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
|SOURCE XTL Biopharmaceuticals Ltd.|
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