We received from XORTX Therapeutics Inc. and we are glad to publisch the following press release:
“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 gout and progressive kidney disease, announces that the Company has elected to voluntarily delist its common shares from the TSX Venture Exchange (“TSXV”). The Company will provide additional information on timing for the completion of the delisting of its common shares in a separate press release.
This decision was taken following a comprehensive evaluation, the Company determined that maintaining a dual listing on the TSXV does not justify the associated costs and administrative requirements and presents challenges due to the different regulatory environments. It is envisioned that the voluntary delisting will eliminate duplicative exchange fees, reduce legal and accounting expenses, optimize company financing initiatives and minimize regulatory complexity, and enable greater management focus on the advancement of the XRx-026 program for the treatment of gout for long-term shareholder value creation.
All shareholders, including Canadian shareholders, will continue to maintain full trading access of their common shares on Nasdaq. No action is required by shareholders in connection with the voluntary delisting. Shareholders with account-specific questions are encouraged to contact their respective brokers.
The voluntary delisting from the TSXV was approved by the Company’s Board of Directors. In accordance with TSXV policies, shareholder approval is not required as the Company’s common shares are listed on an acceptable alternative market. XORTX will continue to be a reporting issuer under applicable securities laws in Alberta, British Columbia and Ontario.
About XORTX Therapeutics Inc.
XORTX is a pharmaceutical company with three clinically advanced products in development: 1) our lead program XRx-026 program for the treatment of gout; 2) XRx-008 program for ADPKD; and 3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections.
In addition, the Company is developing XRx-225, a pre-clinical stage program for Type 2 diabetic nephropathy and recently acquired VB4-P5 program, which is currently at the pre-IND stage of development and targets both rare and prevalent forms of kidney disease. XORTX is working to advance 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 that improve the quality of life and health of individuals with gout and other important diseases”.
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