RAANANA, Israel, Oct. 23, 2017 /PRNewswire/ -- XTL
Biopharmaceuticals Ltd. (NASDAQ: XTLB) (TASE: XTLB.TA) ("XTL" or
the "Company"), a clinical-stage biopharmaceutical company
developing treatments for autoimmune diseases, today announced that
on October 17, 2017, it received a
letter from the Listing Qualifications Department of the Nasdaq
Stock Market (the "Staff") indicating that the Company has failed
to comply with the continued listing requirement that it maintain
either a minimum of $2,500,000 in
stockholders' equity or $35,000,000
market value of listed securities or $500,000 of net income from continuing operations
for the most recently completed fiscal year or two of the three
most recently completed fiscal years, and that the Staff is
therefore reviewing the Company's eligibility for continued listing
on The Nasdaq Capital Market. In accordance with Nasdaq's rules,
the Company has 45 calendar days, or until December 1, 2017, to submit a plan to regain
compliance. If the plan is accepted, Nasdaq can grant an extension
of up to 180 calendar days from the date of the letter to evidence
compliance. Based on the Company's internal review, it believes
that it currently complies with such requirement due to the fact
that as of September 30, 2017, the
Company's stockholders' equity was approximately $3.6 million. The increase of stockholders equity
from June 30, 2017 is mainly due to
the financial income from the revaluation of the derivative
(warrants to purchase ADS's).
The Company intends to respond to the Staff and provide the
explanations for such compliance.
About XTL Biopharmaceuticals Ltd. (XTL)
XTL
Biopharmaceuticals Ltd., is a clinical-stage biotech company
focused on the development of pharmaceutical products for the
treatment of autoimmune diseases. The Company's lead drug
candidate, hCDR1, is a world-class clinical asset for the treatment
of autoimmune diseases including systemic lupus erythematosus (SLE)
and Sjögren's Syndrome (SS). The few treatments currently on the
market for these diseases are not effective enough for most
patients and some have significant side effects. hCDR1 has robust
clinical data in three clinical trials with 400 patients and over
200 preclinical studies with data published in more than 40
peer reviewed scientific journals.
XTL is traded on the Nasdaq Capital Market (NASDAQ: XTLB)
and the Tel Aviv Stock Exchange (TASE: XTLB.TA). XTL shares are
included in the following indices: Tel-Aviv Biomed, Tel-Aviv
MidCap, and Tel-Aviv Tech Index.
Cautionary Statement
This press release may contain
forward-looking statements, about XTL's expectations, beliefs or
intentions regarding, among other things, its product development
efforts, business, financial condition, results of operations,
strategies or prospects. In addition, from time to time, XTL or its
representatives have made or may make forward-looking statements,
orally or in writing. Forward-looking statements can be identified
by the use of forward-looking words such as "believe," "expect,"
"intend," "plan," "may," "should" or "anticipate" or their
negatives or other variations of these words or other comparable
words or by the fact that these statements do not relate strictly
to historical or current matters. These forward-looking statements
may be included in, but are not limited to, various filings made by
XTL with the U.S. Securities and Exchange Commission, press
releases or oral statements made by or with the approval of one of
XTL's authorized executive officers. Forward-looking statements
relate to anticipated or expected events, activities, trends or
results as of the date they are made. Because forward-looking
statements relate to matters that have not yet occurred, these
statements are inherently subject to risks and uncertainties that
could cause XTL's actual results to differ materially from any
future results expressed or implied by the forward-looking
statements. Many factors could cause XTL's actual activities or
results to differ materially from the activities and results
anticipated in such forward-looking statements, including, but not
limited to, the factors summarized in XTL's filings with the SEC
and in its periodic filings with the TASE. In addition, XTL
operates in an industry sector where securities values are highly
volatile and may be influenced by economic and other factors beyond
its control. XTL does not undertake any obligation to
publicly update these forward-looking statements, whether as a
result of new information, future events or otherwise. Please see
the risk factors associated with an investment in our ADSs or
ordinary shares which are included in our Form 20-F-A filed with
the U.S. Securities and Exchange Commission on April 3, 2017.
For further information, please contact:
Investor Relations, XTL Biopharmaceuticals Ltd. Tel: +972 9 955
7080, Email: ir@xtlbio.com, www.xtlbio.com
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SOURCE XTL Biopharmaceuticals Ltd