HERZLIYA, Israel, April 28, 2015 /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 full
year ended December 31,
2014.
Josh Levine, Chief Executive
Officer of XTL, commented, "With the recent closing of a
$4 million registered direct offering
from a US based healthcare-dedicated investor and our existing
shareholders, the Company is well positioned to become a leader in
drug development as we focus on advancing our core assets for lupus
and multiple myeloma. We continue to make great strides in order to
initiate a Phase II clinical trial with hCDR1 for lupus. Our
discussions with the FDA remain constructive. Furthermore, a
leading pharmaceutical company's discontinuation of their Phase III
trial for lupus in conjunction with the encouraging results we have
from the PRELUDE trial will uncover a myriad of opportunities for
our hCDR1 asset. We are also equally excited about rHuEPO for
multiple myeloma and remain on track to bring both assets into
Phase II clinical trials."
"In tandem with the progression of our assets, we continue to
build on the knowledge base from which we can draw to lead the
company forward. The six new members appointed to our Board of
Directors come with extensive drug development and capital markets
experience. The Clinical Advisory Board's expertise on lupus adds
immeasurable value to the company as we focus on developing the
hCDR1 asset. With the guidance of the preeminent team that we have
assembled, I am excited about the prospects that lie ahead of us,"
continued Mr. Levine.
"We also had Mr. Alex
Rabinovitch, our largest shareholder and a prominent Israeli
biotech investor, take an increased interest and stake in the
company with his participation in our latest round of financing,
his investment in InterCure and purchases of Company shares on the
market. Our divestiture of InterCure simultaneously streamlines our
operations, allows us to focus on our core assets and provides
investors with a transparent look at the Company's financials,"
concluded Mr. Levine.
Financial Overview
Following the Company's divestiture of InterCure, results from
the investment in InterCure are presented separately as results
from discontinued operations. Consequently, results from continuing
operations as presented in the Company's 2014 financial statements,
for each of the three years in the period ended December 31, 2014, reflect the drug development
activity of XTL only.
XTL reported $2.2 million in cash,
cash equivalents and bank deposits as of December 31, 2014. The additional funds added
from the fundraise announced on March 31,
2015, will allow the Company to advance its hCDR1 program
for the treatment of SLE and initiate a clinical trial on its
rHuEPO for multiple myeloma asset.
The Company reported research and development expenses for the
year ended December 31, 2014 of
$278,000 compared with $82,000 for 2013 reflecting increased investment
behind our clinical programs and preparations for clinical trials.
General and administrative expenses for the year ended December 31, 2014 were $1.7 million compared with $1.3 million in 2013.
XTL reported an operating loss for the year ended December 31, 2014 of $2.0
million compared with $0.3
million for the same period last year. Operating losses in
2013 included a gain on sale of the Company's investment in
Proteologics of $1.1 million.
The Company reported a net loss from continuing operations for the
year ended December 31, 2014 of
$2.1 million, compared to
$1.1 million in the same period last
year.
In addition to the results from our drug development activities,
our 2014 results include a loss from discontinued operations
relating to InterCure of $0.7
million, compared to $2.6
million in the corresponding period.
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:
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972 9 955 7080
Email: ir@xtlbio.com
www.xtlbio.com
XTL
Biopharmaceuticals, Ltd. and Subsidiaries
|
(in thousands,
except share and per share amounts)
|
|
Consolidated
Statements of Financial Position - Selected Data
|
|
As
of
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
|
|
|
Cash, Cash
Equivalents and bank deposits
|
$
2,159
|
|
$
4,165
|
Working
Capital
|
2,102
|
|
3,870
|
Total
assets
|
5,644
|
|
8,015
|
|
|
|
|
Long term
liabilities
|
$
-
|
|
$
11
|
Total shareholders'
equity
|
4,660
|
|
6,265
|
Non-controlling
interests
|
19
|
|
520
|
|
|
|
|
|
|
|
|
|
XTL
Biopharmaceuticals, Ltd. and Subsidiaries
|
|
|
|
|
(USD in
thousands, except share and per share amounts)
|
|
|
|
|
Consolidated
Statements of Comprehensive Income
|
|
|
|
|
|
For the year
ended
|
|
For the three
months ended
|
December
31,
|
|
December
31,
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
Research and
Development expenses
|
(278)
|
|
(82)
|
|
(157)
|
|
(35)
|
General and
administrative expenses
|
(1,744)
|
|
(1,329)
|
|
(519)
|
|
(316)
|
Other gains,
net
|
-
|
|
1,059
|
|
-
|
|
3
|
Operating
Loss
|
$
(2,022)
|
|
$
(352)
|
|
$
(676)
|
|
$
(348)
|
Finance
income
|
$
41
|
|
$
114
|
|
$
17
|
|
$
7
|
Finance
expenses
|
(138)
|
|
(55)
|
|
(129)
|
|
(10)
|
Finance income
(expenses), net
|
$
(97)
|
|
$
59
|
|
$
(112)
|
|
$
(3)
|
Losses from
investment in associate
|
$
-
|
|
$
(845)
|
|
$
-
|
|
$
-
|
Total loss from
continuing operations
|
$
(2,119)
|
|
$
(1,138)
|
|
$
(788)
|
|
$
(351)
|
|
|
|
|
|
|
|
|
Total loss from
discontinued operations
|
$
(746)
|
|
$
(2,575)
|
|
$
(126)
|
|
$
(1,133)
|
|
|
|
|
|
|
|
|
Total loss for the
period
|
$
(2,865)
|
|
$
(3,713)
|
|
$
(914)
|
|
$
(1,484)
|
|
|
|
|
|
|
|
|
Other
comprehensive income (expenses):
|
|
|
|
|
|
|
|
Items that might be
classified to profit or loss:
|
|
|
|
|
|
|
|
Foreign currency
transaction adjustments
|
$
-
|
|
$
108
|
|
$
-
|
|
$
-
|
Reclassification of
foreign currency transaction adjustments to Other gains,
net
|
-
|
|
(221)
|
|
-
|
|
-
|
Total other
comprehensive expenses
|
$
-
|
|
$
(113)
|
|
$
-
|
|
$
-
|
|
|
|
|
|
|
|
|
Total
comprehensive loss for the period
|
$
(2,865)
|
|
$
(3,826)
|
|
$
(914)
|
|
$
(1,484)
|
|
|
|
|
|
|
|
|
Total loss for the
period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
$
(2,527)
|
|
$
(2,476)
|
|
$
(857)
|
|
$
(971)
|
Non-controlling
interests
|
(338)
|
|
(1,237)
|
|
(57)
|
|
(513)
|
|
$
(2,865)
|
|
$
(3,713)
|
|
$
(914)
|
|
$
(1,484)
|
Total
comprehensive loss for the period attributable to:
|
|
|
|
|
|
|
|
Equity holders of the
Company
|
$
(2,527)
|
|
$
(2,589)
|
|
$
(857)
|
|
$
(971)
|
Non-controlling
interests
|
(338)
|
|
(1,237)
|
|
(57)
|
|
(513)
|
|
$
(2,865)
|
|
$
(3,826)
|
|
$
(914)
|
|
$
(1,484)
|
|
|
|
|
|
|
|
|
Basic and diluted
loss per share (in U.S. dollars):
|
|
|
|
|
|
|
|
From continuing
operations
|
(0.009)
|
|
(0.005)
|
|
(0.003)
|
|
(0.001)
|
From discontinued
operations
|
(0.002)
|
|
(0.006)
|
|
-
|
|
(0.003)
|
Total basic and
diluted loss per share (in U.S. dollars)
|
$
(0.011)
|
|
$
(0.011)
|
|
$
(0.003)
|
|
$
(0.004)
|
Weighted average
number of issued ordinary shares
|
231,224,512
|
|
223,605,181
|
|
232,812,446
|
|
226,477,137
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/xtl-biopharmaceuticals-provides-financial-and-operational-update-for-the-full-year-ended-december-31-2014-300073120.html
SOURCE XTL Biopharmaceuticals Ltd.