HERZLIYA, Israel, Sept. 2,
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, today announced its financial and
operational results for the three and six month periods ended
June 30, 2014.
Josh Levine, CEO of XTL, stated:
"There continues to be significant excitement about hCDR1, a Phase
II-ready asset for the treatment of Systemic Lupus Erythematosus,
throughout the autoimmune research community. Recently, a
review of hCDR1 was included in an article by Prof. Edna Mozes titled, Novel Approaches to the
Development of Targeted Therapeutic Agents for Systemic Lupus
Erythematosus, which was published in the Journal of
Autoimmunity. In this article hCDR1 was highlighted as one of the
few attractive potential candidates for the specific and safe
treatment of lupus patients.
"We continue to move ahead with the planning of clinical trials
for our core assets, with a focus on hCDR1. Our newly-hired
consultants have extensive experience in the study of Lupus and
will allow us to expedite the planning process for hCDR1. In fact,
we intend to approach the FDA with a finalized trial design by the
end of this year. In respect to our rHuEPO asset for the treatment
of Multiple Myeloma, we have already begun the regulatory process
using our existing capital, which is in excess of $3.2 million. We are on track to be able to
commence both the Phase IIb trial for Lupus and the trial for
Multiple Myeloma by the middle of 2015," concluded Mr.
Levine.
Financial Overview
The Company reported research and
development expenses for the quarter ended June 30, 2014 of $40,000 compared with $25,000 for the same period last year, which
reflects increased spending on preparations for clinical trials.
General and administrative expenses for the quarter ended
June 30, 2014 were $488,000 compared with $694,000 for the same period last year. Excluding
expenses associated with InterCure, Ltd., the Company's medical
device subsidiary, these costs would have been $369,000 and $508,000 for the quarters ended June 30, 2014 and 2013, respectively.
XTL reported an operating loss for the quarter ended
June 30, 2014 of $723,000 compared with $1.0 million for the same period last year. The
Company reported a net loss for the quarter ended June 30, 2014 of $710,000 compared with $1.2 million for the same period last year. The
lower loss was due primarily to lower Sales and Marketing expenses
related to InterCure and lower losses from investment in associates
following the disposal of its holdings in Proteologics in the third
quarter of 2013.
The Company reported $3.3 million
in cash, cash equivalents and bank deposits (including InterCure)
as of June 30, 2014.
The Company reported research and development expenses for the
six months ended June 30, 2014 of
$90,000 compared with $43,000 for the same period last year reflecting
increased spending on preparations for clinical trials. General and
administrative expenses for the six months ended June 30, 2014 was $1.2
million compared with $1.4
million for the same period last year. Excluding expenses
associated with InterCure, Ltd., the Company's medical device
subsidiary, these costs would have been $916,000 and $1,035,000 for the six months ended June 30, 2014 and 2013, respectively.
XTL reported an operating loss for the six months ended
June 30, 2014 of $1.5 million compared with $1.9 million for the same period last year. The
Company reported a net loss for the six months ended June 30, 2014 of $1.5
million compared with $2.3
million for the same period last year. The lower loss was
due primarily to lower Sales and Marketing expenses related to
InterCure and lower losses from investment in associates following
the disposal of its holdings in Proteologics in the third quarter
of 2013.
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 Tech Index.
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. Please see the risk factors associated with an
investment in our ADSs or ordinary shares which are included in our
Annual Report on Form 20-F as filed with the U.S. Securities and
Exchange Commission on April 2,
2014.
Investor Contacts:
Jeffrey Goldberger / Garth Russell
KCSA Strategic Communications
Phone: 212-896-1249 / 212-896-1250
Email: jgoldberger@kcsa.com / grussell@kcsa.com
XTL
Biopharmaceuticals, Ltd. and Subsidiaries
|
(in thousands,
except share and per share amounts)
|
|
Consolidated
Statements of Financial Position - Selected Data
|
|
|
As
of
|
June
30,
|
|
December
31,
|
|
2014
|
|
2013
|
|
|
|
|
Cash, Cash
Equivalents and bank deposits
|
$ 3,260
|
|
$
4,165
|
Working
Capital
|
3,076
|
|
3,870
|
Total
assets
|
7,224
|
|
8,015
|
|
|
|
|
Long term
liabilities
|
$
27
|
|
$
11
|
Total shareholders'
equity
|
5,708
|
|
6,265
|
Non-controlling
interests
|
141
|
|
520
|
|
|
|
|
|
|
|
|
|
XTL
Biopharmaceuticals, Ltd. and Subsidiaries
|
(USD in
thousands, except share and per share amounts)
|
|
Consolidated
Statements of Comprehensive Income
|
|
|
|
|
|
|
|
|
|
|
For the six months
ended
|
|
For the three
months ended
|
June
30,
|
|
June
30,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Revenues
|
$
967
|
|
$
1,185
|
|
$
380
|
|
$
512
|
Cost of
Sales
|
(270)
|
|
(387)
|
|
(113)
|
|
(188)
|
|
|
|
|
|
|
|
|
Gross
Profit
|
$
697
|
|
$
798
|
|
$
267
|
|
$
324
|
|
|
|
|
|
|
|
|
Research and
Development expenses
|
(90)
|
|
(43)
|
|
(40)
|
|
(25)
|
Selling and marketing
expenses
|
(725)
|
|
(1,294)
|
|
(321)
|
|
(608)
|
General and
administrative expenses
|
(1,217)
|
|
(1,394)
|
|
(488)
|
|
(694)
|
Impairment of
intangible assets
|
-
|
|
-
|
|
-
|
|
-
|
Impairment of fixed
and intangible assets in
subsidiary
|
(141)
|
|
-
|
|
(141)
|
|
-
|
Other gains,
net
|
-
|
|
10
|
|
-
|
|
3
|
Operating
Loss
|
$
(1,476)
|
|
$
(1,923)
|
|
$
(723)
|
|
$
(1,000)
|
Finance
income
|
$
15
|
|
$
39
|
|
$
13
|
|
$
18
|
Finance
expenses
|
(10)
|
|
(13)
|
|
-
|
|
(3)
|
Financial income,
net
|
$
5
|
|
$
26
|
|
$
13
|
|
$
15
|
Losses from
investment in associate
|
$
-
|
|
$
(449)
|
|
$
-
|
|
$
(259)
|
Loss for the
Period
|
$
(1,471)
|
|
$
(2,346)
|
|
$
(710)
|
|
$
(1,244)
|
|
|
|
|
|
|
|
|
Other
comprehensive income:
|
|
|
|
|
|
|
|
Items that might be
classified to profit or
loss:
|
|
|
|
|
|
|
|
Foreign currency
transaction adjustments
|
$
-
|
|
$
68
|
|
$
-
|
|
$
17
|
Reclassification of
foreign currency
transaction adjustments to Other gains, net
|
-
|
|
-
|
|
-
|
|
-
|
Total other
comprehensive income
|
$
-
|
|
$
68
|
|
$
-
|
|
$
17
|
|
|
|
|
|
|
|
|
Total
comprehensive loss for the period
|
$
(1,471)
|
|
$
(2,278)
|
|
$
(710)
|
|
$
(1,227)
|
|
|
|
|
|
|
|
|
Total loss for the
period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
$
(1,249)
|
|
$
(1,875)
|
|
$
(563)
|
|
$
(1,003)
|
Non-controlling
interests
|
(222)
|
|
(471)
|
|
(147)
|
|
(241)
|
|
$
(1,471)
|
|
$
(2,346)
|
|
$
(710)
|
|
$
(1,244)
|
Total
comprehensive loss for the period
attributable to:
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
$
(1,249)
|
|
$
(1,807)
|
|
$
(563)
|
|
$
(986)
|
Non-controlling
interests
|
(222)
|
|
(471)
|
|
(147)
|
|
(241)
|
|
$
(1,471)
|
|
$
(2,278)
|
|
$
(710)
|
|
$
(1,227)
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share (in U.S.
dollars)
|
$
(0.005)
|
|
$
(0.008)
|
|
$
(0.002)
|
|
$
(0.004)
|
Weighted average
number of issued
ordinary shares
|
229,897,370
|
|
222,330,437
|
|
231,483,130
|
|
222,306,007
|
SOURCE XTL Biopharmaceuticals Ltd.