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June 4, 2012 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (TASE: XTL) (OTC: XTLBY) (the "Company"), a biopharmaceutical development company, announced today that it has filed an application for relisting its ADRs on the NASDAQ Stock Exchange. The Company and its advisors believe it currently is in compliance with the criteria for the NASDAQ listing (subject to additional qualitative criteria of the Listing Qualifications Committee), except for satisfying the minimum bid ADR price, which will be adjusted if required, by changing the ADR ratio.
Currently, in addition to the trading on the Tel Aviv Stock Exchange, the ADRs of the Company are quoted over-the-counter in the US. In addition, the Company is registered with the Securities and Exchange Commission and reports according to its legal obligations.
David Grossman, XTL's CEO, commented: "Our relisting on NASDAQ will allow greater visibility within the US institutional investment community together with the leading biotechnology companies."
Ronen Twito, Deputy CEO and CFO, mentioned: "The NASDAQ listing will reflect the progress of the Company on the business as well as financial aspects and will create new opportunities for the Company and its shareholders."
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.