XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); TASE:XTL) today announced that it is reviewing several merger proposals that it has received from US and other companies. The discussions are in the preliminary stages, and no deal can be predicted at this time.
XTL added that it might still decide to distribute its remaining assets among its shareholders in a liquidation procedure, if this proves to be in the shareholders' best interests.
In a separate development, XTL was notified by Nasdaq yesterday that the company's shares will be delisted from Nasdaq on February 5, unless the company appeals the decision.
In November, the failure of the Phase 2b clinical trial for XTL's drug Bicifadine for the treatment of diabetic neuropathic pain resulted in the 99% collapse of the company's share and the effective wiping out of the company. It subsequently fired nine employees, 75% of its workforce, leaving the remainder to seek potential assets or a company for a merger, or to liquidate it and sell its assets.
Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2009
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