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XTL Biopharm Ltd (XTL)

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Wednesday 15 August, 2007

XTL Biopharm Ltd

Interim Results


              XTL Biopharmaceuticals Announces Financial Results               
                    for the Six Months Ended June 30, 2007                     

Valley Cottage, New York, August 15, 2007 - XTL Biopharmaceuticals Ltd.
(NASDAQ: XTLB; LSE: XTL; TASE: XTL), a biopharmaceutical company engaged in the
acquisition, development and commercialization of therapeutics for the
treatment of unmet medical needs, particularly neuropathic pain and hepatitis
C, today announced its financial results for the six months ended June 30,
2007.

At June 30, 2007, the Company had cash, cash equivalents and short-term bank
deposits of $12.6 million, compared to $25.2 million at December 31, 2006. The
decrease of $12.6 million during the first six months of 2007 was attributable
primarily to the Company's $7.5 million upfront payment made in connection with
the in-licensing of Bicifadine in January 2007, operating expenditures
associated with the planned Phase IIb clinical trial of Bicifadine, the
development of the DOS hepatitis C pre-clinical program, and operating
expenditures associated with the Company's legacy hepatitis C clinical programs
that were terminated this year.

The loss for the six months ended June 30, 2007 was $14.6 million, or $0.07 per
ordinary share, compared to a loss of $7.3 million, or $0.04 per ordinary
share, for the six months ended June 30, 2006, representing an increase in net
loss of $7.3 million. The increased loss was primarily attributable to the $7.5
million upfront payment in connection with the in-licensing of Bicifadine and
additional costs associated with the Bicifadine program, offset by lower costs
associated with the Company's legacy hepatitis C clinical programs. The
increase in loss was also due to a $0.6 million charge that was recorded
relating to stock appreciation rights granted as part of the Bicifadine
transaction. For the six months ended June 30, 2007 and 2006, the Company's
loss of $14.6 million and $7.3 million, respectively, included $1.0 million and
$1.2 million, respectively, of non-cash stock option compensation expense.

Ron Bentsur, Chief Executive Officer of XTL, commented, "From a financial
standpoint our spend over the first 6 months, excluding the extraordinary
payment associated with the in-licensing of Bicifadine, was slightly below
plan. We have been planning our Phase IIb study for Bicifadine in diabetic
neuropathic pain and are looking forward to starting that study shortly. As a
member of the SNRI class, a proven class in neuropathic pain, and as a drug
candidate that has demonstrated anti-pain activity in multiple clinical trials,
we believe that Bicifadine represents a very compelling later-stage
opportunity." Mr. Bentsur added, "We are very excited about the pending
commencement of the Phase IIb clinical study for Bicifadine as we strive to
increase investor awareness to this undervalued opportunity."

ABOUT XTL BIOPHARMACEUTICALS LTD.
XTL Biopharmaceuticals Ltd. ("XTL") is engaged in the acquisition, development
and commercialization of therapeutics for the treatment of neuropathic pain and
hepatitis C. XTL is developing Bicifadine, a serotonin and norepinephrine
reuptake inhibitor, for the treatment of neuropathic pain. XTL is also
developing several novel pre-clinical hepatitis C small molecule inhibitors.
 XTL also has an active in-licensing and acquisition program designed to
identify and acquire additional drug candidates. XTL is publicly traded on the
NASDAQ, London, and Tel-Aviv Stock Exchanges (NASDAQ: XTLB; LSE: XTL; TASE:
XTL).

Contact:
Ron Bentsur, Chief Executive Officer
Tel: +1-(845)-267-0707 ext. 225
+972-8-930-4444

Cautionary Statement
Some of the statements included in this press release, particularly those
anticipating future financial performance, clinical and business prospects for
our clinical compound for neuropathic pain, Bicifadine, and for our
pre-clinical compounds for hepatitis C from our XTL-DOS program, growth and
operating strategies and similar matters, may be forward-looking statements
that involve a number of risks and uncertainties. For those statements, we
claim the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995. Among the
factors that could cause our actual results to differ materially are the
following: our ability to start a clinical trial with Bicifadine in 2007 and
our ability to successfully complete cost-effective pre-clinical trials for our
DOS program, both of which will directly impact our ability to continue to fund
our operations; our ability to meet anticipated development timelines for all
of our drug candidates due to recruitment, clinical trial results,
manufacturing capabilities or other factors; and other risk factors identified
from time to time in our reports filed with the Securities and Exchange
Commission and the London Stock Exchange, including our annual report on Form
20-F filed with the Securities and Exchange Commission on March 23, 2007. Any
forward-looking statements set forth in this press release speak only as of the
date of this press release. We do not intend to update any of these
forward-looking statements to reflect events or circumstances that occur after
the date hereof. This press release and prior releases are available at http://
www.xtlbio.com. The information in our website is not incorporated by reference
into this press release and is included as an inactive textual reference only.

                          XTL BIOPHARMACEUTICALS LTD.                          
                         (A Development Stage Company)                         
   Consolidated Balance Sheets as of June 30, 2007 and 2006 (unaudited), and   
                          December 31, 2006 (audited)                          
              (in thousands of US dollars, except share amounts)               

                                                   June 30,        December 31,
                                                2007       2006        2006    
                                             ---------- ----------  ---------- 
                A s s e t s                                                    
CURRENT ASSETS:                                                                
Cash and cash equivalents                        2,451     32,172        4,400 
Short-term bank deposits                        10,185         --       20,845 
Trading securities                                  --         --          102 
Property and equipment(held for sale) -- net        35         43           18 
Deferred tax asset                                  --         --           29 
Other receivables and prepaid expenses             651        644          702 
                                             ---------  ---------    --------- 
Total current assets                            13,322     32,859       26,096 
                                             ---------  ---------    --------- 
EMPLOYEE SEVERANCE PAY FUNDS                        42        173           98 
RESTRICTED LONG-TERM DEPOSITS                       53        119          172 
PROPERTY AND EQUIPMENT -- net                      128        620          490 
INTANGIBLE ASSETS -- net                            18         32           25 
DEFERRED TAX ASSET                                  --         --           19 
                                             ---------  ---------    --------- 
Total assets                                    13,563     33,803       26,900 
                                             =========  =========    ========= 
    Liabilities and shareholders' equity                                       
CURRENT LIABILITIES:                                                           
Accounts payable and accrued expenses            3,130      2,705        3,003 
Deferred gain                                      399        399          399 
Other current liabilities                          565         --           -- 
                                             ---------  ---------    --------- 
Total current liabilities                        4,094      3,104        3,402 
                                             ---------  ---------    --------- 
LIABILITY IN RESPECT OF EMPLOYEE
  SEVERANCE OBLIGATIONS                            188        444          340          
DEFERRED GAIN                                      198        598          398 
COMMITMENTS AND CONTINGENCIES                                                  
                                             ---------  ---------    --------- 
Total liabilities                                4,480      4,146        4,140 
                                             ---------  ---------    --------- 
SHAREHOLDERS' EQUITY:                                                          
Ordinary shares of NIS 0.02 par value
  (authorized 300,000,000 as of June 30,
   2007, June 30, 2006 and December 31,
   2006, issued and outstanding 
   220,154,349, 220,069,801 and 220,124,349
   as of June 30, 2007, June 30, 2006 
   and December 31, 2006, respectively)          1,072      1,072        1,072 
Additional paid in capital                     137,583    135,667      136,611 
Deficit accumulated during the 
  development stage                           (129,572)  (107,082)    (114,923)
                                             ---------  ---------    --------- 
Total shareholders' equity                       9,083     29,657       22,760
                                             ---------  ---------    --------- 
Total liabilities and shareholders' equity      13,563     33,803       26,900
                                             =========  =========    ========= 

                          XTL BIOPHARMACEUTICALS LTD.                          
                         (A Development Stage Company)                         
             Interim Consolidated Statements of Operations for the
              Six Months Ended June 30, 2007 and 2006 (unaudited)                           
       (in thousands of US dollars, except share and per share amounts)        

                                                                    Period from  
                                             Six months ended      March 9, 1993*
                                                 June 30,           to June 30,  
                                             2007         2006          2007     
                                         ------------ ------------  ------------ 
REVENUES:                                                                        
Reimbursed out-of-pocket expenses                 --           --           6,012
License                                          227          227           1,320
                                         -----------  -----------       ---------
                                                 227          227           7,332
COST OF REVENUES:                                                                
Reimbursed out-of-pocket expenses                 --           --           6,012
License (with respect to royalties)               27           27             167
                                         -----------  -----------       ---------
                                                  27           27           6,179   
                                                                                 
GROSS MARGIN                                     200          200           1,153
                                         -----------  -----------       ---------
RESEARCH AND DEVELOPMENT COSTS                                                   
  (includes non-cash stock option
   compensation of $66 and $107, for
   the six months ended June 30, 2007
   and 2006, respectively)                    12,118        5,008         105,237
L E S S - PARTICIPATIONS                          56           --          11,006
                                         -----------  -----------       ---------
                                              12,062        5,008          94,231
IN-PROCESS RESEARCH AND
  DEVELOPMENT COSTS                               --           --           1,783
GENERAL AND ADMINISTRATIVE EXPENSES                                              
  (includes non-cash stock option
   compensation of $892 and $1,105,
   for the six months ended June 30,                                             
   2007 and 2006, respectively)                2,523        2,532          37,111
BUSINESS DEVELOPMENT COSTS                       828          168           5,982
  (includes non-cash stock option                                                  
   compensation of $11 and $1, for 
   the six months ended June 30, 2007
   and 2006, respectively, and also
   includes stock appreciation rights
   compensation of $565 for the six                                               
   months ended June 30, 2007)                   828          168           5,982 
                                         -----------  -----------       ---------
OPERATING LOSS                                15,213        7,508         137,954
FINANCIAL AND OTHER INCOME, net                  351          323           8,635
                                         -----------  -----------       ---------
LOSS BEFORE INCOME TAXES                      14,862        7,185         129,319
INCOME TAXES                                    (213)         106             253
                                         -----------  -----------       ---------
LOSS FOR THE PERIOD                           14,649        7,291         129,572
                                         -----------  -----------       ---------
                                                                                 
BASIC AND DILUTED LOSS PER ORDINARY SHARE     $ 0.07       $ 0.04                     
                                                                                 
WEIGHTED AVERAGE NUMBER OF SHARES USED
IN COMPUTING BASIC AND DILUTED LOSS PER                                          
ORDINARY SHARE                           220,145,233  183,085,938 
                                         -----------  -----------                
* Incorporation date see note 1.


                          XTL BIOPHARMACEUTICALS LTD.                          
                         (A Development Stage Company)                         
          Interim Consolidated Statements of Changes in Shareholders'          
           Equity for the Six Months Ended June 30, 2007 (unaudited)           
              (in thousands of US dollars, except share amounts)               

                                            Ordinary shares                    
                                          --------------------     Additional  
                                        Number of                    paid in   
                                          shares       Amount        capital   
                                        ----------   ----------    ----------  
BALANCE AT DECEMBER 31, 2006             220,124,349       1,072       136,611 
CHANGES DURING THE SIX MONTHS                                                  
ENDED JUNE 30, 2007:                                                           
Comprehensive loss - loss for the period         --           --            -- 
Non-employee stock option  
  compensation expenses                          --           --             5
Employee stock option compensation expenses      --           --           964 
Exercise of stock options                    30,000           **             3 
                                        -----------      -------      -------- 
BALANCE AT JUNE 30, 2007                220,154,349        1,072       137,583 
                                        ===========      =======      ======== 

                                            Deficit                
                                          accumulated              
                                          during the               
                                          development              
                                             stage        Total    
                                          ----------    ---------- 
BALANCE AT DECEMBER 31, 2006                 (114,923)      22,760 
CHANGES DURING THE SIX MONTHS                                      
ENDED JUNE 30, 2007:                                               
Comprehensive loss - loss for the period      (14,649)     (14,649)
Non-employee stock option
  compensation expenses                            --            5 
Employee stock option compensation expenses        --          964 
Exercise of stock options                          --            3 
                                            ---------    --------- 
BALANCE AT JUNE 30, 2007                     (129,572)       9,083 
                                            =========    ========= 

** Represents an amount less than $1,000.

                          XTL BIOPHARMACEUTICALS LTD.                          
                         (A Development Stage Company)                         
                 Interim Consolidated Statements of Cash Flows                 
          for the Six Months Ended June 30, 2007 and 2006 (unaudited)          
                         (in thousands of US dollars)                          

                                                                   Period from 
                                                 Six months      March 9, 1993*
                                               ended June 30,      to June 30, 
                                               2007       2006        2007     
                                            ---------- ----------  ----------  
CASH FLOWS FROM OPERATING ACTIVITIES:                                          
Loss for the period                           (14,649)    (7,291)     (129,572)
Adjustments to reconcile loss to net cash                                      
  used in operating activities:                                                
Depreciation and amortization                      69        114         3,141 
Linkage difference on restricted 
  long-term deposits                               (2)        (4)           (9)
Acquisition of in process research 
  and development                                  --         --         1,783 
Gain on disposal of property and equipment        (53)       (25)          (92)
Increase (decrease) in liability in respect 
  of employee severance obligations               (49)        35         1,187
Impairment charges                                 95         --           475 
Gain from sales of investment securities           --         --          (410)
Other income related to exchange of shares         --         --          (100)
Loss from trading securities                       48         --            46 
Stock option based compensation expenses          969      1,213         6,427 
Stock appreciation rights compensation expenses   565         --           565 
Gain on amounts funded in respect of employee
  severance pay funds                              --         --           (92)
Deferred tax asset                                 48         --            -- 
Changes in operating assets and                                                
  liabilities:                                                                   
  Decrease (increase) in other receivables
    and prepaid expenses                            5         38          (604)
  Increase in accounts payable and 
    accrued expenses                              132        449         3,049 
  Increase (decrease) in deferred gain           (200)      (200)          597 
                                             ---------  ---------     ---------
Net cash used in operating activities         (13,022)    (5,671)     (113,609)
                                             ---------  ---------     ---------
CASH FLOWS FROM INVESTING ACTIVITIES:                                          
Decrease (increase) in short-term deposits     10,660         --       (10,185)
Decrease (increase) in restricted deposits        121         (5)          (44)
Investment in investment securities                --         --        (3,363)
Proceeds from sales of investment securities       --         --         3,773 
Proceeds from sales of trading securities          54         --            54 
Employee severance pay funds                       (6)       (12)         (915)
Purchase of property and equipment                (47)       (16)       (4,089)
Proceeds from disposals of property
  and equipment                                   288         33           540 
Acquisition in respect of license and
  purchase of assets                               --         --          (548)
                                             ---------  ---------     ---------
Net cash provided by (used in) 
  investing activities                         11,070         --       (14,777)
                                             ---------  ---------     ---------

                          XTL BIOPHARMACEUTICALS LTD.                          
                         (A Development Stage Company)                         
                 Interim Consolidated Statements of Cash Flows                 
    for the Six Months Ended June 30, 2007 and 2006 (unaudited)(continued)     
                         (in thousands of US dollars)                          

                                                                   Period from  
                                                Six months       March 9, 1993* 
                                              ended June 30,       to June 30,  
                                              2007       2006         2007      
                                           ---------- ----------   ----------   
CASH FLOWS FROM FINANCING ACTIVITIES:                                          
Issuance of share capital - net of share
  issuance expenses                               --    24,391         128,734 
Exercise of share warrants and stock
  options                                          3        92           2,103 
Proceeds from long-term debt                      --        --             399 
Proceeds from short-term debt                     --        --              50 
Repayment of long-term debt                       --        --            (399)
Repayment of short-term debt                      --        --             (50)
                                            --------- ---------       ---------
Net cash provided by financing activities          3    24,483         130,837 
                                            --------- ---------       ---------
                                                                               
NET INCREASE (DECREASE) IN CASH AND
  CASH EQUIVALENTS                            (1,949)   18,812           2,451 
BALANCE OF CASH AND CASH EQUIVALENTS AT
  BEGINNING OF PERIOD                          4,400    13,360              -- 
                                            --------- ---------       ---------
BALANCE OF CASH AND CASH EQUIVALENTS AT
  END OF PERIOD                                2,451    32,172           2,451 
                                            ========= =========       =========
Supplementary information on investing 
  and financing activities not involving
  cash flows -                                          
Issuance of ordinary shares in respect of
  license, and purchase of assets                 --        --           1,391 
Conversion of convertible subordinated
  debenture into shares                           --        --           1,700 
Supplemental disclosures of cash flow                                          
  information: 
Income taxes paid                                166        63             623 
                                            ========= =========       =========
Interest paid                                     --        --             350 
                                            ========= =========       =========
* Incorporation date see note 1.

                          XTL BIOPHARMACEUTICALS LTD.                          
                         (A Development Stage Company)                         
    Notes to Interim Consolidated Financial Statements as of June 30, 2007     
                                  (unaudited)                                  

1. GENERAL
XTL Biopharmaceuticals Ltd. (the "Company") was incorporated under the Israel
Companies Ordinance on March 9, 1993. The Company is a development stage
company in accordance with Statement of Financial Accounting Standards ("SFAS")
No. 7 "Accounting and Reporting by Development Stage Enterprises."

Through June 30, 2007, the Company has incurred losses in an aggregate amount
of US $129.6 million. Such losses have resulted from the Company's activities
as a development stage company. It is expected that the Company will be able to
finance its operations from its current reserves through 2007. Continuation of
the Company's current operations after utilizing its current cash reserves is
dependent upon the generation of additional financial resources either through
agreements for the commercialization of its product portfolio or through
external financing. These matters raise substantial doubt about the Company's
ability to continue as a going concern.

The Company has not generated any revenues from its planned principal
operations and is dependent upon significant financing to provide the working
capital necessary to execute its business plan. If the Company determines that
it is necessary to seek additional funding, there can be no assurance that the
Company will be able to obtain any such funding on terms that are acceptable to
it, if at all.

2. STOCK-BASED COMPENSATION
The Company accounts for equity instruments issued to employees and directors
in accordance with Statement of Financial Accounting Standards ("SFAS") No.
123R "Share - Based Payment" ("SFAS 123R"). SFAS 123R addresses the accounting
for share-based payment transactions in which a company obtains employee
services in exchange for (a) equity instruments of a company or (b) liabilities
that are based on the fair value of a company's equity instruments or that may
be settled by the issuance of such equity instruments. SFAS 123R requires
instead that such transactions be accounted for using the grant-date fair value
based method.

The Company accounts for equity instruments issued to third party service
providers (non-employees) in accordance with the fair value method prescribed
by SFAS 123R, and the provisions of Emerging Issues Task Force Issue ("EITF")
No. 96-18, "Accounting for Equity Instruments That Are Issued to Other Than
Employees for Acquiring, or in Conjunction with Selling Goods or Services"
("EITF 96-18").

The Company accounts for the transaction advisory fee in the form of stock
appreciation rights in accordance with the provisions of EITF 96-18 and by the
provisions of EITF No. 00-19, "Accounting for Derivative Financial Instruments
Indexed to, and Potentially Settled in, a Company's Own Stock" ("EITF 00-19").

3. RESEARCH AND DEVELOPMENT COSTS
Research and development costs are expensed as they are incurred and consist
primarily of salaries and related personnel costs, fees paid to consultants and
other third-parties for clinical and laboratory development, license and
milestone fees, and facilities-related and other expenses relating to the
design, development, testing, and enhancement of product candidates.

In connection with the purchase of assets, amounts assigned to intangible
assets to be used in a particular research and development project that have
not reached technological feasibility and have no alternative future use are
charged to in-process research and development costs at the purchase date.