XORTX Slips 10% As Investor Relations Program Is Terminated And Postponed
(RTTNews) - XORTX Therapeutics Inc. (XRTX), a late-stage clinical pharmaceutical company focused on gout and progressive kidney disease, announced the termination and postponement of its previously announced investor relations and marketing agreement with IR Agency LLC.
The agreement, originally announced in May 2026, provided for 10 individual marketing days over a 90-day period for an aggregate fee of $2.5 million, which had been paid in advance and was non-refundable.
Under a mutual agreement, the arrangement was rescinded, all related services were discontinued and the $2.5 million previously paid to IR Agency was returned to XORTX.
The company has postponed the investor relations and marketing program while it completes its previously announced voluntary delisting from the TSX Venture Exchange.
XORTX said the delisting is intended to reduce costs, administrative requirements and regulatory complexity while allowing management to focus on its business and clinical development programs.
XORTX expects the voluntary TSXV delisting to take effect on September 1, 2026, subject to final approval.
The company intends to re-engage IR Agency following completion of the delisting process when deemed appropriate by management and the board.
Effective September 1, 2026, Computershare Investor Services Inc. will also become XORTX's transfer agent and registrar, replacing TSX Trust Company.
Shareholders are not required to take any action regarding the change.
Separately, XORTX disclosed that it paid aggregate cash finder's fees of $240,000 in connection with its acquisition of Vectus Biosystems Limited's Renal Anti-Fibrotic Therapeutic Program, which closed on April 13, 2026.
The disclosure had been inadvertently omitted from the company's original acquisition announcement.
XRTX has traded between $1.72 and $7.05 over the past year. The stock closed Thursday's trading at $2.44. Curently,the stock is trading at $2.31, down 5.52%.
