XTL Receives Staff Letter From NASDAQ
28 August 2007 - 7:52PM
PR Newswire (US)
XTL may Transfer its ADR Listing to the NASDAQ Capital Market NEW
YORK, August 28 /PRNewswire-FirstCall/ -- XTL Biopharmaceuticals
Ltd. (NASDAQ:XTLB)(LSE:XTL)(TASE:XTL), a biopharmaceutical company
engaged in the acquisition, development and commercialization of
therapeutics for the treatment of unmet medical needs, particularly
neuropathic pain and hepatitis C, today announced the receipt on
August 23, 2007, of a NASDAQ Staff Deficiency Letter indicating
that, according to the Company's financial statements for the six
months ended June 30, 2007, XTL no longer complies with the minimum
$10 million shareholders' equity requirement for continued listing
on The NASDAQ Global Market as set forth in Marketplace Rule
4450(a)(3). The Company intends to respond to NASDAQ with
information that may enable the Company to maintain its listing on
The NASDAQ Global Market; however, if the Company's plan for
compliance is not satisfactory, the Company has the option to
transfer its ADR listing to the NASDAQ Capital Market, previously
called the NASDAQ SmallCap Market. The NASDAQ Capital Market is a
continuous trading market that operates in the same manner as The
NASDAQ Global Market. The NASDAQ Capital Market is not related to,
nor does it operate similarly to the over-the-counter markets
including the OTCBB and Pink Sheets. Should the Company transfer
its ADR listing to The NASDAQ Capital Market, its trading symbol on
NASDAQ would remain "XTLB," and the Company does not expect any
interruption in the trading of its ADRs. The NASDAQ Capital Market
includes over 500 issuers of a wide range of capitalization sizes.
A NASDAQ Capital Market security satisfies all applicable
qualification requirements for NASDAQ securities, and all companies
listed on The NASDAQ Capital Market must meet certain financial
requirements and adhere to NASDAQ's corporate governance standards.
About XTL Biopharmaceuticals Ltd. XTL Biopharmaceuticals Ltd.
("XTL") is engaged in the acquisition, development and
commercialization of therapeutics for the treatment of neuropathic
pain and hepatitis C. XTL is developing Bicifadine, a serotonin and
norepinephrine reuptake inhibitor, for the treatment of neuropathic
pain. XTL is also developing several novel pre-clinical hepatitis C
small molecule inhibitors. XTL also has an active in-licensing and
acquisition program designed to identify and acquire additional
drug candidates. XTL is publicly traded on the NASDAQ, London, and
Tel-Aviv Stock Exchanges (NASDAQ:XTLB) ( LSE: XTL) (TASE:XTL).
Cautionary Statement Some of the statements included in this press
release, particularly those anticipating continued trading of the
Company's ADRs on the NASDAQ Global Market, the potential transfer
of trading to the NASDAQ Capital Market, the expected uninterrupted
trading of the ADR, and the Company's ability to comply with NASDAQ
Capital Market listing requirements, 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 Private Securities
Litigation Reform Act of 1995. Risk factors that could adversely
affect our operations are identified from time to time in our
reports filed with the Securities and Exchange Commission and the
London Stock Exchange, including our annual report on Form 20-F
filed with the Securities and Exchange Commission on March 23,
2007. 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. Contact: Ron Bentsur Chief
Executive Officer Tel: +1-(845)267-0707 ext. 225 +972-8-930-4444
DATASOURCE: XTL Biopharmaceuticals Ltd CONTACT: Contact: Ron
Bentsur, Chief Executive Officer, Tel: +1-(845)267-0707 ext. 225,
+972-8-930-4444
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