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XTL Biopharm Ltd (XTL)

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Monday 19 March, 2001

XTL Biopharm Ltd

Research Update-Replacement

XTL Biopharmaceuticals Limited
19 March 2001

The issuer advises that the following replaces the Research Update
announcement released today, 19 March 2001 at 0701, under RNS number 6582A.

The fifth paragraph should read:

In addition to this pioneering work in hepatitis C, XTL has recently completed
a multinational Phase I clinical trial in hepatitis B patients utilizing its
lead drug candidate, XTL-001, a combination of two fully human anti-HBV
monoclonal antibodies developed utilizing the TrimeraXTL technology.

and not, as previously stated:

In addition to this pioneering work in hepatitis C, XTL has recently initiated
a multinational Phase I clinical trial in hepatitis B patients utilizing its
lead drug candidate, XTL-001, a combination of two fully human anti-HBV
monoclonal antibodies developed utilizing the TrimeraXTL technology.

All other details remain unchanged . Full amended text appears below.

For Immediate Release


         XTL Biopharmaceuticals Ltd Receives Milestone Payments from

                 Corporate Partner for Use of Trimera System

             Proprietary Testing System for Hepatitis C Validated

REHOVOT, Israel and NEW IPSWICH, N.H., 19 March, 2001 - XTL Biopharmaceuticals
Ltd. (LSE: 'XTL') reported receiving multiple milestone payments from an
undisclosed corporate partner based on products advancing into clinical
testing for the treatment of the hepatitis C virus ('HCV'). The payments were
triggered when XTL's partner submitted an Investigational New Drug (IND) for
two products which were evaluated in XTL's proprietary TrimeraXTL animal model
to test the efficacy of anti-HCV compounds. Further details were not
disclosed.

'XTL's Trimera HCV disease model offers drug development companies a
breakthrough, in vivo system that can significantly accelerate the development
and commercialization of new drugs to treat hepatitis C, a serious infectious
disease that is responsible for an estimated 8,000 deaths annually,' stated
Martin Becker, President and CEO of XTL.

Normally, animals are not susceptible to hepatitis C infection, a fact that
has severely limited the ability to test promising new drugs. The novel
TrimeraXTL system provides a test model for the evaluation of compounds that
may have clinical utility for the treatment of hepatitis C infection. XTL's
system offers the potential to biologically validate the effectiveness of drug
candidates before embarking on costly human clinical studies. It is
anticipated that the availability of a small animal model could significantly
reduce the time and money needed to develop novel drugs to treat hepatitis C.

HCV is as a major cause of chronic hepatitis in the United States and is a
leading cause for liver transplantation. An estimated 4 million individuals
are infected with HCV in the United States, and the World Health Organization
estimates that 170 million people are infected worldwide. Approximately 85% of
HCV infected persons will develop chronic hepatitis, of which 20% will
progress to liver cirrhosis. The number of deaths attributable to hepatitis C
is expected to triple in the next 10 to 20 years

In addition to this pioneering work in hepatitis C, XTL has recently completed
a multinational Phase I clinical trial in hepatitis B patients utilizing its
lead drug candidate, XTL-001, a combination of two fully human anti-HBV
monoclonal antibodies developed utilizing the TrimeraXTL technology.

XTL Biopharmaceuticals develops novel therapeutics to treat life-threatening
infectious diseases using fully human monoclonal antibodies and small molecule
drugs. XTL's competitive advantage lies in its ability to leverage both its
proprietary human tissue-based in vivo disease models and fully human
monoclonal antibodies to validate and develop promising drug candidates. The
Company's growing pipeline of therapies, designed to combat chronic viral
infections, drug-resistant bacteria and serious systemic fungal infections,
comprises internally developed products as well as those being co-developed
with a number of biopharmaceutical partners. For more information about XTL,
visit the Company's web site at www.xtlbio.com.



Enquiries:
XTL Biopharmaceuticals Ltd                    Today Tel:+44 (0) 20 7831 3113
Dr Martin Becker, Chief Executive Officer     Thereafter:+972 (0) 894 05134
Jonathan Burgin, Chief Financial Office
Financial Dynamics                            Tel: +44 (0) 20 7831 3113
David Yates / Sarah Mehanna