XTL's six-month net loss increases to $7.3 million, R&D spending also up

By Lisa Kerner

Charlotte, N.C., Aug. 15 - XTL Biopharmaceuticals Ltd. said its net loss for the six months ended June 30 increased to $7.3 million, or $0.04 per share, from a loss of $4.9 million, or $0.03 per share, for the six months ended June 30, 2005.

The company attributed the increase in part to $1.5 million in research and development costs.

At June 30, XTL had cash, cash equivalents and short-term bank deposits of $32.2 million, compared with cash, cash equivalents and short-term bank deposits of $13.4 million at Dec. 31, 2005 and $16.6 million at June 30, 2005.

XTL said the increase of $18.8 million since Dec. 31, 2005 is due in large part to the company's May private placement of $28.0 million in gross proceeds, or $24.4 million in net proceeds.

"Patient enrollment into the XTL-2125 and XTL-6865 phase 1 clinical proof of principle trials is progressing very well and our DOS preclinical hepatitis C platform continues to make substantial strides," chief executive officer Ron Bentsur said in a company news release.

"Moreover, the $28 million capital raise that we completed in May should carry us into 2008 and the additional funds should provide us not only with capital to support our current and planned clinical programs for XTL-2125 and XTL-6865, but also with the ability to build out our pipeline through the in-licensing of additional clinical-stage drug candidates."

New York-based XTL is a biotechnology company that acquires, develops and commercializes pharmaceutical products for the treatment of infectious diseases, including hepatitis C.

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