The biotech firm needs more independent directors on its audit committee.
Biotech firm a target=new href=http://www.xtlbio.com/>XTL Biopharmaceuticals Ltd. (Nasdaq:XTLB); TASE:XTL) said on Friday that it had been notified by Nasdaq that it had failed to comply with the market's audit committee rules under which it must have an audit committee of at least three independent directors.
XTL said that its last external directors were appointed on August 1, 2005, and their term expired on July 31, 2008. The company claims it has commenced a process to fill the two external director vacancies, and that until suitable candidates have been found, its five directors, one of whom is a financial expert, will assume the duties of the audit committee to the extent permitted.
XTL's share closed up 3.5% at $4 on Nasdaq on Friday, giving the company a market cap of $11.7 million. The company's share was up 0.49% in morning trading on the Tel Aviv Stock Exchange (TASE).
Published by Globes [online], Israel business news - www.globes-online.com - on August 17, 2008
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