XTL to Appeal NASDAQ Staff Determination; XTL May Transfer its ADR Listing to the NASDAQ Capital Market
September 26 2007 - 2:55AM
PR Newswire (US)
VALLEY COTTAGE, New York, September 26 /PRNewswire-FirstCall/ --
XTL Biopharmaceuticals Ltd. (NASDAQ:XTLB)(LSE:XTL)(TASE:XTL) today
announced that on September 24, 2007, the Company received a NASDAQ
Staff Determination indicating that the Company fails to comply
with the minimum $10 million shareholders' equity requirement for
continued listing on the NASDAQ Global Market as set forth in
Marketplace Rule 4450(a)(3), and that its ADRs are, therefore,
subject to delisting from the NASDAQ Global Market. On August 28,
2007, the Company previously disclosed the receipt of a Staff
Letter from NASDAQ, regarding this deficiency in shareholders'
equity. The Company has requested a hearing before a NASDAQ Listing
Qualifications Panel to review the Staff Determination. A hearing
request will stay the suspension of the Company's ADRs from the
NASDAQ Global Market pending the Panel's decision. There can be no
assurance that the Panel will grant the Company's request for
continued listing. If the Panel does not grant the Company's
request for continued listing, the Company has the option to
transfer its ADR listing to the NASDAQ Capital Market, previously
called the NASDAQ SmallCap Market. The NASDAQ Capital Market is a
continuous trading market that operates in the same manner as The
NASDAQ Global Market. The NASDAQ Capital Market is not related to,
nor does it operate similarly to the over-the-counter markets
including the OTCBB and Pink Sheets. Should the Company transfer
its ADR listing to The NASDAQ Capital Market, its trading symbol on
NASDAQ would remain "XTLB," and the Company does not expect any
interruption in the trading of its ADRs. The NASDAQ Capital Market
includes over 500 issuers of a wide range of capitalization sizes.
A NASDAQ Capital Market security satisfies all applicable
qualification requirements for NASDAQ securities, and all companies
listed on The NASDAQ Capital Market must meet certain financial
requirements and adhere to NASDAQ's corporate governance standards.
About XTL Biopharmaceuticals Ltd. XTL Biopharmaceuticals Ltd.
("XTL") is engaged in the development of therapeutics for the
treatment of neuropathic pain and hepatitis C. XTL is developing
Bicifadine, a serotonin and norepinephrine reuptake inhibitor, for
the treatment of diabetic neuropathic pain. XTL is also developing
several novel pre-clinical hepatitis C small molecule inhibitors.
XTL also has an active in-licensing and acquisition program
designed to identify and acquire additional drug candidates. XTL is
publicly traded on the NASDAQ, London, and Tel-Aviv Stock Exchanges
(NASDAQ:XTLB)(LSE:XTL)(TASE:XTL). Cautionary Statement Some of the
statements included in this press release, particularly those
anticipating continued trading of the Company's ADRs on the NASDAQ
Global Market, the potential transfer of trading to the NASDAQ
Capital Market, the expected uninterrupted trading of the ADR, and
the Company's ability to comply with NASDAQ Capital Market listing
requirements, may be forward-looking statements that involve a
number of risks and uncertainties. For those statements, we claim
the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995.
Risk factors that could adversely affect our operations are
identified from time to time in our reports filed with the
Securities and Exchange Commission and the London Stock Exchange,
including our annual report on Form 20-F filed with the Securities
and Exchange Commission on March 23, 2007. Any forward-looking
statements set forth in this press release speak only as of the
date of this press release. We do not intend to update any of these
forward-looking statements to reflect events or circumstances that
occur after the date hereof. This press release and prior releases
are available at http://www.xtlbio.com/. The information in our
website is not incorporated by reference into this press release
and is included as an inactive textual reference only. Contact: Ron
Bentsur, Chief Executive Officer Tel: +1-845-267-0707 ext. 225
DATASOURCE: XTL Biopharmaceuticals Ltd CONTACT: Contact: Ron
Bentsur, Chief Executive Officer, Tel: +1-845-267-0707 ext. 225
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