of Extraordinary General Meetings and Further Changes to Board

of Extraordinary General Meetings and Further Changes to Board

Cottage, New York, August 27, 2008 -

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.

first Extraordinary General Meeting it is proposed that:

second Extraordinary

General Meeting, which will follow the first Extraordinary General

proposed that the remuneration items of the directors as detailed in the

Notice of the Meetings is available for the public at the US Securities

Edgar site: http://www.sec.gov/

the Israel Securities Authority's site: www.magna.isa.gov.il.

addition, Laurence N. Charney has notified the Company of his resignation

the Board of Directors effective today, August 27, 2008.

XTL BIOPHARMACEUTICALS LTD.

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

of diabetic neuropathic pain, which is currently in a Phase 2b study. XTL

out-licensed its novel pre-clinical HCV small molecule inhibitor program.

also has an active in-licensing and acquisition program designed to identify

acquire additional drug candidates. XTL is publicly traded on the NASDAQ

Tel-Aviv Stock Exchanges (NASDAQ: XTLB; TASE: XTL).

Bentsur, Chief Executive Officer

+1-(845)-267-0707 ext. 225