FORM 3
        
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

KENNEDY WILLIAM JAMES

2. Date of Event Requiring Statement (MM/DD/YYYY)
8/1/2005 

3. Issuer Name and Ticker or Trading Symbol

XTL BIOPHARMACEUTICALS LTD [XTLB]

(Last)        (First)        (Middle)

C/O XTL BIOPHARMACEUTICALS LTD, 711 EXECUTIVE BLVD., SUITE Q

4. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                            _____ 10% Owner
_____ Officer (give title below)          _____ Other (specify below)

(Street)

VALLEY COTTAGE, NY 10989       

(City)              (State)              (Zip)
5. If Amendment, Date Original Filed (MM/DD/YYYY)

 

6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person


Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4) 		2. Amount of Securities Beneficially Owned
(Instr. 4) 		3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5) 		4. Nature of Indirect Beneficial Ownership
(Instr. 5)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 4) 		2. Date Exercisable and Expiration Date
(MM/DD/YYYY) 		3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4) 		4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5) 		6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
OPTIONS TO PURCHASE ORDINARY SHARES     (1) 8/1/2015   ORDINARY SHARES   60000   $0.853   D    
OPTIONS TO PURCHASE ORDINARY SHARES     (2) 8/1/2016   ORDINARY SHARES   20000   $0.325   D    
OPTIONS TO PURCHASE ORDINARY SHARES     (3) 8/1/2017   ORDINARY SHARES   20000   $0.204   D    
OPTIONS TO PURCHASE ORDINARY SHARES     (4) 7/20/2018   ORDINARY SHARES   300000   $0.350   D    
OPTIONS TO PURCHASE ORDINARY SHARES     (5) 8/1/2018   ORDINARY SHARES   20000   $0.368   D    

Explanation of Responses:
( 1)  Granted on 8/1/2005. The options are fully vested.
( 2)  Granted on 8/1/2006. 13,333 of these options are fully vested. The remainder vests as follows: 1,667 options on 11/1/2008, 1,667 options on 2/1/2009, 1,667 options on 5/1/2009 and 1,666 options on 8/1/2009.
( 3)  Granted on 08/01/2007. 6,667 of these options are fully vested. The remainder vest as follows: 1,667 options on 11/1/2008, 1,667 options on 2/1/2009, 1,666 options on 5/1/2009, 1,666 options on 8/1/2009, 1,667 options on 11/1/2009, 1,667 options on 2/1/2010, 1,667 options on 5/1/2010 and 1,666 options on 8/1/2010.
( 4)  The options vest monthly over three years in a linear manner so that 8,334 options vest upon the 10th day of every month so long as the reporting person is serving as a director of XTL Biopharmaceuticals LTD, for a total of 36 months from the date of issuance (on the 10th day of the 36th month, 8,310 options vest).
( 5)  Granted on 8/1/2008. 1,667 options vest quarterly on the first of each November, February, May and August beginning November 1, 2008.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
KENNEDY WILLIAM JAMES
C/O XTL BIOPHARMACEUTICALS LTD
711 EXECUTIVE BLVD., SUITE Q
VALLEY COTTAGE, NY 10989 		X



Signatures
/s/ William J. Kennedy 10/27/2008
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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