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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 clini
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SOURCE XTL Biopharmaceuticals Ltd.
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