Mr. Allen Davidoff reports

XORTX ANNOUNCES USD $3 MILLION OFFERING

XORTX Therapeutics Inc. has arranged a non-brokered private placement to raise up to $3-million (U.S.) through the issuance of up to 3,409,090 common share units of the company at a price of 88 U.S. cents per unit. Each unit will comprise one common share and one common share purchase warrant. Each warrant will entitle the holder, on exercise, to purchase one additional common share in the capital of the company, at a price of $1.20 (U.S.) per warrant, until the close of business on the day which is 60 months from the closing date, provided, however, that, if the closing price of the common shares on Nasdaq is greater than $2 (U.S.) for 10 or more consecutive trading days, the warrants will be accelerated, and the warrants will expire on the 30th business day following the date of such notice.

The company may pay finders' fees on a portion of the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. All securities issued under the offering will be subject to a four-month-and-one-day hold period under applicable Canadian securities legislation. The securities issued pursuant to the offering have not been registered under the Securities Act. Accordingly, the units acquired by investors in the United States will be restricted securities (as defined in Rule 144 under the Securities Act), subject to restrictions on resale under the Securities Act, until registered under the Securities Act. The company will use commercially reasonable efforts to file a registration statement on Form F-1 within 30 calendar days of the closing date with the U.S. Securities and Exchange Commission and have it declared effective as soon as practicable thereafter.

The offering is subject to approval of the TSX Venture Exchange.

The net proceeds from the offering will be used to advance XORTX's programs for gout and for working capital and general corporate purpose.

About XORTX Therapeutics Inc.

XORTX is a pharmaceutical company with three clinically advanced products in development: (1) its lead program XRx-026 for the treatment of gout; (2) XRx-008 program for ADPKD; and (3) XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the company is developing XRx-225, a preclinical-stage program for Type 2 diabetic nephropathy. XORTX is working to advance products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit production of uric acid. At XORTX, it is dedicated to developing medications that improve the quality of life and health of individuals with gout and other important diseases.

We seek Safe Harbor.