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XTL Biopharm Ltd (XTL)

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Friday 16 December, 2005

XTL Biopharm Ltd

Update on Refocusing Operations


                        Update on Refocusing Operations                        

Rehovot, Israel; Friday, 16 December 2005 - XTL Biopharmaceuticals Ltd. ('XTLbio'
or the 'Company') (LSE: XTL; NASDAQ: XTLB; TASE: XTL), a biopharmaceutical
company developing drugs against hepatitis, today announced that it is
implementing an additional step in the Company's business plan designed to
re-focus the Company's resources on the development of its lead hepatitis C
programs, XTL-6865, currently in a Phase I clinical trial, and XTL-2125, which
is pending the commencement of a Phase I clinical trial.

The main component of the plan is a reduction in overall headcount of 13
employees, or approximately 25 per cent. The workforce reduction is limited to
employees based in the Company's Rehovot, Israel facility, and consists
primarily of early-stage research personnel.

Michael S. Weiss, Chairman, said: 'This is a significant step in the Company's
plan to re-focus its efforts and resources towards the projects with the
highest potential for near-term success. We believe that the implementation of
this program allows the Company to become a more attractive opportunity for
existing shareholders and potential investors.'

Contacts:

XTLbio

Jonathan Burgin, Chief Financial Officer Tel: +972 8 930 4440

About XTL Biopharmaceuticals Ltd.

Established in 1993, XTL Biopharmaceuticals Ltd. (LSE: XTL; NASDAQ: XTLB; TASE:
XTL) is a biopharmaceutical company engaged in the acquisition, development and
commercialization of pharmaceutical products for the treatment of infectious
diseases, particularly the prevention and treatment of hepatitis B and C.

Cautionary Statement

Some of the statements included in this press release 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 U.S. Private Securities Litigation Reform Act of
1995. Among the factors that could cause our actual results to differ
materially, and therefore affect interest by investors in our ADR's, are the
following: our ability to successfully complete cost-effective clinical trials
for XTL-2125 and the other drug candidates we have under development; our
ability to develop successfully our drug candidates with a reduced level of
human resources in our research and development function; and other risk
factors identified from time to time in our reports filed with the regulatory
authorities in Israel, the United Kingdom and the United States. 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
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.


                             

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