XTL Biopharmaceuticals Ltd. Announces $9.6 Million Private Placement to Institutional Investors
October 25 2007 - 10:42AM
PR Newswire (US)
NEW YORK, October 25 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ:XTLB)(LSE:XTL)(TASE:XTL) today
announced that it has entered into definitive agreements with
institutional investors relating to a private placement of an
aggregate of $9.6 million in gross proceeds of ordinary shares,
represented by American Depositary Receipts (ADRs). The lead
investors in the transaction are Perceptive Life Sciences Fund,
Quogue Capital LLC, SCO Capital Partners and Versant Capital. Ron
Bentsur, Chief Executive Officer of XTL, commented, "We are very
pleased to have consummated this financing with high-quality
investors in the biotechnology sector in the U.S. Following this
offering, we believe that we will have sufficient capital to
execute our business plan and, more importantly, to reach what we
believe could be a major value-enhancing milestone - the completion
of our on-going randomized, placebo-controlled Phase IIb trial of
Bicifadine in diabetic neuropathic pain." Pursuant to the
securities purchase agreements, the Company will, following the
closing, issue approximately 7.1 million ADRs, representing
approximately 71 million ordinary shares. No warrants were issued
in the transaction. XTL has agreed to register the ordinary shares
and list the ADRs for trading on the Nasdaq Stock Market. Closing
of the transaction is conditional upon, among other things, the
delisting of the Company's ordinary shares from the Official List
of the United Kingdom Listing Authority, scheduled to take place at
8:00 am (London Time) on October 31, 2007. Punk, Ziegel &
Company, L.P. and Brean Murray, Carret & Co., LLC acted as
placement agents in the transaction. ABOUT XTL BIOPHARMACEUTICALS
LTD. XTL Biopharmaceuticals Ltd. ("XTL") is engaged in the
development of therapeutics for the treatment of neuropathic pain
and hepatitis C. XTL is developing Bicifadine, a serotonin and
norepinephrine reuptake inhibitor, for the treatment of diabetic
neuropathic pain. XTL is also developing several novel pre-clinical
hepatitis C small molecule inhibitors. 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, London, and Tel-Aviv Stock Exchanges
(NASDAQ:XTLB)(LSE:XTL)(TASE:XTL). The offering was made only to
accredited investors, as such term is defined in accordance with
the Securities Act of 1933, as amended. The ordinary shares have
not been registered under the Securities Act of 1933, or any state
securities laws. Therefore, they may not be offered or sold in the
United States absent registration under or exemption from the
Securities Act of 1933 and any applicable state securities laws.
This announcement is neither an offer to sell nor a solicitation of
an offer to buy our ordinary shares or warrants to purchase
ordinary shares. Contact: Ron Bentsur, Chief Executive Officer Tel:
+1-(845)-267-0707 ext. 225 Cautionary Statement Some of the
statements included in this press release, particularly those
anticipating future financial performance, the delisting of our
ordinary shares from the Official List of the United Kingdom
Listing Authority, the clinical and business prospects for our
clinical compound Bicifadine, 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.
Risk factors that could adversely affect our operations are
identified from time to time in our reports filed with the
Securities and Exchange Commission and the London Stock Exchange,
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. DATASOURCE:
XTL Biopharmaceuticals Ltd CONTACT: Contact: Ron Bentsur, Chief
Executive Officer, Tel: +1-(845)-267-0707 ext. 225
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