Israel's XTL acquires stake in iviGene

XTL Biopharmaceuticals, an Israeli firm that is listed on the LondonStock Exchange, has acquired a stake in the Florida, USA-based group iviGene Corp, giving it access to the latter's proprietary IVIAT technology for identifying novel drug targets for treating a broad range of infectious diseases. XTL hopes that this technology will help it develop both novel human monoclonal antibody and small-molecule drugs for antiviral, antibacterial and antifungal infections. IVIAT (In Vivo Induced Antigen Technology) is a functional genomics platform that sifts through a pathogen's genes to identify in vivo-induced protein expression.

Under the terms of the deal, XTL has purchased a 20% stake in iviGene for $1 million and has agreed to fund certain research activities over the next 18 months. The Rehovot-headquartered group also has the option to acquire the remaining 80% of iviGene for $4 million in cash and $16 million in XTL shares. Additionally, the companies noted that, as part of the agreement, Glenn Kazo, general manager of XTL's US subsidiary, will join iviGene's board of directors.

XTL pipeline growing