XTL Receives Staff Letter From NASDAQ; XTL may Transfer its ADR Listing to the NASDAQ Capital Market
28 August 2007 - 8:44PM
PR Newswire (US)
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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