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XORTX Therapeutics Announces $114,500 Private Placement to Support Gout Programs

Story Highlights
  • XORTX is a pharmaceutical company developing therapies for gout and kidney disease.
  • XORTX announced a private placement to raise $114,500 for gout programs and corporate purposes.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
XORTX Therapeutics Announces $114,500 Private Placement to Support Gout Programs

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XORTX Therapeutics Inc ( (TSE:XRTX) ) has shared an update.

XORTX Therapeutics Inc. announced a non-brokered private placement to raise up to USD $114,500 by issuing common share units, each consisting of one common share and one purchase warrant. The proceeds from this offering will be used for gout programs, general corporate, and working capital purposes. This move is in response to interest from non-Canadian investors and aims to bolster the company’s financial resources for its ongoing and future projects.

The most recent analyst rating on (TSE:XRTX) stock is a Buy with a C$14.00 price target. To see the full list of analyst forecasts on XORTX Therapeutics Inc stock, see the TSE:XRTX Stock Forecast page.

Spark’s Take on TSE:XRTX Stock

According to Spark, TipRanks’ AI Analyst, TSE:XRTX is a Underperform.

XORTX Therapeutics Inc faces significant challenges with no revenue and consistent losses, leading to a low financial performance score. Technical analysis indicates a neutral to bearish outlook, which, along with poor valuation metrics, weighs down the overall stock score. However, potential advancements in FDA discussions for gout treatment provide a glimmer of hope for future revenue generation, but current financial and compliance risks remain substantial.

To see Spark’s full report on TSE:XRTX stock, click here.

More about XORTX Therapeutics Inc

XORTX Therapeutics Inc. is a late-stage clinical pharmaceutical company focused on developing innovative therapies for treating gout and progressive kidney disease. The company has three clinically advanced products in development, targeting aberrant purine metabolism and xanthine oxidase to decrease or inhibit uric acid production. XORTX is dedicated to improving the quality of life and health of individuals with gout and other significant diseases.

Average Trading Volume: 3,631

Technical Sentiment Signal: Strong Sell

Current Market Cap: C$4.05M

Find detailed analytics on XRTX stock on TipRanks’ Stock Analysis page.

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