The remaining employees will help liquidate the company or seek a merger.
XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); TASE:XTL) today announced that it is restructuring operations following the failure of the Bicifadine Phase IIb clinical trial. The company is laying off nine employees, 75% of its workforce. The remaining employees will seek potential assets or a company for a merger, or will help liquidate the company or sell its assets.
XTL's share collapsed 99% after the Bicifadine trial last month. The share fell 3% yesterday on Nasdaq to $0.07, giving a market cap of $2 million.
Published by Globes [online], Israel business news - www.globes-online.com - on December 9, 2008
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