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July 10, 2013 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. (the "Company") (TASE: XTL), (OTC: XTLBY) announced today that NASDAQ approved the Company's listing application and its ADRs will be listed for trading on NASDAQ under the ticker symbol "XTLB".
The Company estimates its ADRs will commence trading on NASDAQ in the coming week, because the Company continued its SEC filing even during the period in which it was traded OTC in
the United States.
Once the listing of the Company's ADRs, previously traded OTC in
the United States, on NASDAQ is completed, they will begin trading at a 20:1 ratio (20 Ordinary shares of the Company represent one ADR).
The company's CEO, Mr.
David Grossman, said early this morning: "Our return to trade on NASDAQ will greatly increase our visibility among the institutional US investors together with the leading biotechnology companies".
Deputy CEO and CFO, Mr.
Ronen Twito, also said: "Trading on a US primary stock exchange reflects the Company's business as well as financial progress, and will open new opportunities to 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.
XTL holds more than 30% in Proteologics Ltd. (TASE: PRTL), a drug discovery company, and controls InterCure Ltd. (TASE: INCR), a company which has disrupted the
$42 billion hypertension industry with the world's first FDA-cleared, OTC blood pressure treatment device, RESPeRATE® (
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). XTL shares are included in the following indices: Tel-Aviv MidCap-50, Tel-Aviv Biomed, Tel-Aviv MidCap, and Tel-Aviv Bluetech-50.