XTL Biopharmaceuticals Ltd. (Pink Sheets:XTLBY); TASE:XTL) successfully closed its first offering under the company's new management. The company raised a gross NIS 6.5 million in a secondary offering on the TASE at NIS 0.529 per share. The offering was 185% oversubscribed.
XTL's share price fell 9.6% on the TASE yesterday to NIS 0.414, below the initial offer price of NIS 0.485 per share. The share price closed at $0.28 in New York, giving a market cap of $20 million. The share rose 17.6% by mid-afternoon on the TASE today to NIS 0.487.
XTL offered 42,800 units, each comprising 250 shares and 500 warrants in two series.
The market conditions that promoted Trig Medical Ltd. and Gardia Medical Ltd. to pull their IPOs yesterday, apparently did not affect XTL, possibly because this was a secondary offering, or because of the offering's small size, or because of the company's business.
XTL is developing a treatment for multiple myeloma cancer on the basis of an existing drug for the treatment of anemia. The company is planning to buy more drugs under development. The company out-licensed its treatment for hepatitis C to Presidio Pharmaceuticals Inc. of the US.
Published by Globes [online], Israel business news - www.globes-online.com - on March 8, 2011
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