HERZLIYA, Israel, March 31, 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 it has entered into definitive purchase
agreements with a healthcare dedicated fund that led the
transaction and other existing institutional and accredited
investors for the purchase of $4.0
million of American Depositary Shares (ADS) at a purchase
price per ADS of $2.25.
Investors will also receive five and a half year warrants to
purchase 0.5 of an ADS for each ADS purchased in the offering with
an exercise price of $2.25 per ADS.
The closing bid price of the Company's ADSs on March 30, 2015 was $2.24. The closing of the sale of the securities
is expected to take place on or about April
6, 2015, subject to satisfaction of customary closing
conditions.
H.C. Wainwright & Co. acted
as the exclusive placement agent for this transaction.
This $4 million financing from a
healthcare dedicated fund and existing investors provides XTL with
the funds it needs to advance the clinical development of its lead
clinical product candidate, hCDR1, for the treatment of Systemic
Lupus Erythematosus, and its second product candidate, recombinant
human erythropoietin, for the treatment of late-stage multiple
myeloma, and for general corporate purposes.
The ADSs described above were offered pursuant to a shelf
registration statement (File No. 333-194338), which was declared
effective by the United States Securities and Exchange Commission
("SEC") on April 4, 2014. The
warrants described above have not been registered under the
Securities Act of 1933 (the "Act"), and may not be offered or sold
in the United States absent
registration with the SEC or an applicable exemption from such
registration requirements.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. When filed with
the SEC, copies of the prospectus supplement and the accompanying
base prospectus relating to the ADSs in this offering may be
obtained at the SEC's website at http://www.sec.gov. Copies
of the prospectus supplement and accompanying prospectus relating
to the offering may be obtained from H.C.
Wainwright & Co. by contacting by telephone at (212)
356-0530 or by e-mail at placements@hcwco.com.
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 (XTLB) and
the Tel Aviv Stock Exchange (XTL.TA). 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:
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972-9-955-7080
Email: ir@xtlbio.com
http://www.xtlbio.com
SOURCE XTL Biopharmaceuticals Ltd