XTL Biopharmaceuticals Acquires Stake in Proteologics Ltd.
HERZLIYA, Israel, 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).
For additional information about Proteologics, please visit:
http://www.proteologics.com
Contact:
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972-9-955-7080, Email: ir@xtlbio.com
SOURCE XTL Biopharmaceuticals Ltd