HERZLIYA, Israel, Feb. 17, 2015 /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 Israeli biotech investor Alex Rabinovich, its largest
shareholder, increased his stake in the Company through his
investment in InterCure, an XTL subsidiary, and recent purchases of
XTL stock in the market.
Mr. Rabinovich will acquire a 51% stake in InterCure in two
phases for a total investment of $460,000. In the transaction announced by
InterCure, Mr. Rabinovich will be granted options to increase his
stake in InterCure in addition to the right to purchase the XTL
shares held by InterCure. The exercise of the option to
purchase the XTL shares when combined with Mr. Rabinovich's recent
purchase of approximately 3.4 million XTL shares in the open market
will increase Mr. Rabinovich's total ownership in XTL to 20.5%.
XTL's ownership position in InterCure will be reduced to 20.4%
following completion of the transaction and the exercise of the
options. As a minority shareholder, XTL will not be required to
consolidate InterCure's financial results in its financial
statements according to U.S. Generally Accepted Accounting
Principles (GAAP). As a result, XTL's financials will represent a
more accurate picture of its financial health and clinical
operations.
InterCure also recently announced the signing of a memorandum of
understanding to acquire a stake in Regenera Pharma Ltd., a
clinical-stage pharmaceutical company whose drug RPh201 has
demonstrated the ability to reverse neurological damage caused by
pathological conditions.
The planned investment in Regenera, a company led by Prof.
Yitzhak Peterburg, who also serves
as Chairman of the Board of Teva Pharmaceuticals Industries Ltd.,
coupled with Mr. Rabinovich's intention to inject additional funds
into InterCure lays the foundation for success.
"Mr. Rabinovich's recent purchase of XTL shares in the market
and his investment in InterCure is a resounding vote of confidence
from our largest shareholder," stated Josh
Levine, CEO of XTL. "Mr. Rabinovich has demonstrated
significant knowledge of the biotech space and we believe his
involvement will drive value to our investment in the near
term. As we have previously mentioned, InterCure was not a
critical aspect of our business strategy in the biotechnology space
but we believe this transaction adds value to our investment while
also allowing us to dedicate our attention and resources to the
development of our Lupus and Multiple Myeloma assets."
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
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SOURCE XTL Biopharmaceuticals Ltd.