XTL Biopharmaceuticals says loss tightens to $14.06 million in 2005

By Angela McDaniels

Seattle, March 20 - XTL Biopharmaceuticals, Ltd.'s loss decreased by 15% to $14.06 million, or $0.08 per ordinary share, for the year ended Dec. 31 from $16.47 million, or $0.12 per ordinary share, for the year ended Dec. 31, 2004, according to a company news release.

The company attributed the decrease primarily to a $4.67 million decrease in research and development costs and a $583,000 reduction in business development costs, which were partially offset by a $1.78 million charge associated with the acquisition of in-process research and development from Vivo Quest Inc. in September 2005 and an increase of $1.32 million in general administrative expenses.

Revenue decreased by 7% to $3.20 million for 2005 from $3.45 million for 2004.

Cash and cash equivalents decreased by 42% to $13.36 million at Dec. 31 from cash, cash equivalents and short-term bank deposits of $22.92 million at Dec. 31, 2004.

The year-over-year decrease is due primarily to operating expenses associated with the development of the company's hepatitis C product candidates, XTL-2125 and XTL-6865, and the development of the DOS hepatitis C preclinical program acquired from Vivo Quest, according to the release.

This decrease was partially offset by about $1.5 million in proceeds from the exercise of share options during 2005.

"[In 2005] we completed a refocusing plan designed to enable the company to focus its resources on the development of its lead programs through to clinical proof-of principle," chief executive officer Ron Bentsur said in the release.

New York-based XTL Biopharmaceuticals acquires, develops and commercializes therapeutics for the treatment of infectious diseases, with a focus on hepatitis C.

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