HERZLIYA, Israel, June 12, 2014 /PRNewswire/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ: XTLB, TASE: XTL) ("XTL" or the
"Company"), a clinical-stage biopharmaceutical company focused on
the acquisition, development and commercialization of
pharmaceutical products for the treatment of unmet clinical needs,
announced today that it received a letter from the Nasdaq Stock
Market LLC ("Nasdaq") dated June 9,
2014 relating to the May 19,
2014 resignation of director Marc
Allouche.
As a result of Mr. Allouche's resignation, the Company is no
longer in compliance with Nasdaq Listing Rule 5605, which
states:
Each Company must have, and certify that it has and will
continue to have, an audit committee of at least three members,
each of whom must: (i) be an Independent Director as defined under
Rule 5605(a)(2); (ii) meet the criteria for independence set forth
in Rule 10A-3(b)(1) under the Act (subject to the exemptions
provided in Rule 10A-3(c) under the Act); (iii) not have
participated in the preparation of the financial statements of the
Company or any current subsidiary of the Company at any time during
the past three years; and (iv) be able to read and understand
fundamental financial statements, including a Company's balance
sheet, income statement, and cash flow statement.
Because Mr. Allouche served on XTL's Audit Committee, his
departure leaves the Company with less than the requisite three
independent members. Consistent with Listing Rule 5606(c)(4),
however, Nasdaq provided the Company with a cure period in order to
regain compliance as follows:
- until the earlier of the Company's next annual shareholders'
meeting or May 18, 2015; or
- if the next annual shareholders' meeting is held before
November 14, 2014, then the Company
must provide evidence of compliance no later than November 14, 2014.
The Company intends to remedy the deficiency during the cure
period allotted by Nasdaq.
About XTL Biopharmaceuticals, Ltd. ("XTL")
XTL Biopharmaceuticals Ltd., a biopharmaceutical company,
focuses on the acquisition, development, and commercialization of
pharmaceutical products for the treatment of unmet clinical needs.
XTL is focused on late stage clinical development of drugs for the
treatment of lupus, multiple myeloma and schizophrenia.
XTL is a public company traded on the Nasdaq Capital Market
(NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTL). XTL
shares are included in the following indices: Tel-Aviv Biomed,
Tel-Aviv MidCap, and Tel-Aviv Bluetech-50.
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 Private
Securities Litigation Reform Act of 1995.
Investor Contacts:
Jeffrey
Goldberger / Garth
Russell
KCSA Strategic Communications
Phone: 212-896-1249 / 212-896-1250
Email: jgoldberger@kcsa.com / grussell@kcsa.com
SOURCE XTL Biopharmaceuticals Ltd.