Following the Acquisition of the Controlling Stake by XTL, Proteologics Appoints Board Members and Chairman
HERZLIYA, Israel, December 5, 2012 /PRNewswire/ --
XTL Biopharmaceuticals Ltd (TASE: XTL) (OTC: XTLBY) (the "Company", or "XTL"), a biopharmaceutical development company that recently acquired the controlling stake of Proteologics Ltd (TASE: PRTL) announces that Mr. David Grossman, Chief Executive Officer of XTL and Mr. Efri Argaman, were appointed as members of the board of directors of Proteologics. Furthermore, the Board of Directors of Proteologics appointed Mr. Efri Argaman Chairman of the Board of Directors, with immediate effect.
About XTL Biopharmaceuticals, Ltd. ("XTL")
XTL Biopharmaceuticals, Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of clinical unmet needs. XTL is focused on late stage clinical development of drugs for the treatment of multiple myeloma, schizophrenia, and hepatitis C.
XTL's lead drug candidate, rHuEPO, for the treatment of multiple myeloma blood cancer, was granted an orphan drug designation from the FDA. rHuEPO has been approved for marketing by the FDA and has for many years been sold for billions of dollars across the world for the treatment of severe anemia.
XTL holds the controlling stake in Proteologics Ltd. (TASE: PRTL), a drug discovery company, and InterCure Ltd. (TASE: INCR), a company which has disrupted the $42 billion hypertension industry with the world's first FDA-cleared, OTC blood pressure treatment device, RESPeRATE® (http://www.resperate.com).
XTL is a public company traded on the Tel Aviv Stock Exchange (TASE: XTL) and its ADRs are quoted in the US on the Pink Sheets (OTC: XTLBY). XTL shares are included in the following indices: Tel-Aviv MidCap-50, Tel-Aviv Biomed, Tel-Aviv MidCap, and Tel-Aviv Bluetech-50.
About Proteologics, Ltd. ("Proteologics")
Proteologics is a biopharmaceutical company exploiting the Ubiquitin Proteasome System (UPS) for the discovery and development of novel therapeutics. The UPS is a major component of biological regulation, underlying a wide array of cellular pathways. Drs. Avram Hershko and Aharon Ciechanover, 2004 Nobel Prize laureates for the discovery of the ubiquitin system, the founders of Proteologics, lead its scientific advisory board. Proteologics' recognized competencies have been built through a number of internal programs and partnerships, including strategic R&D collaborations with GlaxoSmithKline (GSK) and Teva Pharmaceuticals. Proteologics was founded in 1999 and is a public company traded on the Tel-Aviv Stock Exchange. Shareholders include GSK, XTL Biopharmaceuticals and leading Israeli venture capital funds.
SOURCE XTL Biopharmaceuticals Ltd