XTL Biopharmaceuticals Successfully Completes a Capital Raise in Israel of Approximately $3.5 Million Led by Institutional Investors
HERZELIYA, Israel, March 19, 2012 /PRNewswire/ --
$1.1 million was raised by way of exercise of tradable warrants at NIS 1.05 per share ($0.56 per ADR).
$2.4 million was raised in a lock-up private placement at a share price of NIS 0.79 per share ($0.42 per ADR).
The raise will enable acceleration of the clinical development programs of the Company.
XTL Biopharmaceuticals (TASE: XTL, OTC: XTLBY) announced yesterday, March 18, 2012, it successfully completed a private placement of securities with foreign as well as Israeli institutional and private investors for a total of $2.4 million (NIS 9.1 million). The placement will have a 6-month lock-up period. Furthermore, the Company raised an additional approximate $1.1 million (NIS 4.2 million) by way of exercise of tradable warrants (series 2) at NIS 1.05 per share ($0.56 per ADR).
The private placement together with the warrants' exercise totalled to approximately $3.5 million (approximately NIS 13.3 million). Menora Mivtahim Underwriting and Management Ltd. acted as an advisor for the private placement.
"We are happy to announce the completion of the raising, led by key institutional investors" mentioned Ronen Twito, XTL's Chief Financial Officer, and added "the completion of the raising and its character demonstrate the investors' belief in the Company, and will enable the Company to mark the US capital markets as a target in the near future."
David Grossman, XTL's Chief Executive Officer said "We would like to thank the investors and our shareholders for their investment and support in the Company. The raising will enable us to accelerate our development programs and expand our drug development pipeline."
About XTL Biopharmaceuticals, Ltd.
XTL Biopharmaceuticals, Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of clinical unmet needs. The Company is focused on late stage clinical development of drugs for the treatment of multiple myeloma, schizophrenia, and hepatitis C.
The Company'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 been sold for many years, totalling billions of dollars in sales across the world for the treatment of severe anemia.
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).
For further details, please contact:
XTL Investor Relations, Tel: +972-9-955-7080 or email: email@example.com
SOURCE XTL Biopharmaceuticals Ltd