XORTX Therapeutics Completes $114,500 Private Placement to Fund Gout Programs

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

XORTX Therapeutics Inc. has completed a non-brokered private placement, raising USD $114,500 through the issuance of 156,849 units. Each unit includes one common share and one warrant, with the proceeds intended for gout programs and general corporate purposes. The offering was conditionally approved by the TSX Venture Exchange, and the securities are subject to a statutory hold period. This financial move supports XORTX’s ongoing development efforts and strengthens its position in the pharmaceutical industry.

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 pharmaceutical company focused on developing innovative therapies for treating gout and progressive kidney disease. The company has three clinically advanced products in development, targeting conditions such as gout, ADPKD, and acute organ injury associated with respiratory virus infections. Their approach involves targeting aberrant purine metabolism and xanthine oxidase to reduce uric acid production.

Average Trading Volume: 3,972

Technical Sentiment Signal: Strong Sell

Current Market Cap: C$4.05M

For an in-depth examination of XRTX stock, go to TipRanks’ Overview page.