On Thursday, XTL Biopharmaceuticals Ltd. said it had licensed its preclinical program in Hepatitis C to Presidio Pharmaceuticals Inc., in a deal worth a total of $108 million.
The deal concerns XTL's NS5A target program, which is currently in the advanced stages of lead optimization. Under the terms of the agreement, XTL will receive a $4 million upfront payment and up to an additional $104 million upon reaching certain development and commercialization milestones. It will also receive a royalty on direct sales of the product and a percentage of Presidio's income if the program is sublicensed.
XTL said the deal would extend its financial resources "well into" the first quarter of 2009.
Shares of XTL closed Wednesday at $3.03. Its stock is down 25% over the past 52 weeks.