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Mr. Charney, 61, recently retired from his position as a Partner of Ernst& Young LLP, an international assurance, tax, transaction and advisoryservices firm, having served that firm for over thirty-five years. At Ernst &Young, Mr. Charney most recently served as the Americas Area Director ofConflict Management. In that role he had oversight and responsibility inensuring compliance with global and local conflict of interest policies forclient and engagement acceptance across all service lines. Mr. Charneypreviously served as an audit partner where his global practice focused on themedia and entertainment, telecom and software industries servicing public andprivate companies in addressing their transactional, regulatory, corporategovernance, Sarbanes-Oxley, tax and accounting challenges.
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Since July 2007, he has served on the Audit Committee and Board ofDirectors of Marvel Entertainment, Inc. (NYSE: MVL). In June 2007, hecompleted a term as the Chairman of the Audit Committee of UJA - Federation ofNew York. Mr. Charney graduated with a BBA degree from Hofstra University andcompleted the Executive MBA in Business program at Columbia University.
Ron Bentsur, Chief Executive Officer of XTL, commented "We are excited tohave Larry join our Board of Directors. Through his many years of experiencein public accounting, Larry is well-versed in matters related to SEC andSarbanes-Oxley compliance. We believe that his skills provide a valuableaddition to XTL's Board, as we prepare for the next stage of the company'sgrowth following what we hope will be a successful completion of our Phase 2bstudy of Bicifadine in Q4 2008."
ABOUT XTL BIOPHARMACEUTICALS LTD.
XTL Biopharmaceuticals Ltd. ("XTL") is engaged in the development oftherapeutics for the treatment of diabetic neuropathic pain and HCV. XTL isdeveloping Bicifadine, a serotonin and norepinephrine reuptake inhibitor, forthe treatment of diabetic neuropathic pain, which is currently in a Phase 2bstudy. XTL has out-licensed its novel pre-clinical HCV small moleculeinhibitor program. XTL also has an active in-licensing and acquisition programdesigned to identify and acquire additional drug candidates. XTL is publiclytraded on the NASDAQ and Tel-Aviv Stock Exchanges (Nasdaq: XTLB; TASE: XTL).
Cautionary Statement
Some of the statements included in this press release, particularly thoseanticipating future clinical and business prospects for our clinical compoundfor neuropathic pain, Bicifadine, growth and operating strategies and similarmatters, may be forward-looking statements that involve a number of risks anduncertainties. For those statements, we claim the protection of the safeharbor for forward-looking statements contained in the Private SecuritiesLitigation Reform Act of 1995. Among the factors that could cause our actualresults to differ materially is our ability to complete in a timely and costeffective manner clinical trials on Bicifadine, which could directly impactour ability to continue to fund our operations; our ability to meetanticipated development timelines for all of our drug candidates due torecruitment, clinical trial results, manufacturing capabilities or otherfactors; the success of our drug development and marketing arrangements withthird parties; and other risk factors identified from time to time in ourreports filed with the Securities and Exchange Commission, including ourannual report on Form 20-F filed with the Securities and Exchange Commissionon March 27, 2008. Any forward-looking statements set forth in this pressrelease speak only as of the date of this press release. We do not intend
