Update on Refocusing Operations
16 December 2005 - 6:48PM
PR Newswire (US)
REHOVOT, Israel, December 16 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. ("XTLbio" or the "Company")
(LSE:XTL)(NASDAQ:XTLB) ( TASE: XTL) , a biopharmaceutical company
developing drugs against hepatitis, today announced that it is
implementing an additional step in the Company's business plan
designed to re-focus the Company's resources on the development of
its lead hepatitis C programs, XTL-6865, currently in a Phase I
clinical trial, and XTL-2125, which is pending the commencement of
a Phase I clinical trial. The main component of the plan is a
reduction in overall headcount of 13 employees, or approximately 25
per cent. The workforce reduction is limited to employees based in
the Company's Rehovot, Israel facility, and consists primarily of
early-stage research personnel. Michael S. Weiss, Chairman, said:
"This is a significant step in the Company's plan to re-focus its
efforts and resources towards the projects with the highest
potential for near-term success. We believe that the implementation
of this program allows the Company to become a more attractive
opportunity for existing shareholders and potential investors."
Contacts: XTLbio Jonathan Burgin, Chief Financial Officer, Tel:
+972-8-930-4440 About XTL Biopharmaceuticals Ltd. Established in
1993, XTL Biopharmaceuticals Ltd. (LSE:XTL)(NASDAQ:XTLB) ( TASE:
XTL) is a biopharmaceutical company engaged in the acquisition,
development and commercialization of pharmaceutical products for
the treatment of infectious diseases, particularly the prevention
and treatment of hepatitis B and C. Cautionary Statement Some of
the statements included in this press release 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 U.S.
Private Securities Litigation Reform Act of 1995. Among the factors
that could cause our actual results to differ materially, and
therefore affect interest by investors in our ADR's, are the
following: our ability to successfully complete cost-effective
clinical trials for XTL-2125 and the other drug candidates we have
under development; our ability to develop successfully our drug
candidates with a reduced level of human resources in our research
and development function; and other risk factors identified from
time to time in our reports filed with the regulatory authorities
in Israel, the United Kingdom and the United States. 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: Contacts:
XTLbio, Jonathan Burgin, Chief Financial Officer, Tel:
+972-8-930-4440
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