XORTX Therapeutics Inc (XRTX) News & EventsXRTXXORTX Therapeutics Inc

Nasdaq Composite Falls 1.3% as Tech Stocks Struggle

S&P 500 slipped for the second consecutive day while losses on the tech-dominant Nasdaq Composite accelerated, with the index finishing lower by 1.3% on Thursday.  Technology was by far the worst-performing sector in the benchmark S&P as AI buildout theme was thumped by a Financial Times report, stating that OpenAI's annualized revenues were closer to $50B at the end of September -  well below the $70B figure previously circulated.  Micron, Sandisk, Intel, Broadcom, Seagate, AMDand Oraclewere among the 20 worst stocks in the S&P 500, with losses of at least 4%.  Meanwhile, software and IT services stocks such as Accentureand Gartner- names viewed to be most exposed to AI disruption - rallied by at least 5%.In the opening hour of the evening session, S&P e-minis and Nasdaq 100 contracts are up a decimal. In commodities, WTI Crude Oil was off the highs but still above $91 per barrel.  Energy prices rallied sharply this morning on reports that U.S. may conduct heavy strikes on Iran before the US midterm elections.Check out this evening's top movers from around Wall Street, compiled by The Fly.HIGHER AFTER EARNINGS -Park Aerospace Corp.up 2.7%Oil-Dri Corporation of Americaup 1.0%ALSO HIGHER -XORTX Therapeuticsup 23.9% as company outlines anticipated clinical trial application for XRx-026Humanaup 12.7%, Clover Healthup 10.9%  after CMS published 2027 MA - Medicare Part C - and Part D Star RatingsGinkgo Bioworks Holdings, Inc.up 1.0% after announcing it will provide autonomous lab access to NSF X-Labs researchersLOWER -AT&Tdown 6.6%, T-Mobiledown 6.6%, Verizondown 6.2% following announcement by SpaceXthat it has acquired a nationwide low-band spectrum license portfolio of up to 14 megahertz of paired spectrum in the 800 MHz band.Alignment Healthcaredown 23.1%, CVS Healthdown 3.1%, Cignadown 1.8%, Elevance Healthdown 1.6% after CMS published 2027 MA - Medicare Part C - and Part D Star RatingsBraemar Hotels & Resortsdown 3.3% after FY27 guidanceAmerican Expressdown 1.8% after announcing consent to Federal Reserve and OCC compliance orders

Xortx Therapeutics Submits CTA for XRx-026 Clinical Trial

Xortx Therapeutics provided an outline of its anticipated clinical trial application, or CTA, submission to Health Canada for the XRx-026 gout program. The filing supports the company's planned two-part clinical study, XRX-OXY-102, evaluating XORLO, the company's proprietary formulation of oxypurinol, a xanthine oxidase inhibitor, for the treatment of gout. Conducting the first part of the XRX-OXY-102 clinical study in Canada is expected to enable the company to accelerate the delivery of key clinical data in support of its planned new drug application, or NDA, filing with the FDA for marketing approval. Recent drug development team activities have included parallel preparation of the CTA for filing with Health Canada. The application describes the Company's clinical development plan for XRx-026 and its intention to advance the program toward regulatory approval in Canada in parallel with its planned NDA filing with the FDA. Part one of the XRX-OXY-102 clinical trial builds upon the previously reported clinical results for the proprietary XORLO formulation and extends characterization of the commercial tablet form. As the XRx-026 program has advanced, the company has received increased inquiries from potential commercialization partners in a number of jurisdictions. The company has not entered into any agreement with any such party, and there can be no assurance that any of these discussions will result in a transaction.

Xortx Therapeutics Launches Drug Production to Support XRx-026 Program

Xortx Therapeutics announced the launch of production of drug material and tablet manufacturing to support the company's XRx-026 program for the treatment of gout. This manufacturing supports a planned two-part clinical study of Xorlo, the company's proprietary formulation of oxypurinol, a xanthine oxidase inhibitor. The clinical trial, XRX-OXY-102, is being advanced based on prior clinical trial results and discussions with the FDA.