UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
6-K
Report
of Foreign Private Issuer
Pursuant
to Rule 13a-16 or 15d-16
of
the Securities Exchange Act of 1934
For
the month of August, 2020
Commission
File Number: 001-36000
XTL
Biopharmaceuticals Ltd.
(Translation
of registrant’s name into English)
5
Badner St.
Ramat
Gan,
4365603, Israel
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form
20-F ☒ Form 40-F ☐
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____
RAMAT
GAN, ISRAEL - (August 24, 2020) – XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB, TASE: XTLB.TA) (“XTL”
or the “Company”), a clinical-stage biopharmaceutical Company, today announced financial results for the six months
period ended June 30, 2020.
The
Company is expanding its IP portfolio surrounding hCDR1 and has decided to reduce its research and development expenditures in
connection with execution of its clinical trials until full funding for the trials or cooperation with a strategic partner is
secured. In parallel, the Company will look to identify additional assets to add to XTL’s portfolio.
The
outbreak of the COVID-19 virus (hereafter, the "Coronavirus") in the world in the first half of 2020 and its
spread, causes great uncertainty in the world capital markets and major macroeconomic implications, which are characterized
by sharp declines and volatility in many securities’ prices.
As
of the date of issuance of the financial reporting, there was no material effect of the Coronavirus on the operations and financial
results of the Company. Although, due to the ongoing uncertainty around the scope and duration of Coronavirus, as of the financial
statement publication date, there is uncertainty regarding its impact on the economy and the market state at all, and those impacts
on the value of the securities held by the Company.
The
Company is monitoring and will continue to monitor the developments around the world in connection with the spread of the Coronavirus,
and will examine the implications for its activities.
Financial
Overview
XTL
reported approximately $4.03 million in cash and cash equivalents as of June 30, 2020 and approximately $2.38 million in other
current assets (mainly marketable securities). The decrease of $0.43 million since December 31, 2019, in cash and cash equivalents
derives from operating expenses.
Research
and development expenses for the six months ended June 30, 2020 were $14 thousand compared to $18 thousand for the corresponding
period in 2019.
General
and administrative expenses for the six months ended June 30, 2020 were $460 thousand compared to $381 thousand for the corresponding
period in 2019. The increase of $79 thousand derives mainly from replacing the CEO of the Company.
Finance
income, net for the six months ended June 30, 2020 were $77 thousand compared to $1,419 thousand for the corresponding period
in 2019. The difference is primarily from revaluation of marketable securities.
XTL
reported an operating loss for the six months ended June 30, 2020 of $474 thousand compared to $399 thousand for the corresponding
period in 2019. The Company reported a total net loss for the period ended June 30, 2020 of approximately $397 thousand or $(0.001)
per share, compared to a total net income of approximately $1,020 thousand or $0.002 per share in the corresponding period in
2019. The change is driven primarily by the revaluation of marketable securities as described above.
XTL
Biopharmaceuticals, Ltd. and Subsidiary
(USD
in thousands)
Consolidated
Statements of Financial Position - Selected Data
|
|
As of
June 30,
2020
|
|
|
As of
December 31,
2019
|
|
Cash, cash equivalents
|
|
$
|
4,027
|
|
|
$
|
4,455
|
|
Other current assets
|
|
|
2,381
|
|
|
|
2,375
|
|
Non-current assets
|
|
|
381
|
|
|
|
382
|
|
Total assets
|
|
$
|
6,789
|
|
|
$
|
7,212
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
$
|
194
|
|
|
$
|
232
|
|
Shareholders’ equity
|
|
|
6,595
|
|
|
|
6,980
|
|
Total liabilities and shareholders’ equity
|
|
$
|
6,789
|
|
|
$
|
7,212
|
|
XTL
Biopharmaceuticals, Ltd. and Subsidiary
(USD
in thousands, except per share amounts)
Consolidated
Statements of Comprehensive Income - Selected Data
|
|
For the six months ended
|
|
|
|
June 30,
|
|
|
|
2020
|
|
|
2019
|
|
|
|
|
|
|
|
|
Research and Development expenses
|
|
$
|
(14
|
)
|
|
$
|
(18
|
)
|
General and administrative expenses
|
|
|
(460
|
)
|
|
|
(381
|
)
|
Operating Loss
|
|
$
|
(474
|
)
|
|
$
|
(399
|
)
|
|
|
|
|
|
|
|
|
|
Revaluation of marketable securities
|
|
$
|
61
|
|
|
$
|
1,381
|
|
Other finance income, net
|
|
|
16
|
|
|
|
38
|
|
Finance income, net
|
|
$
|
77
|
|
|
$
|
1,419
|
|
|
|
|
|
|
|
|
|
|
Total income (loss) for the period
|
|
$
|
(397
|
)
|
|
$
|
1,020
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted income (loss) per share (in U.S. dollars):
|
|
|
|
|
|
|
|
|
From continuing operations
|
|
$
|
(0.001
|
)
|
|
$
|
0.002
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of issued ordinary shares
|
|
|
514,205,799
|
|
|
|
514,205,799
|
|
About
hCDR1
hCDR1
is a novel compound with a unique mechanism of action and clinical data on over 400 patients in three clinical studies. The drug
has a favorable safety profile, is well tolerated by patients and has demonstrated efficacy in at least one clinically meaningful
endpoint. For more information please see a peer reviewed article in Lupus Science and Medicine journal (full
article).
About
XTL Biopharmaceuticals Ltd. (XTL)
XTL
Biopharmaceuticals Ltd. is a clinical-stage biotech company focused on the development of pharmaceutical products for the
treatment of autoimmune diseases. The Company’s lead drug candidate, hCDR1, is a world-class clinical asset for the treatment
of autoimmune diseases including systemic lupus erythematosus (SLE) and Sjögren’s Syndrome (SS). The few treatments
currently on the market for these diseases are not effective enough for most patients and some have significant side effects.
hCDR1 has robust clinical data in three clinical trials with 400 patients and over 200 preclinical studies with data published
in more than 40 peer reviewed scientific journals.
XTL
is traded on the Nasdaq Capital Market (NASDAQ: XTLB) and the Tel Aviv Stock Exchange (TASE: XTLB.TA). XTL shares are included
in the following indices: Tel-Aviv Biomed, Tel-Aviv MidCap, and Tel-Aviv Tech Index.
For
further information, please contact:
Investor
Relations, XTL Biopharmaceuticals Ltd.
Tel:
+972 3 611 6666
Email:
ir@xtlbio.com
www.xtlbio.com
Cautionary
Statement
This
press release may contain forward-looking statements, about XTL’s expectations, beliefs or intentions regarding, among other
things, its product development efforts, business, financial condition, results of operations, strategies or prospects. In addition,
from time to time, XTL or its representatives have made or may make forward-looking statements, orally or in writing. Forward-looking
statements can be identified by the use of forward-looking words such as "believe," "expect," "intend,"
"plan," "may," "should" or "anticipate" or their negatives or other variations of these
words or other comparable words or by the fact that these statements do not relate strictly to historical or current matters.
These forward-looking statements may be included in, but are not limited to, various filings made by XTL with the U.S. Securities
and Exchange Commission, press releases or oral statements made by or with the approval of one of XTL’s authorized executive
officers. Forward-looking statements relate to anticipated or expected events, activities, trends or results as of the date they
are made. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject
to risks and uncertainties that could cause XTL’s actual results to differ materially from any future results expressed
or implied by the forward-looking statements. Many factors could cause XTL’s actual activities or results to differ materially
from the activities and results anticipated in such forward-looking statements, including, but not limited to, the factors summarized
in XTL’s filings with the SEC and in its periodic filings with the TASE. In addition, XTL operates in an industry sector
where securities values are highly volatile and may be influenced by economic and other factors beyond its control. XTL does not
undertake any obligation to publicly update these forward-looking statements, whether as a result of new information, future events
or otherwise. Please see the risk factors associated with an investment in our ADSs or ordinary shares which are included in our
Form 20-F filed with the U.S. Securities and Exchange Commission on March 12, 2020.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Date:
August 24, 2020
|
XTL
BIOPHARMACEUTICALS LTD.
|
|
|
|
By:
|
/s/
Shlomo Shalev
|
|
|
Shlomo
Shalev
Chief Executive Officer
|
5
XTL Biopharmaceuticals (NASDAQ:XTLB)
過去 株価チャート
から 11 2024 まで 12 2024
XTL Biopharmaceuticals (NASDAQ:XTLB)
過去 株価チャート
から 12 2023 まで 12 2024