XORTX Reports Annual & Special Meeting Results

Rhea-AI Summary

XORTX Therapeutics Inc. (NASDAQ: XRTX) announced the results of its 2021 Annual Meeting of Shareholders, where approximately 38% of shares were voted. All resolutions passed almost unanimously, including the election of six directors and the re-appointment of Smythe LLP as auditors. The company also approved a 10% rolling stock option plan. Following Raymond Pratt's appointment, 30,000 stock options were granted at $2.54 CAD, along with 56,495 options to independent directors. XORTX is developing therapies for progressive kidney diseases, including XRx-008 for ADPKD and XRx-101 for COVID-19-related kidney injury.

Positive

• All resolutions at the Annual Meeting passed with near-unanimous support.
• Six director nominees were successfully elected, enhancing board stability.
• Approval of the 10% rolling stock option plan to attract and retain talent.
• Granting of stock options indicates confidence in future growth.

Negative

• None.

CALGARY, Alberta, Dec. 21, 2021 (GLOBE NEWSWIRE) -- XORTX Therapeutics Inc. ("XORTX" or the “Company”) (NASDAQ: XRTX | TSXV: XRTX | Frankfurt: ANU), a pharmaceutical therapeutics company focused on developing innovative therapies to treat progressive kidney disease, is pleased to announce the results of the Company’s 2021 Annual and Special Meeting of Shareholders held yesterday. A total of 4,990,819 common shares of the Company were voted at the Meeting, representing approximately 38% of the total number of issued and outstanding shares. At the meeting, all resolutions passed close to unanimously. All six director nominees, Dr. Allen Davidoff, William Farley, Ian Klassen, Jacqueline Le Saux, Raymond Pratt and Paul Van Damme, were elected as directors of the Company. In addition, at the Meeting, shareholders voted to re-appoint Smythe LLP as auditors of the Company and disinterested (non-insider) shareholders also approved the Company’s 10% rolling stock option plan.

In connection with the appointment of Raymond Pratt, the Company has granted in accordance with the Company’s stock option plan 30,000 options to purchase common shares of the Company exercisable at $2.54 CAD for a period of five years. The Company has also granted an aggregate of 56,495 options to independent directors on the same terms.

About XORTX Therapeutics Inc.

XORTX Therapeutics Inc. is a pharmaceutical company with two clinically advanced products in development – XRx-008 for Autosomal Dominant Polycystic Kidney Disease (ADPKD), XRx-101 for acute kidney and other acute organ injury associated with Coronavirus / COVID-19 infection and XRx-225 is a pre-clinical stage program for Type 2 Diabetic Nephropathy (T2DN). XORTX is working to advance its clinical development stage products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX Therapeutics, we are dedicated to developing medications to improve the quality of life and future health of patients. Additional information on XORTX Therapeutics is available at www.xortx.com.

For further information, please contact:

Allen Davidoff, CEO	Nick Rigopulos, Director of Communications
adavidoff@xortx.com or +1 403 455 7727	nick@alpineequityadv.com or +1 617 901 0785

The TSX Venture Exchange and Nasdaq have neither approved nor disapproved the contents of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

FAQ

What were the results of XORTX Therapeutics' 2021 Annual Meeting?

At the 2021 Annual Meeting, nearly 38% of shares were voted, with all resolutions passing almost unanimously, including the election of six directors.

What stock options were granted by XORTX Therapeutics?

XORTX granted 30,000 stock options to Raymond Pratt and 56,495 options to independent directors, all exercisable at $2.54 CAD.

What is the focus of XORTX Therapeutics?

XORTX is focused on developing innovative therapies for progressive kidney diseases, including treatments for ADPKD and COVID-19-related kidney injury.

Who were elected as directors during the XORTX Annual Meeting?

The elected directors include Dr. Allen Davidoff, William Farley, Ian Klassen, Jacqueline Le Saux, Raymond Pratt, and Paul Van Damme.

Which auditors were re-appointed by XORTX Therapeutics?

Smythe LLP was re-appointed as the auditors of XORTX Therapeutics at the Annual Meeting.