Notification of Extraordinary General Meetings and Further Changes to Board Composition

Notification of Extraordinary General Meetings and Further Changes to Board
Composition

VALLEY COTTAGE, N.Y., Aug. 27 /PRNewswire-FirstCall/ -- XTL
Biopharmaceuticals Ltd. (Nasdaq: XTLB; TASE: XTL) today announced a notice
convening two Extraordinary General Meetings (the "Meetings"). The Meetings
will take place at the Conference Room at the Company's Israeli offices at
Building 3, Kiryat Weizmann Science Park, Rehovot, Israel 76100, at 3:00
p.m.Israel time, and 5:30 p.m.Israel time, respectively, on October 2, 2008.
At the first Extraordinary General Meeting it is proposed that:

-- Kenneth J. Zuerblis, Chief Financial Officer of Imclone Systems, Inc.
(Nasdaq: IMCL), be and is hereby appointed as an External Director of
the Company until October 2, 2011; and

-- Jennifer L. Good, President and Chief Executive Officer of Penwest
Pharmaceuticals Co. (Nasdaq: PPCO), be and is hereby appointed as an
External Director of the Company until October 2, 2011.

At the second Extraordinary General Meeting, which will follow the first
Extraordinary General Meeting, it is proposed that the remuneration items of
the directors as detailed in the Notice be approved.
The Notice of the Meetings is available for the public at the US
Securities Exchange Edgar site: http://www.sec.gov/ and at the Israel
Securities Authority's site: www.magna.isa.gov.il
In addition, Laurence N. Charney has notified the Company of his
resignation from the Board of Directors effective today, August 27, 2008.
ABOUT XTL BIOPHARMACEUTICALS LTD.
XTL Biopharmaceuticals Ltd. ("XTL") is engaged in the development of
therapeutics for the treatment of diabetic neuropathic pain and HCV. XTL is
developing Bicifadine, a serotonin and norepinephrine reuptake inhibitor, for
the treatment of diabetic neuropathic pain, which is currently in a Phase 2b
study. XTL has out-licensed its novel pre-clinical HCV small molecule
inhibitor program. XTL also has an active in-licensing and acquisition program
designed to identify and acquire additional drug candidates. XTL is publicly
traded on the NASDAQ and Tel-Aviv Stock Exchanges (Nasdaq: XTLB; TASE: XTL).
SOURCE XTL Biopharmaceuticals Ltd.

Ron Bentsur of XTL Biopharmaceuticals Ltd., Chief Executive Officer,
+1-845-267-0707 ext. 225