The tiny developer XTL Biopharmaceuticals is juggling some merger offers at the same time Nasdaq says it intends to delist the company's floundering stock. XTL officials announced that they are reviewing several offers from the U.S. and companies in other countries. But they add that the talks are in a preliminary stage and XTL might simply opt to distribute its assets to investors--if they decide that that would be in their best interest.
Valley Cottage, NY-based XTL watched 99 percent of its share price disappear late last year after Bicifadine--a treatment of diabetic neuropathic pain--failed a Phase IIb trial. The stock dropped overnight from $2.23 a share to seven cents. The company later laid off nine of its workers, about 75 percent of its staff. Nasdaq says it intends to delist the company's shares February 5 if the company doesn't appeal the decision.
- read the XTL release
- read the report from Globes