XTL Biopharma raises capital $3.5 million through institutional investors
XTL Biopharmaceuticals, based in Herzliya, Israel, has successfully completed a private placement of securities with foreign and Israeli institutional and private investors for a total of $2.4 million, with a 6-month lock-up period.
In addition, the company raised roughly $1.1 million by way of exercise of tradable warrants (series 2) at NIS 1.05 per share ($0.56 per ADR). The private placement together with the warrants' exercise totaled approximately $3.5 million.
The capital raise will enable XLT to accelerate its development programs and expand its drug development pipeline, as well as mark the U.S. capital markets as a target in the near future, according to XLT’s CFO Ronen Twito and CEO David Grossman.