XTL Biopharmaceuticals Implements Restructuring Plan
VALLEY COTTAGE, N.Y., December 08, 2008 /PRNewswire-FirstCall/ -- XTL Biopharmaceuticals Ltd. announced today that it is restructuring its operations following the failure of the Bicifadine Phase 2b clinical trial. The company is terminating the employment of 9 employees, representing 75% of its workforce. The remaining employees will be responsible for seeking potential assets or a company to merge into XTL, or for assisting in the liquidation and/or disposition of XTL's assets.
Some of the statements included in this press release, particularly those anticipating future business prospects, 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. It is possible that we will not be able to find a buyer for the assets or a merger partner. 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 of XTL Biopharmaceuticals Ltd., Chief ExecutiveOfficer, +1-845-267-0707 ext. 225
Web site: http://www.xtlbio.com/
Ticker Symbol: (NASDAQ-NMS:XTLB)
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Posted: December 2008