XTL Biopharmaceuticals Implements Restructuring Plan
09 December 2008 - 8:35AM
PR Newswire (US)
VALLEY COTTAGE, N.Y., Dec. 8 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ:XTLB)(TASE:XTL) announced today
that it is restructuring its operations following the failure of
the Bicifadine Phase 2b clinical trial. The company is terminating
the employment of 9 employees, representing 75% of its workforce.
The remaining employees will be responsible for seeking potential
assets or a company to merge into XTL, or for assisting in the
liquidation and/or disposition of XTL's assets. Cautionary
Statement Some of the statements included in this press release,
particularly those anticipating future business prospects, 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. It is possible that we
will not be able to find a buyer for the assets or a merger
partner. 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: Ron Bentsur of XTL
Biopharmaceuticals Ltd., Chief Executive Officer, +1-845-267-0707
ext. 225 Web Site: http://www.xtlbio.com/
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