HERZLIYA, Israel, June 2, 2014 /PRNewswire/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ: XTLB, TASE: XTL) ("XTL" or the
"Company"), a clinical-stage biopharmaceutical company focused on
the acquisition, development and commercialization of
pharmaceutical products for the treatment of unmet clinical needs,
today announced its financial and operational results for the
quarter ended March 31,
2014.
Josh Levine, the CEO of XTL,
stated: "During the quarter, we moved ahead with planning for
clinical trials to advance our two core programs, including hCDR1,
a Phase II-ready asset for the treatment of Systemic Lupus
Erythematosus. To further these efforts we recently appointed
several key consultants to assist with the planning for the Lupus
trial. This includes Professor David
Isenberg, MD, one of the creators of the BILAG index, a
potential primary endpoint currently recommended by the FDA. The
BILAG index was used as a secondary endpoint in the previous Phase
II trial in which hCDR1 showed a substantial effect. We expect our
current capital position of in excess of $3.6 million and low fixed overhead costs will
allow us to move ahead with clinical trial preparation and have the
hCDR1 trial for Lupus and rHuEPO trial for Multiple Myloma ready to
commence by the end of 2014 or early-2015."
Financial Overview
The Company reported research and development expenses for the
quarter ended March 31, 2014 of
$50,000 compared to $18,000 for the same period last year reflecting
increased spending on preparations for clinical trials. General and
administrative expenses for the quarter ended March 31, 2014 were $729,000 compared to $700,000 for the same period last year. Excluding
expenses associated with InterCure, Ltd., the Company's medical
device subsidiary, these costs would have been $547,000 and $527,000 for the quarters ended March 31, 2014 and 2013, respectively.
XTL reported an operating loss for the quarter ended
March 31, 2014 of $753,000 compared with $923,000 for the same period last year. The
Company reported a net loss for the quarter ended March 31, 2014 of $761,000 compared with $1.1 million for the same period last year. The
lower loss was due primarily to lower Sales and Marketing expenses
related to InterCure and lower losses from investment in associates
following the disposal of its holdings in Proteologics in the third
quarter of 2013.
The Company reported $3.9 million
in cash, cash equivalents and bank deposits (including InterCure)
as of March 31, 2014.
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 unmet clinical needs.
XTL is focused on late stage clinical development of drugs for the
treatment of lupus, multiple myeloma and schizophrenia.
XTL is a public company traded on the Nasdaq Capital Market
(NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTL). XTL
shares are included in the following indices: Tel-Aviv Biomed,
Tel-Aviv MidCap, and Tel-Aviv Tech Index.
Cautionary Statement
Some of the statements included in this press release 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. Please see the risk
factors associated with an investment in our ADSs or ordinary
shares which are included in our Annual Report on Form 20-F as
filed with the U.S. Securities and Exchange Commission on
April 2, 2014.
Investor Contacts:
Jeffrey
Goldberger / Garth
Russell
KCSA Strategic Communications
Phone: 212-896-1249 / 212-896-1250
Email: jgoldberger@kcsa.com / grussell@kcsa.com
XTL
Biopharmaceuticals, Ltd. and Subsidiaries
|
(in thousands,
except share and per share amounts)
|
|
Consolidated
Statements of Financial Position - Selected Data
|
|
As
of
|
March
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
|
|
|
Cash, Cash
Equivalents and bank deposits
|
$
3,871
|
|
$
4,165
|
Working
Capital
|
3,485
|
|
3,870
|
Total
assets
|
7,743
|
|
8,015
|
|
|
|
|
Long term
liabilities
|
$
10
|
|
$
11
|
Total shareholders'
equity
|
6,142
|
|
6,265
|
Non-controlling
interests
|
286
|
|
520
|
|
|
|
|
|
XTL
Biopharmaceuticals, Ltd. and Subsidiaries
|
(in thousands,
except share and per share amounts)
|
Consolidated
Statements of Comprehensive Income
|
|
For the three
months ended
|
March
31,
|
|
2014
|
|
2013
|
Revenues
|
$
587
|
|
$
673
|
Cost of
Sales
|
(157)
|
|
(199)
|
|
|
|
|
Gross
Profit
|
$
430
|
|
$
474
|
|
|
|
|
Research and
Development costs
|
(50)
|
|
(18)
|
Selling and marketing
expenses
|
(404)
|
|
(686)
|
General and
administrative expenses
|
(729)
|
|
(700)
|
Impairment of
intangible assets
|
-
|
|
-
|
Other gains,
net
|
-
|
|
7
|
Operating
Loss
|
$
(753)
|
|
$
(923)
|
Finance
income
|
$
2
|
|
$
21
|
Finance
expenses
|
(10)
|
|
(10)
|
Financial income,
net
|
$
(8)
|
|
$
11
|
Earnings (losses)
from investment in associate
|
$
-
|
|
$
(190)
|
Loss for the
Period
|
$
(761)
|
|
$
(1,102)
|
|
|
|
|
Other
comprehensive income (loss):
|
|
|
|
Items that might be
classified to profit or loss:
|
|
|
|
Foreign currency
transaction adjustments
|
$
-
|
|
$
51
|
Reclassification of
foreign currency transaction adjustments to Other gains,
net
|
-
|
|
-
|
Total other
comprehensive income (loss)
|
$
-
|
|
$
51
|
|
|
|
|
Total
comprehensive loss for the period
|
$
(761)
|
|
$
(1,051)
|
|
|
|
|
Loss for the year
attributable to:
|
|
|
|
Equity holders of the
Company
|
$
(686)
|
|
$
(872)
|
Non-controlling
interests
|
(75)
|
|
(230)
|
|
$
(761)
|
|
$
(1,102)
|
Total
comprehensive loss for the period attributable to:
|
|
|
|
Equity holders of the
Company
|
$
(686)
|
|
$
(821)
|
Non-controlling
interests
|
(75)
|
|
(230)
|
|
$
(761)
|
|
$
(1,051)
|
|
|
|
|
Basic and diluted
loss per share (in U.S. dollars)
|
$
(0.003)
|
|
$
(0.004)
|
Weighted average
number of issued ordinary shares
|
228,309,044
|
|
222,323,300
|
SOURCE XTL Biopharmaceuticals Ltd.