XTL Biopharmaceuticals 2008 net loss narrows to $9.25m

XTL Biopharmaceuticals has reported a net loss of $9.25m, or $0.03 per ordinary share, for the year ended December 31, 2008, compared to a net loss of $24.94m, or $0.11 per ordinary share, for the year ended December 31, 2007, representing a decrease in net loss of $15.7m.

The decreased loss was primarily attributable to a $7.4m decrease in R&D costs, the recognition in the 2008 period of the $5.94m non-refundable license fee received from Presidio and the reversal of $1.6m in transaction advisory fees in the form of stock appreciation rights associated with the in-licensing of Bicifadine in 2008 that was recorded in 2007.

The company has reported a license revenue of $5.94m for the year ended December 31, 2008, compared to $907,000 for the year ended December 31, 2007.

David Grossman, co-CEO of XTL, said: The year 2008 was a disappointing year for XTL with the failure of the Phase IIb Bicifadine clinical program in November 2008. In March 2009, we announced the acquisition, subject to certain closing conditions including a financing, of the rights for recombinant EPO, or rHuEPO, as a potential treatment for multiple myeloma, a severe and incurable blood cancer.

We are excited about this opportunity and look forward to embarking on a clinical trial with rHuEPO for the treatment of multiple myeloma in the near term.