XORTX Appoints New Co-CEO Mika Grasso
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 5 days ago
0mins
Source: seekingalpha
- New Co-CEO Appointment: XORTX Therapeutics has appointed 28-year-old Mika Grasso as co-CEO responsible for finance and public markets, indicating the company's strategic intent towards a younger leadership.
- Investment Background: Grasso has served as a director since March 2026 and previously worked as an investment manager at a family office, where he was responsible for sourcing and evaluating direct and co-investments, suggesting the company aims to enhance its investment decision-making capabilities through his expertise.
- Diverse Career Experience: Grasso's roles include finance associate at Zions Capital Markets, investment banking associate at Paulson Investment Company, and analyst at Goldman Sachs, providing him with extensive financial industry experience that is expected to bring new perspectives and strategies to the company.
- Stock Price Reaction: Following the announcement, XORTX's shares declined by 2.3% during pre-trading hours, reflecting market caution regarding the new leadership, which may impact the company's future financing and market confidence.
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About XRTX
XORTX Therapeutics Inc. is a pharmaceutical company. The Company is engaged in developing medications that improve the quality of life and health of individuals with gout and other important diseases. It has three clinically advanced products in development: its lead program, XRx-026 program for the treatment of gout; XRx-008 program for autosomal dominant polycystic kidney disease (ADPKD); and XRx-101 for acute kidney and other acute organ injury associated with respiratory virus infections. In addition, the Company is developing XRx-225, a pre-clinical stage program for Type II diabetic nephropathy. It is working to advance products that target aberrant purine metabolism and xanthine oxidase to decrease or inhibit the production of uric acid. The XRx-026 program is designed to decrease the chronically high serum uric acid concentration in the blood (SUA) by inhibiting the production of uric acid by the xanthine oxidase enzyme by administering a xanthine oxidase inhibitor-oxypurinol.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
XORTX Appoints New Co-CEO Mika Grasso
- New Co-CEO Appointment: XORTX Therapeutics has appointed 28-year-old Mika Grasso as co-CEO responsible for finance and public markets, indicating the company's strategic intent towards a younger leadership.
- Investment Background: Grasso has served as a director since March 2026 and previously worked as an investment manager at a family office, where he was responsible for sourcing and evaluating direct and co-investments, suggesting the company aims to enhance its investment decision-making capabilities through his expertise.
- Diverse Career Experience: Grasso's roles include finance associate at Zions Capital Markets, investment banking associate at Paulson Investment Company, and analyst at Goldman Sachs, providing him with extensive financial industry experience that is expected to bring new perspectives and strategies to the company.
- Stock Price Reaction: Following the announcement, XORTX's shares declined by 2.3% during pre-trading hours, reflecting market caution regarding the new leadership, which may impact the company's future financing and market confidence.
See More
XORTX Therapeutics Voluntarily Delists from TSX Venture Exchange
- Voluntary Delisting Decision: XORTX Therapeutics has announced its voluntary delisting from the TSX Venture Exchange after a comprehensive evaluation, determining that maintaining a dual listing is no longer justifiable, which is expected to reduce duplicative exchange fees and legal accounting expenses, thereby optimizing financing initiatives.
- Management Focus Enhancement: This delisting will simplify the regulatory environment, allowing management to concentrate more on advancing the XRx-026 program aimed at treating gout, which is anticipated to create greater long-term value for shareholders.
- Shareholder Rights Protection: All shareholders, including Canadian investors, will continue to have full trading access to their common shares on Nasdaq without any required action, ensuring trading convenience and protecting shareholder rights.
- Board Approval: The voluntary delisting has been approved by the Company's Board of Directors, complying with TSXV policies that do not require shareholder voting, demonstrating the company's flexibility and strategic adjustment capabilities in capital market operations.
See More
E.F. Hutton Raises $5 Million for XORTX Therapeutics
- Successful Financing: E.F. Hutton acted as the exclusive placement agent, successfully raising $5 million for XORTX Therapeutics, further demonstrating its execution capabilities in capital market transactions and supporting growth-oriented companies in the healthcare sector.
- Strategic Support: This financing reflects investor confidence in XORTX's innovative therapies targeting gout and progressive kidney disease, indicating E.F. Hutton's commitment to providing tailored financing and advisory solutions for innovative companies.
- Use of Proceeds: XORTX intends to use the net proceeds from this offering for working capital and general corporate purposes, aiming to advance its clinical development programs to address significant unmet medical needs.
- Market Impact: E.F. Hutton's CEO Joseph T. Rallo noted that this financing will support XORTX's continued advancement of its differentiated pipeline, showcasing the company's potential in addressing significant medical needs.
See More
E.F. Hutton Raises $5 Million for XORTX Therapeutics
- Successful Financing: E.F. Hutton acted as the exclusive placement agent, successfully raising $5 million for XORTX Therapeutics, further demonstrating its execution capabilities in capital market transactions and supporting growth-oriented companies in the healthcare sector.
- Strategic Support: This financing reflects investor confidence in XORTX's innovative therapies targeting gout and progressive kidney disease, showcasing the company's potential in addressing significant unmet medical needs.
- Clear Use of Proceeds: XORTX intends to use the net proceeds from this offering for working capital and general corporate purposes, ensuring the continued advancement of its clinical development programs and long-term growth.
- Global Service Network: E.F. Hutton provides comprehensive investment banking services globally, covering capital markets, private placements, and M&A advisory, demonstrating its strong influence across a diverse client base.
See More
XORTX Therapeutics Regains Nasdaq Compliance
- Compliance Restoration: XORTX Therapeutics announced it has regained compliance with Nasdaq's continued listing requirements, successfully meeting the minimum bid price of $1.00 per share, indicating a restoration of the company's stability in the capital markets.
- Reverse Split Impact: This compliance follows a 1-for-5 reverse stock split effective in 2026, after which the company's stock price remained within compliance for 10 consecutive trading days, reflecting market recognition of its business prospects.
- Focus Areas: As a clinical-stage biopharma company focused on kidney disease and gout therapies, XORTX's compliance restoration is expected to enhance investor confidence in its R&D and market promotion efforts, driving future product development.
- Future Outlook: With the restoration of compliance, XORTX is likely to attract more institutional investor interest, providing funding support for subsequent clinical trials and market expansion, thereby solidifying its position in the biopharma industry.
See More
XORTX Therapeutics Completes Acquisition of Vectus Kidney Asset
- Acquisition Completed: XORTX Therapeutics has finalized the acquisition of the kidney anti-fibrotic asset from Vectus Biosystems for a total consideration of $3 million, highlighting the company's strategic positioning in the kidney disease treatment sector.
- New Compound Development: The acquisition includes the new chemical candidate VB4-P5, currently at the pre-IND stage, aimed at treating both rare and prevalent forms of kidney disease, which is expected to provide new treatment options for chronic kidney disease patients.
- Significant Market Potential: Chronic kidney disease affects approximately 14% of adults globally, with XORTX estimating an addressable market exceeding 10 million individuals, indicating vast commercial opportunities in this field.
- Stock Price Volatility: XORTX's stock has traded between $1.72 and $7.00 over the past year, closing at $2.21, down 11.25% from the previous day, reflecting market caution regarding the acquisition news.
See More
XORTX Appoints New Co-CEO Mika Grasso
- New Co-CEO Appointment: XORTX Therapeutics has appointed 28-year-old Mika Grasso as co-CEO responsible for finance and public markets, indicating the company's strategic intent towards a younger leadership.
- Investment Background: Grasso has served as a director since March 2026 and previously worked as an investment manager at a family office, where he was responsible for sourcing and evaluating direct and co-investments, suggesting the company aims to enhance its investment decision-making capabilities through his expertise.
- Diverse Career Experience: Grasso's roles include finance associate at Zions Capital Markets, investment banking associate at Paulson Investment Company, and analyst at Goldman Sachs, providing him with extensive financial industry experience that is expected to bring new perspectives and strategies to the company.
- Stock Price Reaction: Following the announcement, XORTX's shares declined by 2.3% during pre-trading hours, reflecting market caution regarding the new leadership, which may impact the company's future financing and market confidence.
See More
XORTX Therapeutics Voluntarily Delists from TSX Venture Exchange
- Voluntary Delisting Decision: XORTX Therapeutics has announced its voluntary delisting from the TSX Venture Exchange after a comprehensive evaluation, determining that maintaining a dual listing is no longer justifiable, which is expected to reduce duplicative exchange fees and legal accounting expenses, thereby optimizing financing initiatives.
- Management Focus Enhancement: This delisting will simplify the regulatory environment, allowing management to concentrate more on advancing the XRx-026 program aimed at treating gout, which is anticipated to create greater long-term value for shareholders.
- Shareholder Rights Protection: All shareholders, including Canadian investors, will continue to have full trading access to their common shares on Nasdaq without any required action, ensuring trading convenience and protecting shareholder rights.
- Board Approval: The voluntary delisting has been approved by the Company's Board of Directors, complying with TSXV policies that do not require shareholder voting, demonstrating the company's flexibility and strategic adjustment capabilities in capital market operations.
See More
E.F. Hutton Raises $5 Million for XORTX Therapeutics
- Successful Financing: E.F. Hutton acted as the exclusive placement agent, successfully raising $5 million for XORTX Therapeutics, further demonstrating its execution capabilities in capital market transactions and supporting growth-oriented companies in the healthcare sector.
- Strategic Support: This financing reflects investor confidence in XORTX's innovative therapies targeting gout and progressive kidney disease, indicating E.F. Hutton's commitment to providing tailored financing and advisory solutions for innovative companies.
- Use of Proceeds: XORTX intends to use the net proceeds from this offering for working capital and general corporate purposes, aiming to advance its clinical development programs to address significant unmet medical needs.
- Market Impact: E.F. Hutton's CEO Joseph T. Rallo noted that this financing will support XORTX's continued advancement of its differentiated pipeline, showcasing the company's potential in addressing significant medical needs.
See More
E.F. Hutton Raises $5 Million for XORTX Therapeutics
- Successful Financing: E.F. Hutton acted as the exclusive placement agent, successfully raising $5 million for XORTX Therapeutics, further demonstrating its execution capabilities in capital market transactions and supporting growth-oriented companies in the healthcare sector.
- Strategic Support: This financing reflects investor confidence in XORTX's innovative therapies targeting gout and progressive kidney disease, showcasing the company's potential in addressing significant unmet medical needs.
- Clear Use of Proceeds: XORTX intends to use the net proceeds from this offering for working capital and general corporate purposes, ensuring the continued advancement of its clinical development programs and long-term growth.
- Global Service Network: E.F. Hutton provides comprehensive investment banking services globally, covering capital markets, private placements, and M&A advisory, demonstrating its strong influence across a diverse client base.
See More
XORTX Therapeutics Regains Nasdaq Compliance
- Compliance Restoration: XORTX Therapeutics announced it has regained compliance with Nasdaq's continued listing requirements, successfully meeting the minimum bid price of $1.00 per share, indicating a restoration of the company's stability in the capital markets.
- Reverse Split Impact: This compliance follows a 1-for-5 reverse stock split effective in 2026, after which the company's stock price remained within compliance for 10 consecutive trading days, reflecting market recognition of its business prospects.
- Focus Areas: As a clinical-stage biopharma company focused on kidney disease and gout therapies, XORTX's compliance restoration is expected to enhance investor confidence in its R&D and market promotion efforts, driving future product development.
- Future Outlook: With the restoration of compliance, XORTX is likely to attract more institutional investor interest, providing funding support for subsequent clinical trials and market expansion, thereby solidifying its position in the biopharma industry.
See More
XORTX Therapeutics Completes Acquisition of Vectus Kidney Asset
- Acquisition Completed: XORTX Therapeutics has finalized the acquisition of the kidney anti-fibrotic asset from Vectus Biosystems for a total consideration of $3 million, highlighting the company's strategic positioning in the kidney disease treatment sector.
- New Compound Development: The acquisition includes the new chemical candidate VB4-P5, currently at the pre-IND stage, aimed at treating both rare and prevalent forms of kidney disease, which is expected to provide new treatment options for chronic kidney disease patients.
- Significant Market Potential: Chronic kidney disease affects approximately 14% of adults globally, with XORTX estimating an addressable market exceeding 10 million individuals, indicating vast commercial opportunities in this field.
- Stock Price Volatility: XORTX's stock has traded between $1.72 and $7.00 over the past year, closing at $2.21, down 11.25% from the previous day, reflecting market caution regarding the acquisition news.
See More
