XTL considers merger offers
-
- January
- 28
XTL Biopharmaceuticals Ltd., a Valley Cottage-based biotech company, said that it is evaluating merger proposals from U.S. and foreign companies. XTL did not identify those potential merger partners, which operate in and outside of the health care sector.
“These discussions are preliminary in nature, and consequently, the timing of and ability to consummate such a transaction cannot be predicted at this time,” XTL said in a written statement.
The company added that it may still decide that its best option is to liquidate the company by distributing the remaining assets to the shareholders.
XTL originally announced plans in December to seek a merger partner or liquidate after the failure of a clinical trial for bicifadine, a treatment for nerve pain associated with diabetes. The company said that the study comparing the effectiveness of two doses of bicifadine against a placebo failed to meet its primary goals.
This entry was posted
on Wednesday, January 28th, 2009 at 3:30 pm by Jay Loomis.
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Category: Biopharmaceutical
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