, XORTX has given the underwriters a 45-day option to purchase up to an additional 435,900 shares, or warrants to purchase up to a further 435,900 shares at the offering price.
XORTX has received conditional approval to list its common shares on the Nasdaq under the ticker symbol “XRTX” and began trading today. The offering is expected to close on or around October 15.
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