XTL Biopharmaceuticals acquires 85% of Beyond Air's NeuroNOS subsidiary

XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB) announced a binding agreement to acquire 85% of NeuroNOS Ltd., a subsidiary of Beyond Air Inc. (NASDAQ: XAIR), for consideration including 19.9% of XTL's issued share capital, $1 million in cash, and milestone payments up to $32.5 million.

NeuroNOS develops disease-modifying therapeutics targeting Autism Spectrum Disorder and neuro-oncology. The company was founded by Professor Haitham Amal from Hebrew University of Jerusalem and Harvard University, with two Nobel Laureates in Chemistry, Professor Dan Shechtman and Professor Roger Kornberg, joining its scientific leadership.

The company's drug platform consists of small molecules designed to cross the blood-brain barrier and target diseases associated with nitric oxide abnormalities in the brain. NeuroNOS has received two FDA Orphan Drug Designations for Phelan-McDermid Syndrome and Glioblastoma.

The milestone structure includes clinical development payments up to $5.5 million from Phase 1 clinical trials through FDA submission, and commercial milestone payments up to $26 million based on product sales targets. Beyond Air will hold 19.99% of XTL's share capital following the transaction.

"We are extremely excited to enter the autism field, which represents one of the most significant unmet medical needs today," said Noam Band, CEO of XTL Biopharmaceuticals.

Steve Lisi, Chairman and CEO of Beyond Air, stated the transaction "represents a pivotal moment for NeuroNOS, validating the groundbreaking science we've been developing and also providing the potential to create meaningful value for our shareholders."

XTL trades on NASDAQ and Tel Aviv Stock Exchange. The information is based on a company press release.

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