XTL Biopharmaceuticals Announces Financial Results for the Year Ended Decembe...( VALLEY COTTAGE N.Y. March 20 /- X...),Health

VALLEY COTTAGE, N.Y., March 20 /PRNewswire-FirstCall/ -- XTL Biopharmaceuticals Ltd. (Nasdaq: XTLB; TASE: XTL), a biopharmaceutical company engaged in the acquisition and development of therapeutics for the treatment of unmet medical needs, particularly diabetic neuropathic pain and hepatitis C, today announced its financial results for the year ended December 31, 2007.

At December 31, 2007, the Company had cash, cash equivalents and short- term bank deposits of $13.0 million, compared to $25.2 million at December 31, 2006. The decrease of $12.2 million during the year ended December 31, 2007 was attributable primarily to the Company's $7.5 million initial upfront license payment made in connection with the in-licensing of Bicifadine, a serotonin and norepinephrine reuptake inhibitor for the treatment of diabetic neuropathic pain, in January 2007, operating expenditures associated with the Phase 2b clinical trial of Bicifadine, the development of the DOS hepatitis C pre-clinical program, and operating expenditures associated with the Company's legacy hepatitis C clinical programs that were terminated in 2007, offset by $8.8 million in net proceeds from the private placement that was completed in November 2007.

The loss for the year ended December 31, 2007 was $24.9 million, or $0.11 per ordinary share, compared to a loss of $15.1 million, or $0.08 per ordinary share, for the year ended December 31, 2006, representing an increase in net loss of $9.8 million. The increased loss was primarily attributable to the $7.5 million upfront license fee in connection with the in-licensing of Bicifadine and additional costs associated with the Bicifadine clinical program, offset by lower costs associated with the Company's legacy hepatit
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