XTL Biopharmaceuticals Announces Financial Results for the Year Ended Decembe...(is C clinical programs. The increase in ...),Health

Date:3/20/2008

is C clinical programs. The increase in loss was also due to a $1.6 million charge that was recorded in 2007 relating to the fair-value of stock appreciation rights granted as a transaction advisory fee to certain third party intermediaries in connection with the Bicifadine transaction. Also, for the years ended December 31, 2007 and 2006, the Company's loss of $24.9 million and $15.1 million, respectively, included $1.9 million and $2.2 million, respectively, of non-cash stock option compensation expense.

Ron Bentsur, Chief Executive Officer of XTL, commented, "2007 was a pivotal year for XTL. The year began with the in-licensing of Bicifadine, a member of the SNRI class. In September, we initiated a multi-center, double- blind, placebo-controlled Phase 2b clinical trial with Bicifadine in diabetic neuropathic pain, an indication where the SNRI class has demonstrated consistent efficacy. We expect to complete and announce results from this study in the fourth quarter of 2008." Mr. Bentsur added, "In November 2007, we strengthened our cash position with the completion of a $9.8 million fund- raising to institutional investors. We believe that this fund-raising, coupled with the pending $4.0 million upfront payment from the recently announced out-licensing transaction of our hepatitis C pre-clinical program, provides us with sufficient capital well into the first quarter of 2009."

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 NA
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SOURCE XTL Biopharmaceuticals Ltd. Copyright©2008 PR Newswire. All rights reserved

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