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news.XTL Biopharmaceuticals has entered into definitive agreements with institutional investors relating to a private placement of an aggregate of $9.6 million in gross proceeds of ordinary shares which it will use to fund a trial for its diabetes drug.
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The lead investors in the transaction are Perceptive Life Sciences Fund, Quogue Capital, SCO Capital Partners and Versant Capital.
Ron Bentsur, CEO of XTL, said: “We are very pleased to have consummated this financing with high-quality investors in the biotechnology sector in the US Following this offering, we believe that we will have sufficient capital to execute our business plan and, more importantly, to reach what we believe could be a major value-enhancing milestone, the completion of our on-going randomized, placebo-controlled Phase IIb trial of bicifadine in diabetic neuropathic pain.”
Pursuant to the securities purchase agreements, the company will, following the closing, issue approximately 7.1 million American Depositary Receipts, representing approximately 71 million ordinary shares. No warrants were issued in the transaction. XTL has agreed to register the ordinary shares and list the ADRs for trading on the Nasdaq Stock Market.