RA'ANANA, Israel, January 25, 2017 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB, TASE: XTLB.TA)
("XTL" or the "Company"), a clinical-stage biopharmaceutical
company developing treatments for autoimmune diseases, today
announced the Company has authorized The Bank of New York Mellon,
as depository ("BNY Mellon"), to effect on February 10, 2017 a change in the ratio from one
(1) Depositary Share ("DS") representing twenty (20) ordinary
shares to a new ratio of one (1) DS representing one hundred (100)
ordinary shares. For the Company's DS holders, this ratio change
will have the same effect as a reverse split on the XTL DSs on the
basis of one (1) new DS for every five (5) old DSs held. The
ordinary shares of XTL will not be affected by this change in the
DS to ordinary share ratio.
Effective February 10, 2017, DS
holders of XTL will be required on a mandatory basis to surrender
their old DSs to BNY Mellon for cancellation at the rate of five
(5) "OLD" DSs (CUSIP# 98386D208) for one (1) "NEW" DS (CUSIP#
98386D307). Holders in the Direct Registration System and in DTC
will have their DSs automatically exchanged and need not take any
action. Only whole DSs will be distributed. BNY Mellon will attempt
to sell any fractional DSs and distribute the cash proceeds.
The Company believes that the ratio change is in the best
interest of its shareholders as it will assist the Company in
regaining compliance with the minimum average closing price
continued listing standard of the NASDAQ Capital Market (NCM).
However, the Company can give no assurance that this goal will be
achieved upon the effectiveness of the ratio change.
About XTL Biopharmaceuticals Ltd. (XTL)
XTL Biopharmaceuticals Ltd. is a clinical-stage biotech
company focused on the development of pharmaceutical products for
the treatment of autoimmune diseases. The Company's lead drug
candidate, hCDR1, is a world-class clinical asset for the treatment
of autoimmune diseases including systemic lupus erythematosus (SLE)
and Sjögren's Syndrome (SS). The few treatments currently on the
market for these diseases are not effective enough for most
patients and some have significant side effects. hCDR1 has robust
clinical data in three clinical trials with 400 patients and over
200 preclinical studies with data published in more than 40
peer reviewed scientific journals.
XTL is traded on the Nasdaq Capital Market (NASDAQ: XTLB)
and the Tel Aviv Stock Exchange (TASE: XTLB.TA). XTL shares are
included in the following indices: Tel-Aviv Biomed, Tel-Aviv
MidCap, and Tel-Aviv Tech Index.
Cautionary Statement
This press release may contain forward-looking statements, about
XTL's expectations, beliefs or intentions regarding, among other
things, its product development efforts, business, financial
condition, results of operations, strategies or prospects. In
addition, from time to time, XTL or its representatives have made
or may make forward-looking statements, orally or in writing.
Forward-looking statements can be identified by the use of
forward-looking words such as "believe," "expect," "intend,"
"plan," "may," "should" or "anticipate" or their negatives or other
variations of these words or other comparable words or by the fact
that these statements do not relate strictly to historical or
current matters. These forward-looking statements may be included
in, but are not limited to, various filings made by XTL with the
U.S. Securities and Exchange Commission, press releases or oral
statements made by or with the approval of one of XTL's authorized
executive officers. Forward-looking statements relate to
anticipated or expected events, activities, trends or results as of
the date they are made. Because forward-looking statements relate
to matters that have not yet occurred, these statements are
inherently subject to risks and uncertainties that could cause
XTL's actual results to differ materially from any future results
expressed or implied by the forward-looking statements. Many
factors could cause XTL's actual activities or results to differ
materially from the activities and results anticipated in such
forward-looking statements, including, but not limited to, the
factors summarized in XTL's filings with the SEC and in its
periodic filings with the TASE. In addition, XTL operates in an
industry sector where securities values are highly volatile and may
be influenced by economic and other factors beyond its control. XTL
does not undertake any obligation to publicly update these
forward-looking statements, whether as a result of new information,
future events or otherwise. Please see the risk factors associated
with an investment in our ADSs or ordinary shares which are
included in our Form 20-F filed with the U.S. Securities and
Exchange Commission on March 31,
2016.
For further information, please contact:
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972 9 955 7080
Email: ir@xtlbio.com
http://www.xtlbio.com
Stephanie Carrington
ICR, Inc.
646-277-1282
Stephanie.Carrington@icrinc.com
Media
James Heins
ICR, Inc.
203-682-8251
James.Heins@icrinc.com
SOURCE XTL Biopharmaceuticals Ltd