Navigation Links
XTL Biopharmaceuticals Signs $108 Million Deal for the Licensing of its Pre- Clinical Program in Hepatitis C to Presidio Pharmaceuticals
Date:3/20/2008

VALLEY COTTAGE, N.Y., March 20 /PRNewswire-FirstCall/ -- XTL Biopharmaceuticals Ltd. (Nasdaq: XTLB, TASE: XTL) announced the licensing of its pre-clinical program in Hepatitis C focused on the NS5A target (the "Program") to San-Francisco based Presidio Pharmaceuticals, Inc. Presidio is a private biotechnology company focused on the development and commercialization of anti-viral therapeutics and is backed by some of the most prominent investors in the biotechnology sector, including Panorama Capital, Bay City Capital, Baker Brothers Investments, and Ventures West. Presidio's scientific team is headed by Dr. Richard Colonno, who until recently was Vice President of Infectious Disease Drug Discovery at Bristol-Myers Squibb, where he was responsible for Bristol-Myers Squibb's antiviral drug discovery efforts, including their Hepatitis C and B and HIV programs.

Under the license agreement, Presidio becomes responsible for all further development and commercialization activities and costs relating to the Program. XTL will receive an upfront payment of $4 million, and up to an additional $104 million upon reaching certain development and commercialization milestones. In addition, XTL will receive a royalty on direct product sales by Presidio, and a percentage of Presidio's income if the Program is sublicensed by Presidio to a third party.

Ram Waisbourd, Vice President of Business Development of XTL, commented: "We have great confidence in Presidio's ability to move the Program forward rapidly. We believe that Presidio has a dynamic and experienced management team, and a solid scientific team headed by Dr. Richard Colonno -- who was a major contributor to the discovery and advancement of several antiviral drug candidates into clinical trials, two of which, atazanavir for HIV, and entecavir for Hepatitis B, are currently approved drugs."

Ron Bentsur, XTL's CEO commented: "We are excited about this licensing transaction with a motivated and capable partner such as Presidio. This transaction allows us to solidify our financial position by bringing in $4 million dollars in cash and eliminating the ongoing development expense of the Program, while preserving a significant share in the Program's future success. We believe that this transaction extends our financial resources well into Q1 2009, and provides us with a financial cushion as we head towards the completion and announcement of results from the Bicifadine Phase 2b study, expected in Q4 2008."

The Program focuses on the development of novel small molecule inhibitors against the Hepatitis C virus, and is presently in advanced stages of lead optimization. The current lead compounds target NS5A - a viral protein that is essential for viral production. NS5A is distinct from the protease and polymerase. The Program's lead compounds are highly potent inhibitors of viral replication in the replicon assay, which is known to have good correlation with clinical efficacy and is currently the leading method for preclinical testing of inhibitors of the Hepatitis C Virus.

ABOUT XTL BIOPHARMACEUTICALS LTD.

XTL Biopharmaceuticals Ltd. ("XTL") is engaged in the development of therapeutics for the treatment of diabetic neuropathic pain and HCV. XTL is developing Bicifadine, a serotonin and norepinephrine reuptake inhibitor, for the treatment of diabetic neuropathic pain, which is currently in a Phase 2b study. XTL has out-licensed its novel pre-clinical HCV small molecule inhibitor program. XTL also has an active in-licensing and acquisition program designed to identify and acquire additional drug candidates. XTL is publicly traded on the NASDAQ and Tel-Aviv Stock Exchanges (NASDAQ: XTLB; TASE: XTL).

Contact:

Ron Bentsur, Chief Executive Officer

Tel: +1-(845)-267-0707 ext. 225

ABOUT PRESIDIO

Presidio Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the discovery, in-licensing, development and commercialization of novel therapeutics for viral infections, including HIV and HCV. Presidio has raised over $27 million in financing from Panorama Capital, Baker Brothers Investments, Bay City Capital, Ventures West, Nexus Medical Partners, and Sagamore Bioventures. For more information, please visit our website at http://www.presidiopharma.com.

Contact:

Omar K. Haffar, Ph.D.

President and Chief Executive Officer

omar@presidiopharma.com

415-655-7561

Cautionary Statement

Some of the statements included in this press release, particularly those anticipating future financial performance, clinical and business prospects for our clinical compound for neuropathic pain, Bicifadine, and for our pre- clinical compounds for hepatitis C from our XTL-DOS program, growth and operating strategies and similar matters, may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Among the factors that could cause our actual results to differ materially is our ability to complete in a timely and cost effective manner clinical trials on Bicifadine, which could directly impact our ability to continue to fund our operations; our ability to meet anticipated development timelines for all of our drug candidates due to recruitment, clinical trial results, manufacturing capabilities or other factors; the success of our drug development and marketing arrangements with third parties; and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission, including our annual report on Form 20-F filed with the Securities and Exchange Commission on March 23, 2007. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. This press release and prior releases are available at http://www.xtlbio.com. The information in our website is not incorporated by reference into this press release and is included as an inactive textual reference only.


'/>"/>
SOURCE XTL Biopharmaceuticals Ltd.
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
2. XTL Biopharmaceuticals Announces Financial Results for the Six Months Ended June 30, 2007
3. Nabi Biopharmaceuticals to Present at Upcoming Industry Conferences
4. XTL Biopharmaceuticals Announces Presentation of Novel Pre-Clinical Inhibitors of Hepatitis C at an Upcoming International Scientific Conference
5. XTL Biopharmaceuticals Initiates Phase IIb Clinical Trial of Bicifadine for the Treatment of Diabetic Neuropathic Pain
6. Nabi Biopharmaceuticals Announces Sale of Nabi Biologics to Biotest AG
7. Keryx Biopharmaceuticals to Present at Bank of America Investment Conference
8. Morria Biopharmaceuticals Plc Announces Appointment of Dr. Rosemary Mazanet as Interim Chief Executive Officer
9. Keryx Biopharmaceuticals, Inc. Announces Appointment of Michael P. Tarnok to Board of Directors
10. Morria Biopharmaceuticals Plc Appoints Dr. Johnson Lau and Dr. David Sidransky to Board of Directors
11. XTL Biopharmaceuticals Ltd. AGM / EGM Postponed Until October 2, 2007
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:10/9/2017)... ... October 09, 2017 , ... The Giving ... marijuana products targeting the needs of consumers who are incorporating medical marijuana into ... in Phoenix, Arizona. , As operators of two successful Valley dispensaries, The Giving ...
(Date:10/7/2017)... ... October 06, 2017 , ... ... consulting for microscopy and surface analysis, Nanoscience Instruments is now expanding into ... a broad range of contract analysis services for advanced applications. Services will ...
(Date:10/7/2017)... Oct. 6, 2017  The 2017 Nobel Prize ... scientists, Jacques Dubochet, Joachim Frank and ... cryo-electron microscopy (cryo-EM) have helped to ... structural biology community. The winners worked with systems ... routinely produce highly resolved, three-dimensional images of protein ...
(Date:10/6/2017)... ... October 06, 2017 , ... On Tuesday, ... webinar on INSIGhT, the first-ever adaptive clinical trial for glioblastoma (GBM). The featured ... event is free and open to the public, but registration is required. , ...
Breaking Biology Technology:
(Date:4/19/2017)... ALBANY, New York , April 19, 2017 /PRNewswire/ ... highly competitive, as its vendor landscape is marked by ... in the market is however held by five major ... and Safran. Together these companies accounted for nearly 61% ... majority of the leading companies in the global military ...
(Date:4/13/2017)... 2017 According to a new market research report ... Identity Administration, and Authorization), Service, Authentication Type, Deployment Mode, Vertical, and Region ... expected to grow from USD 14.30 Billion in 2017 to USD 31.75 ... ... MarketsandMarkets Logo ...
(Date:4/11/2017)... Florida , April 11, 2017 ... a security technology company, announces the appointment of independent Directors ... Bendheim to its Board of Directors, furthering the company,s ... ... of NXT-ID, we look forward to their guidance and benefiting ...
Breaking Biology News(10 mins):