XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); TASE:XTL) has acquired rights to a cancer treatment under development from Biogal - Galed Laboratories Ltd. of Kibbutz Galed. XTL also announced management changes.
XTL acquired the rights to recombinant Erythropoietin (rHuEPO), which can extend the lives of people suffering from multiple myeloma, a blood cancer. XTL will issue nearly half of its shares to Biogal and will also make $10 million in milestone payments if the Phase II clinical trial of the treatment is successful.
XTL's share jumped 41.5% on the TASE today, and soared over 60% to $0.13 at the opening on Nasdaq.
XTL co-CEO David Grossman said, "This is a very exciting opportunity to acquire the rights for a potential treatment for a severe and incurable blood cancer."
In a separate development, XTL co-CEO Ron Bentsur has left the company and CFO Bill Kessler will leave in May.
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2009
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