XTL Biopharmaceuticals acquires 85% stake in NeuroNOS for autism therapeutics

XTL Biopharmaceuticals Ltd. (NASDAQ: XTLB) announced a binding agreement to acquire 85% of NeuroNOS Ltd., a biotechnology company developing therapeutics for Autism Spectrum Disorder and neuro-oncology, from Beyond Air Inc. (NASDAQ: XAIR).

Under the transaction terms, XTL will pay Beyond Air 19.9% of XTL's issued share capital, $1 million in cash, and up to $32.5 million in milestone payments. The milestone structure includes up to $5.5 million for clinical development phases and up to $26 million based on commercial sales targets.

NeuroNOS was founded by Professor Haitham Amal from Hebrew University of Jerusalem and Harvard University. The company's scientific advisory team includes two Nobel Laureates in Chemistry: Professor Dan Shechtman from Technion and Professor Roger Kornberg from Stanford University.

The company has received two FDA Orphan Drug Designations for Phelan-McDermid Syndrome and Glioblastoma. NeuroNOS develops small-molecule therapeutics designed to cross the blood-brain barrier and target nitric oxide abnormalities in the brain.

The transaction requires approval from XTL shareholders and is subject to customary closing conditions. Beyond Air will retain a 15% stake in NeuroNOS following the acquisition.

"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."

XTL trades on the Nasdaq Capital Market and Tel Aviv Stock Exchange. The company currently holds an IP portfolio including treatments for Lupus and Sjögren's Syndrome.

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