HERZLIYA, Israel, Dec. 1, 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 nine-month periods ended September 30, 2014.
Josh Levine, Chief Executive
Officer of XTL, stated, "We remain focused on our drug development
efforts with the in-licensing of hCDR1 for the treatment of
Systemic Lupus Erythematosus, which is poised for a Phase II
clinical trial. We continue with the rigorous planning
process for this core asset with assistance from our Clinical
Advisory Board. With their extensive knowledge of lupus and
autoimmune system disorders, we still anticipate being able to
present a finalized trial design to the FDA and initiate clinical
trials in 2015. hCDR1 has been highlighted as an attractive
potential candidate for the safe and effective treatment of Lupus.
Multiple myeloma is another target market we aim to address with
our rHuEPO asset. We reaffirm the 2015 timeline we had previously
projected to commence Phase II for this clinical trial."
"The strong management team has set a clear path for the Company
to become a leader in drug development. The recently proposed
additions to the Board of Directors will also bring a wealth of
experience in drug development as well as a background in the
financial markets. The recently announced transaction regarding the
sale of 51% of InterCure, which is a non-core asset, to Green
Forest Global, will allow the Company to allocate all of its
efforts and resources to bring these assets to market. In addition,
the recently announced purchase of Company shares by the largest
shareholder, clearly demonstrates the continued confidence in the
Company's activities and development programs. The InterCure
divestiture also improves the transparency of the Company's
financial statements and streamlines our operations," concluded Mr.
Levine.
Financial Overview
The Company reported research and development expenses for the
quarter ended September 30, 2014 of
$43,000 compared with $32,000 for the same period last year, which
reflects increased spending on preparations for clinical trials.
General and administrative expenses for the quarter ended
September 30, 2014 were $474,000 compared with $152,000 for the same period last year. Excluding
expenses associated with InterCure Ltd., the Company's medical
device subsidiary, these costs would have been $328,000 and ($22,000) for the quarters ended September 30, 2014 and 2013, respectively. The
change reflects a reduction of expenses year over year as Q3 2013
expenses included a credit of $464,000 for options forfeited by a previous
director of the Company upon his resignation.
XTL reported an operating loss for the quarter ended
September 30, 2014 of $494,000 compared with a gain of $829,000 for the same period last year. The
Company reported a net loss for the quarter ended September 30, 2014 of $568,000 compared with a gain of $445,000 for the same period last year. Third
quarter 2013 results included a gain from the sale of the Company's
stake in Proteologics Ltd. of $1.0
million.
The Company reported $2.9 million
in cash, cash equivalents and bank deposits (including InterCure)
as of September 30, 2014.
The Company reported research and development expenses for the
nine months ended September 30, 2014
of $133,000 compared with
$75,000 for the same period last year
reflecting increased spending on preparations for clinical trials.
General and administrative expenses for the nine months ended
September 30, 2014 were $1.7 million compared with $1.5 million for the same period last year.
Excluding expenses associated with InterCure, Ltd., the Company's
medical device subsidiary, these costs would have been $1,244,000 and $1,013,000 for the nine months ended September 30, 2014 and 2013, respectively.
XTL reported an operating loss for the nine months ended
September 30, 2014 of $2.0 million compared with $1.1 million for the same period last year. The
Company reported a net loss for the nine months ended September 30, 2014 of $2.0
million, compared to $1.9
million in the same period last year.
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
|
September
30,
|
|
December
31,
|
|
2014
|
|
2013
|
|
|
|
|
Cash, Cash
Equivalents and bank deposits
|
$2,905
|
|
$4,165
|
Working
Capital
|
$2,715
|
|
$3,870
|
Total
assets
|
$6,688
|
|
$8,015
|
|
|
|
|
Long term
liabilities
|
$1,184
|
|
$1,219
|
Total shareholders'
equity
|
$5,393
|
|
$6,265
|
Non-controlling
interests
|
$84
|
|
$520
|
|
|
|
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
|
|
|
|
Nine months
ended
September
30,
|
|
Three months
ended
September
30,
|
|
Year
ended
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2013
|
|
|
Unaudited
|
|
Audited
|
|
|
U.S. dollars in
thousands (except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
1,254
|
|
1,658
|
|
287
|
|
473
|
|
2,369
|
Cost of
sales
|
|
(391)
|
|
(567)
|
|
(121)
|
|
(180)
|
|
(741)
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
863
|
|
1,091
|
|
166
|
|
293
|
|
1,628
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expenses
|
|
(133)
|
|
(75)
|
|
(43)
|
|
(32)
|
|
(113)
|
Selling and marketing
expenses
|
|
(868)
|
|
(1,620)
|
|
(143)
|
|
(326)
|
|
(1,691)
|
General and
administrative expenses
|
|
(1,691)
|
|
(1,546)
|
|
(474)
|
|
(152)
|
|
(2,048)
|
Impairment of
intangible assets
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,729)
|
Impairment of fixed and
intangible assets in subsidiary
|
|
(141)
|
|
-
|
|
-
|
|
-
|
|
-
|
Other gains,
net
|
|
-
|
|
1,056
|
|
-
|
|
1,046
|
|
1,059
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
(loss)
|
|
(1,970)
|
|
(1,094)
|
|
(494)
|
|
829
|
|
(2,894)
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
|
17
|
|
59
|
|
2
|
|
20
|
|
61
|
Finance
expenses
|
|
(86)
|
|
(21)
|
|
(76)
|
|
(8)
|
|
(35)
|
|
|
|
|
|
|
|
|
|
|
|
Finance income,
net
|
|
(69)
|
|
38
|
|
(74)
|
|
12
|
|
26
|
|
|
|
|
|
|
|
|
|
|
|
Losses from investment
in associate
|
|
-
|
|
(845)
|
|
-
|
|
(396)
|
|
(845)
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the
period
|
|
(2,039)
|
|
(1,901)
|
|
(568)
|
|
445
|
|
(3,713)
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
Items which can be
classified to profit or loss:
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation differences
|
|
-
|
|
108
|
|
-
|
|
40
|
|
108
|
Reclassification of
foreign currency translation adjustments to Other gains,
net
|
|
-
|
|
(221)
|
|
-
|
|
(221)
|
|
(221)
|
|
|
|
|
|
|
|
|
|
|
|
Total other
comprehensive income (loss)
|
|
-
|
|
(113)
|
|
-
|
|
(181)
|
|
(113)
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive
loss for the period
|
|
(2,039)
|
|
(2,014)
|
|
(568)
|
|
264
|
|
(3,826)
|
|
|
|
|
|
|
|
|
|
|
|
Loss for the period
attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
(1,759)
|
|
(1,326)
|
|
(510)
|
|
549
|
|
(2,476)
|
Non-controlling
interests
|
|
(280)
|
|
(575)
|
|
(58)
|
|
(104)
|
|
(1,237)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,039)
|
|
(1,901)
|
|
(568)
|
|
445
|
|
(3,713)
|
Total comprehensive
loss for the period attributable to:
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
|
(1,759)
|
|
(1,439)
|
|
(510)
|
|
368
|
|
(2,589)
|
Non-controlling
interests
|
|
(280)
|
|
(575)
|
|
(58)
|
|
(104)
|
|
(1,237)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,039)
|
|
(2,014)
|
|
(568)
|
|
264
|
|
(3,826)
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted loss
per share
|
|
(0.008)
|
|
(0.006)
|
|
(0.002)
|
|
0.002
|
|
(0.011)
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xtl-biopharmaceuticals-provides-financial-and-operational-update-for-the-third-quarter-of-2014-300002320.html
SOURCE XTL Biopharmaceuticals Ltd.