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XTL Biopharmaceuticals Announces Financial Results for the Six Months Ended June 30, 2007

-- -- 1,700

Supplemental disclosures of cash flow


Income taxes paid 166 63 623

======== ========= =========

Interest paid -- -- 350

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(*) Incorporation date see note 1.

XTL Biopharmaceuticals Ltd.

(A Development Stage Company)

Notes to Interim Consolidated Financial Statements

as of June 30, 2007 unaudited)


XTL Biopharmaceuticals Ltd. (the "Company") was incorporated under the Israel Companies Ordinance on March 9, 1993. The Company is a development stage company in accordance with Statement of Financial Accounting Standards ("SFAS") No. 7 "Accounting and Reporting by Development Stage Enterprises."

Through June 30, 2007, the Company has incurred losses in an aggregate amount of US $129.6 million. Such losses have resulted from the Company's activities as a development stage company. It is expected that the Company will be able to finance its operations from its current reserves through 2007. Continuation of the Company's current operations after utilizing its current cash reserves is dependent upon the generation of additional financial resources either through agreements for the commercialization of its product portfolio or through external financing. These matters raise substantial doubt about the Company's ability to continue as a going concern.

The Company has not generated any revenues from its planned principal operations and is dependent upon significant financing to provide the working capital necessary to execute its business plan. If the Company determines that it is necessary to seek additional funding, there can b

SOURCE XTL Biopharmaceuticals Ltd

Copyright©2007 PR Newswire.

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