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XRTX News
XRTX Events
Xortx Therapeutics Terminates Investor Relations Agreement with IR Agency
Xortx Therapeutics terminated its previously announced investor relations and marketing agreement dated May 13 with IR Agency LLC. The IR agreement had a 90-day term commencing May 18 and provided for 10 individual marketing days of news distribution campaigns for an aggregate fee of $2.5M, payable in advance. The fee was fully earned upon receipt and non-refundable. Under the mutual agreement of the parties, the arrangement has been rescinded, all services contemplated under the agreement have been discontinued and the funds previously paid to IR Agency LLC in connection with the agreement were returned to the company on August 14. The original arrangement was disclosed in connection with the Company's $5M public offering completed on May 19. A portion of the offering proceeds, in an amount equal to $2.5M, had been allocated to IR Agency LLC for marketing and advertising services. The company has elected to postpone the investor relations and marketing program while it completes its previously announced voluntary delisting from the TSX Venture Exchange. The Company expects the voluntary delisting to take effect on September 1, 2026, subject to final approval by the TSXV.
Xortx Therapeutics Appoints Mika Grasso as Co-CEO
Xortx Therapeutics announced the addition of Mika Grasso as co-CEO responsible for finance and public markets. Grasso has served as a director of the company since March 24. Grasso has served as an investment manager at a family office, where he has been responsible for sourcing and evaluating the fund's direct investment and co-investment efforts.
Xortx Therapeutics Prices Public Offering of 2.66M Shares at $1.88
Xortx Therapeutics announced the pricing of a public offering of 2.66M common shares at an offering price of $1.88 for gross proceeds of $5M, prior to deducting placement agent's fees and other offering expenses. The offering is expected to close on or about May 15, subject to satisfaction of customary closing conditions, including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. E.F. Hutton & Co. is acting as exclusive placement agent for the offering.
XORTX Therapeutics Receives Compliance Letter from Nasdaq
XORTX Therapeutics announces that it has received a letter of compliance from the Nasdaq Stock Market's Listing Qualifications Department in connection with Nasdaq Rule 5550(a)(2) that requires a listed company's shares to maintain a minimum bid price of US$1.00 per share. In order to regain compliance, the Company's common shares were required to trade at or above US$1.00 per share for at least 10 consecutive trading days. Following implementation of a 1 for 5 reverse split of the Company's common shares on April 6, 2026, this requirement was met on April 17, 2026, and the Company received the compliance letter from Nasdaq April 20, 2026. As a result, the deficiency in the Minimum Bid Requirement has been cured.
XORTX Therapeutics Nominates Three New Directors
XORTX Therapeutics announces that, in connection with its upcoming annual and special meeting of shareholders to be held on March 24, three new director nominees will be proposed for election in the place of three of the current nominees. At the Meeting, Messrs. George Scorsis, Richard Grieve and Mika Grasso will be nominated for election to the Company's board of directors instead of Krysta Davies Foss and Messrs. Raymond Pratt and Paul Van Damme. The Company is currently in negotiations with respect to a significant financing initiative. It is a condition of that financing that the New Nominees be added to the Board in place of the three existing nominees referenced above. In the event that the financing is not completed, the New Nominees will resign from the Board with those vacancies being filled in due course by the Company. The financing is subject to the approval of the TSXV Venture Exchange. George Scorsis is a results-focused executive with over 20 years of leadershipexperience in highly regulated sectors such as pharmaceuticals, and consumer-packaged goods. Exceptional at scaling businesses, optimizingoperations, and managing complex environments, he has led multi-million dollar businesses through transformative growth. Richard Grieve is the COO at Bardel Entertainment, bringing expertise in finance and operational strategies within the media production environment. Their background reflects a strong focus on leadership in media production and financial oversight. Progressing through various roles at Bardel Entertainment, they have demonstrated capabilities in financial management and business affairs. Mika Grasso is an Investment Manager at a family office, where he is responsible for sourcing and evaluating the fund's direct and co-investment efforts. Prior to serving as an Investment Manager, he served as a Finance Associate for Zions Capital Markets from November 2023 until March 2025, Investment Banking Associate at Paulson Investment Company from February 2022 until November 2023, Analyst at Goldman Sachs from August 2021 to February 2022, and as an Analyst on the Real Assets Team at Power Systems Management from May 2020 to August 2021.
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