Today, XTL Biopharmaceuticals Ltd., an Israeli-based pharmaceutical company, announced the results of their Annual and Extraordinary General Meeting. Shareholders approved all proposed resolutions, including board re-elections and the appointment of independent auditors for the upcoming fiscal year.
During the meeting held in Bnei Brak, Israel, shareholders re-elected Alexander Rabinovitch, Shlomo Shalev, and Doron Turgeman to the company's Board of Directors. Their terms will expire at the next annual general meeting of shareholders. Additionally, Somekh Chaikin, a member firm of KPMG in Israel, was appointed as the company's independent auditors for the fiscal year ending December 31, 2024. The Board of Directors, upon the Audit Committee's recommendation, will determine the auditors' remuneration based on the volume and nature of their services.
Furthermore, the shareholders approved the terms of the acquisition of The Social Proxy Ltd., which includes issuing ADS's representing 44.6% of XTL's issued and outstanding share capital to Social Proxy's shareholders, alongside a cash payment of US$430,000. The completion of this transaction will see the addition of Tal Klinger and Yair Redl to XTL's Board of Directors, contingent upon the consummation of the acquisition.
XTL Biopharmaceuticals, which focuses on the development of treatments for autoimmune diseases such as Lupus (SLE) and Sjögren’s Syndrome (SS), is actively seeking strategic partners to advance clinical trials and expand its portfolio. The company is listed on both the Nasdaq Capital Market (NASDAQ:XTLB) and the Tel Aviv Stock Exchange (TASE:XTLB.TA).
In other recent news, XTL Biopharmaceuticals has announced its acquisition of AI web data company, Social Proxy. The acquisition, part of XTL's broader strategy to enhance its asset portfolio, involves the issuance of ADSs representing 44.6% of XTL's share capital and a payment of $430,000 to Social Proxy shareholders.
Social Proxy, known for its work in ethical, IP-based data extraction for AI and business intelligence applications, will become a fully-owned subsidiary of XTL. As part of the agreement, Social Proxy shareholders will have the right to appoint two directors to XTL's board.
To facilitate the acquisition, XTL has raised $1.5 million through a private placement, which is contingent upon standard conditions and the finalization of the acquisition. Both XTL's CEO, Shlomo Shalev, and Social Proxy's CEO, Tal Kinger, have expressed optimism about the growth and value creation that this partnership is expected to drive.
These are the latest developments in XTL's ongoing strategy to acquire additional IP-based assets, as it actively seeks to expand its asset base with high-potential IP assets. The acquisition is still subject to customary closing conditions, including shareholder approval and potentially necessary government or third-party approvals.
InvestingPro Insights
As XTL Biopharmaceuticals Ltd. navigates its corporate governance and strategic partnerships, investors may find the following metrics and tips from InvestingPro insightful. The company's market capitalization stands at a modest $13.94M, reflecting its position in the biopharmaceutical industry. While XTL holds more cash than debt, indicating a solid balance sheet, it is important to note that it has not been profitable over the last twelve months. However, analysts predict profitability this year, aligning with expectations of net income growth.
InvestingPro Tips suggest that despite weak gross profit margins, XTL Biopharmaceuticals has seen a significant return over the last year, with a remarkable 173.38% one-year price total return. The company's liquid assets also exceed short-term obligations, which could be a sign of financial resilience. It's worth mentioning that while XTL does not pay dividends, there has been a large price uptick over the last six months, with a 203.69% six-month price total return. These metrics may be particularly relevant to investors considering the recent corporate actions and the potential impact on the company's financial health and stock performance.
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