HERZLIYA, Israel, April 16, 2012 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (TASE: XTL) (OTC: XTLBY) (hereinafter, "XTL"), a biopharmaceutical development company, announced yesterday that on April 12, 2012, it signed a non-binding letter of intent to acquire a company (hereinafter, the "Target Company"). Pursuant to the letter, XTL intends to acquire all of the share capital of the Target Company in consideration for shares of XTL as well as milestone payments throughout the clinical development of the Target Company's products. The milestone payments will be paid in cash or in shares of XTL.
To the best of XTL's knowledge, the Target Company is developing novel chemical combination therapies with clinical and commercial added-value, on the basis of known, active and approved-for-use molecules. To the best of XTL's knowledge, the Target Company has been approved by the FDA to commence phase 3 clinical trials.
Pursuant to the letter of intent, both parties shall provide their best effort to enter into a binding agreement within fourteen (14) days from the date of the letter of intent and to complete all the prerequisites to the transaction within ninety (90) days.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 clinical unmet needs. XTL is focused on late stage clinical development of drugs for the treatment of multiple myeloma, schizophrenia, and hepatitis C. XTL's lead drug candidate, rHuEPO for the treatment of multiple myeloma blood cancer was granted an orphan drug designation from the FDA. rHuEPO, has been approved for marketing by the FDA and has for many years been sold for billions of dollars across the world for the treatment of severe anemia. XTL is a public company traded on the Tel Aviv Stock Exchange (TASE: XTL) and its ADRs are quoted in the US on the Pink Sheets (OTC: XTLBY).