|By PR Newswire||
|September 24, 2012 05:01 PM EDT||
HERZLIYA, Israel, September 24, 2012 /PRNewswire/ --
XTL Biopharmaceuticals Ltd. ("XTL") today announced that InterCure Ltd. ("InterCure"), which is approximately 45.4% (50.79% on a fully diluted basis) held by XTL, signed a strategic service agreement with a private company ("the Marketing Company") wholly owned by Mr. Shay Ben Yitzhak and Mr. Avner Yassur.
Ben Yitzhak and Yassur, who are behind several of the most successful online marketing ventures, are now entering the health sector through InterCure, a medical device company publically traded on the Tel-Aviv Stock Exchange (TASE).
Few of the companies in which Ben Yitzhak and Yassur held pivotal marketing and management including 888 Holdings plc (LSE: 888), Empire Online and were partners with Mr. Noam Lanir in the limited partnership Chanpak (the controlling shareholder in Babylon Ltd. (TASE: BBYL), are the wholly owners of a new online marketing service company they have established exclusively for the online marketing of InterCure's products.
According to the agreement signed by the parties, Ben Yitzhak and Yassur's marketing company will have the right to invest up to NIS 11 million ($2.8 million USD) in InterCure at NIS 0.54 per share (approximately 20% premium on the share price as of today), subject to achieving annual sales of up to approximately NIS 120 million ($30 million USD) in online marketing sales channels. If all of the above warrants shall be exercised (including cashless exercise), Ben Yitzhak and Yassur will hold approximately 30% of the issued and outstanding share capital of the InterCure.
InterCure, a publically traded company on the Tel-Aviv Stock Exchange, reported sales of approximately NIS 5 million ($1.25 million USD) in the first 6 months of the year.
About InterCure, Ltd. ("InterCure") and RESPeRATE
InterCure Ltd. (Tel-Aviv Stock Exchange: INCR) is active in the hypertension market, from which approximately 75 million people suffer from the in the US alone (more than 1 billion worldwide). InterCure markets the RESPeRATE®, the world's first FDA-cleared, non-invasive, non medicinal, OTC blood pressure treatment device (http://www.resperate.com). In a market where seven out of 10 hypertensives are NOT controlled despite the availability of more than 100 blood pressure medications, RESPeRATE provides an effective non-drug adjunctive therapy with no side effects.
Over 200,000 RESPeRATE® units have been sold to date primarily in the US. RESPeRATE is further cleared marketing by the health regulators in Europe (CE Mark), Canada, South Korea, Israel and other countries and was recently added to the UK's National Health Service Drug Tariff for full reimbursement.
RESPeRATE is based on patented respiratory modulation technologies by way of reduction of the excessive activity of the sympathetic nerve system - a common problem of numerous chronic diseases, such as chronic heart failure, insomnia and stress.
For more information, please visit: http://www.resperate.com.
About XTL Biopharmaceuticals, Ltd. ("XTL")
XTL Biopharmaceuticals, Ltd., a biopharmaceutical company, focuses on the acquisition, development, and commercialization of pharmaceutical products for the treatment of clinical unmet needs. XTL is focused on late stage clinical development of drugs for the treatment of multiple myeloma, schizophrenia, and hepatitis C.
XTL's lead drug candidate, rHuEPO for the treatment of multiple myeloma blood cancer was granted an orphan drug designation from the FDA. rHuEPO, has been approved for marketing by the FDA and has for many years been sold for billions of dollars across the world for the treatment of severe anemia.
XTL is a public company traded on the Tel Aviv Stock Exchange (TASE: XTL) and its ADRs are quoted in the US on the Pink Sheets (OTC: XTLBY).
Investor Relations, XTL Biopharmaceuticals Ltd.
Tel: +972-9-955-7080, Email: email@example.com
SOURCE XTL Biopharmaceuticals Ltd