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November 26, 2012 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (TASE: XTL) (OTC: XTLBY) (the "Company"), a biopharmaceutical development company, announced on
November 21st that it has acquired 4,620,356 shares, of Proteologics Ltd. (TASE: PRTL) (hereinafter: "the Shares" and "Proteologics", respectively), from Teva Pharmaceutical Industries Ltd. (NYSE: TEVA, TASE: TEVA) (hereinafter: "Teva") in consideration for an amount of approximately
NIS 6.5 million, which represents an amount of
NIS 1.405 per Share (approximately 22% premium). The Shares represent all of Teva's shares in Proteologics and represent approximately 31.35% of Proteologics issued and outstanding share capital.
Proteologics is a biopharmaceutical publically traded company listed on the Tel Aviv Stock Exchange, which is in the business of discovery and research of drugs that are active on various components of the UBIQUITIN system, which was discovered by Drs.
Avram Hershko and
Aaron Ciechanover - 2004 Nobel Prize in Chemistry laureates for the discovery of the UBIQUITIN system.
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).