A couple of months after its share price collapsed, and on the day that the Nasdaq announced that the stock will be delisted, Israel-headquartered XTL Biopharmaceuticals says that it has received a number of offers regarding a possible merger.
The company stated that it is curren
tly evaluating “several merger proposals that have been presented to it by both US and foreign-based companies who operate in and outside of the healthcare space”. However XTL acknowledges that these discussions “are preliminary in nature, and consequently, the timing of and ability to consumm
ate such a transaction cannot be predicted at this time”.
Furthermore, XTL, which has corporate headquarters in New York and facilities in Rehovot, said it “may still decide that the distribution of its remaining assets to the shareholders in a liquidation offers the best possible alternative”. An unnamed investment banking firm has been retained to advise the company in assessing these opportunities.
The moves come after XTL saw its shares in the USA wiped out in November after a Phase IIb trial of bicifadine, a treatment for diabetic neuropathic pain, failed to meet its primary goal. The firm subsequently showed the door to nine employees, 75% of its workforce.
