RAANANA, Israel, November 9, 2016 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB, TASE:
XTLB.TA) ("XTL" or the "Company"), a clinical-stage
biopharmaceutical company developing its lead product for the
treatment of autoimmune diseases, today announced that it received
a notice from The NASDAQ Stock Market ("NASDAQ") that the Company
is not in compliance with NASDAQ's Listing Rule 5450(a)(1) because
the minimum bid price of the Company's American Depositary Shares
("ADSs") has closed below US$1.00 per
share for 30 consecutive business days. The notification of
noncompliance has no immediate effect on the listing or trading of
the Company's ADSs on The Nasdaq Capital Market.
The Company has 180 days, or until May 8,
2017, to achieve compliance with the minimum bid price
requirement. To regain compliance, the minimum bid price of the
Company's ADSs must meet or exceed US$1.00 per share for a minimum of 10 consecutive
business days during this 180-day grace period.
If the Company does not regain compliance with the rule by
May 8, 2017, the Company may be
eligible for an additional 180 day compliance period.
About XTL Biopharmaceuticals Ltd. (XTL)
XTL Biopharmaceuticals Ltd., is a clinical-stage biotech
company focused on the development of pharmaceutical products for
the treatment of autoimmune diseases including lupus. The Company's
lead drug candidate, hCDR1, is a world-class clinical asset for the
treatment of systemic lupus erythematosus (SLE). Treatments
currently on the market for SLE are not effective enough for most
patients and some have significant side effects. hCDR1 has robust
clinical data in three clinical trials with 400 patients and over
200 preclinical studies with data published in more than 40
peer reviewed scientific journals.
XTL is traded on the Nasdaq Capital Market (NASDAQ: XTLB)
and the Tel Aviv Stock Exchange (TASE: XTLB.TA). XTL shares are
included in the following indices: Tel-Aviv Biomed, Tel-Aviv
MidCap, and Tel-Aviv Tech Index.
About hCDR1
hCDR1 is a novel compound with a unique mechanism of action and
has clinical data on over 400 patients in three clinical studies.
The drug has a favorable safety profile, is well tolerated by
patients and has demonstrated efficacy in at least one clinically
meaningful endpoint. For more information please see a peer
reviewed article in Lupus Science and Medicine journal
(http://lupus.bmj.com/content/2/1/e000104.full ).
About Systemic Lupus Erythematosus (SLE)
Lupus is a chronic inflammatory autoimmune disease involving
many systems in the human body, including joints, kidneys, central
nervous system, heart, hematological system and others. The
biologic basis of the disease is dysregulation of the immune
(defense) system, leading to production of self (auto) antibodies
attacking the normal organs and causing irreversible damage.
According to the Lupus Foundation of America, at least 1.5 million
Americans have the disease (more than 5 million worldwide) with
more than 16,000 new cases diagnosed each year. The majority of
patients are women of childbearing years. There has been only one
drug approved by the FDA in the last 50 years and recently two of
the few drugs in advanced development did not meet their primary
endpoints in Phase 3 trials.
Cautionary Statement
This press release may contain forward-looking statements, about
XTL's expectations, beliefs or intentions regarding, among other
things, its product development efforts, business, financial
condition, results of operations, strategies or prospects. In
addition, from time to time, XTL or its representatives have made
or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of
forward-looking words such as "believe," "expect," "intend,"
"plan," "may," "should" or "anticipate" or their negatives or other
variations of these words or other comparable words or by the fact
that these statements do not relate strictly to historical or
current matters. These forward-looking statements may be included
in, but are not limited to, various filings made by XTL with the
U.S. Securities and Exchange Commission, press releases or oral
statements made by or with the approval of one of XTL's authorized
executive officers. Forward-looking statements relate to
anticipated or expected events, activities, trends or results as of
the date they are made. Because forward-looking statements relate
to matters that have not yet occurred, these statements are
inherently subject to risks and uncertainties that could cause
XTL's actual results to differ materially from any future results
expressed or implied by the forward-looking statements. Many
factors could cause XTL's actual activities or results to differ
materially from the activities and results anticipated in such
forward-looking statements, including, but not limited to, the
factors summarized in XTL's filings with the SEC and in its
periodic filings with the TASE. In addition, XTL operates in an
industry sector where securities values are highly volatile and may
be influenced by economic and other factors beyond its control. XTL
does not undertake any obligation to publicly update these
forward-looking statements, whether as a result of new information,
future events or otherwise. Please see the risk factors associated
with an investment in our ADSs or ordinary shares which are
included in our Form F-1/A filed with the U.S. Securities and
Exchange Commission on November 7,
2016.
For further information, please contact:
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972-9-955-7080
Email: ir@xtlbio.com
http://www.xtlbio.com
SOURCE XTL Biopharmaceuticals Ltd