<SEC-DOCUMENT>0001144204-11-006522.txt : 20110331
<SEC-HEADER>0001144204-11-006522.hdr.sgml : 20110331
<ACCEPTANCE-DATETIME>20110208103612
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-11-006522
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			XTL BIOPHARMACEUTICALS LTD
		CENTRAL INDEX KEY:			0001023549
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		XTL BIOPHARMACEUTICALS LTD
		STREET 2:		C/O ALSTON & BIRD LLP, 90 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10016
		BUSINESS PHONE:		972 9 955 7080

	MAIL ADDRESS:	
		STREET 1:		85 MEDINAT HAYEHUDIM ST.
		STREET 2:		PITUACH, PO BOX 4033
		CITY:			HERZLIYA
		STATE:			L3
		ZIP:			46140
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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      F. McElreath</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">Direct
      Dial: 212-210-9595</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman">E-mail:
      mark.mcelreath@alston.com</font></div>
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      </table>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="Date">February 8, 2011</a></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">VIA:</font></div>
            </td>
            <td align="left">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">UPS
      and EDGAR</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Jeffrey P. Riedler</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Assistant
Director</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">United
States Securities and Exchange Commission</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">100 F
Street, N.E.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Division
of Corporation Finance</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mail Stop
4720</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
D.C. 20549</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">RE:</font></div>
              </td>
              <td align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><a name="Re"><font size="2">XTL Biopharmaceuticals
      Ltd.</font></a></div>
              </td>
            </tr>
        </table>
      </div>
    </div><a name="Re" />
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Form 20-F
filed June 30, 2010</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">File No.
000-51310</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="Salutation">Dear Mr. Riedler:</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><a name="Body">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At
the request and on behalf of our client, XTL Biopharmaceuticals Ltd. (the
&#8220;Company&#8221;), we hereby submit the following responses to the additional comments
of the Staff of the Securities and Exchange Commission (the &#8220;Commission&#8221;) dated
January 25, 2011 (the &#8220;Additional Comments&#8221;), relating to the Company&#8217;s Annual
Report on Form 20-F for the year ended December 31, 2009 (File No. 000-51310)
(the &#8220;Form 20-F&#8221;).&#160;&#160;These additional responses have been prepared by
the Company with our assistance.</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Comment:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form
20-F</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Intellectual Property and
Patent</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">DOS, page
27</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><a name="Body" />&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note your response to comment 1.&#160;&#160;Please revise your proposed
      future disclosure under the headings &#8220;Issued Patents&#8221; and &#8220;Pending
      Patents&#8221; to eliminate the second sentence in each section relative to the
      grant of confidential treatment.&#160;&#160;In addition, please expand the
      discussion to disclose the expiration dates of all of your material
      patents.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note the license agreement requires you to make royalty payments on
      product sales.&#160;&#160;Please expand the discussion to indicate the
      range of such royalty payments within a range of ten percent, e.g. single
      digits, teens, twenties, etc.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Atlanta &#8226;
Charlotte &#8226; Dallas &#8226; Los Angeles &#8226; New York &#8226; Research Triangle &#8226; Silicon Valley
&#8226; Ventura County &#8226; Washington, D.C.</font></div>
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">Page
2</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Response:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
response to the&#160;&#160;Commission&#8217;s Additional Comments, the Company
proposes to make the following revised disclosure regarding the jurisdictions of
patent protection and royalty payments with respect to DOS in its future filings
under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), with
the Commission. For your convenience, we have revised the disclosure from our
previous letter and marked with underline the portions of the disclosure which
differ from what the Company included in the Form 20-F. We have also for your
convenience marked in bold the additional disclosures from our original letter
to the Commission in response to your Additional Comments.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">DOS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The lead
molecules that are included in the VivoQuest license are covered by two issued
patents and four patent applications. <font style="DISPLAY: inline; TEXT-DECORATION: underline">The Company has obtained
patents that have been issued in Nigeria and the United States. The Company also
has patent applications pending in the jurisdictions of Australia, Canada,
China, Egypt, Eurasia, Europe, India, Japan, South Africa and the United
States</font>.&#160;&#160;The patent applications describe both the structure of
the compounds and their use for treating HCV infection. The two issued VivoQuest
patents will expire in 2023. Additional patent applications, if issued, will
expire in 2023, 2024 and 2025. We have also filed additional patent applications
that cover the lead compounds discovered since the licensing of the DOS from
VivoQuest. These additional patent applications, if issued, will expire in 2026
and 2027.&#160;&#160;Based on the provisions of the Patent Term Extension Act,
we currently believe that we would qualify for certain patent term
extensions.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Pursuant
to the VivoQuest license, we will make royalty payments ranging from 2% to 8%,
based on net sales of the compounds.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
believe that Presidio will have sufficient time to commercially utilize the
inventions from our small molecule development program directed to the treatment
and prevention of hepatitis C infection.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
specific identities of the patents are the subject of a confidential treatment
request that has been granted.&#160;&#160;The Company believes that additional
information on patent protection with respect to DOS should not be disclosed in
the Form 20-F or Exchange Act filings to be filed in the future as long as the
confidential treatment request covering that information remains in
effect.&#160;&#160;Specific information on intellectual property in the
biopharmaceutical industry is one of the most highly guarded secrets to
development stage companies and the Company believes it would be at a
substantial competitive disadvantage if it were required to disclose any
additional information about such patent information.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">Page 3</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Comment:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Form
20-F</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Material Contracts, page
74</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
            </td>
            <td style="WIDTH: 18pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3.</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
      note your response to comment 2 and reissue the comment in
      part.&#160;&#160;Please expand the discussion concerning the VivoQuest
      agreement to indicate the extent to which commercial sales have begun and
      the expiration date of the last to expire licensed patents.&#160;&#160;In
      addition, please expand the discussion concerning the Presidio agreement
      to state when the royalty obligations cease, i.e., &#8220;&#8230; the expiration of
      all of Presidio&#8217;s payment
obligations.&#8221;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Response:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
response to the&#160;&#160;Commission&#8217;s Additional Comments, the Company
proposes to make the following revised disclosures regarding the duration,
termination provisions and ranges of royalty payments that may be due or payable
under each of the following material agreements:&#160;&#160;the License
Agreement dated as of August 11, 2005, between VivoQuest, Inc. and XTL
Biopharmaceuticals Ltd. (the &#8220;VivoQuest License Agreement&#8221;) and the Amended and
Restated License Agreement dated August 4, 2008, by and between Presidio
Pharmaceuticals, Inc. and XTL Biopharmaceuticals Ltd. (the &#8220;Presidio License
Agreement&#8221;) (collectively, the &#8220;Agreements&#8221;).&#160;&#160;The Company will follow
this disclosure format in its future filings under the Exchange Act with the
Commission.&#160;&#160;For your convenience, we have marked with underline and
strike through portions of the disclosure which differ from what the Company
included in the Form 20-F.&#160;&#160;We have also for your convenience marked
in bold the additional disclosures from our original letter to the Commission in
response to your Additional Comments.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Material
Contracts</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">VivoQuest
Inc.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In August
2005, we entered into an asset purchase agreement with VivoQuest, a privately
held biotechnology company based in the US, pursuant to which we agreed to
purchase from VivoQuest certain assets, including VivoQuest&#8217;s laboratory
equipment, and to assume VivoQuest&#8217;s lease of its laboratory space. In
consideration, we paid $450,000 to VivoQuest, which payment was satisfied by the
issuance of ordinary shares having a fair market value in the same amount as of
the closing date.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: underline">The asset purchase was
completed in September 2005.</font>&#160;&#160;In addition, we entered into a
license agreement with VivoQuest pursuant to which we acquired exclusive
worldwide<font style="DISPLAY: inline">, </font><font style="DISPLAY: inline; TEXT-DECORATION: underline">perpetual, irrevocable and
non-terminable</font> rights to VivoQuest&#8217;s <font style="DISPLAY: inline; TEXT-DECORATION: underline">patents,</font> intellectual
property and technology.&#160; The license covers a proprietary compound
library, including VivoQuest&#8217;s lead HCV compounds, that was developed through
the use of Diversity Oriented Synthesis, or DOS, technology. The terms of the
license agreement include an initial upfront license fee of approximately
$941,000 that was paid in our ordinary shares.&#160; The license agreement also
provides for additional milestone payments triggered by certain regulatory and
sales targets.&#160; The milestone payments amount <font style="DISPLAY: inline; TEXT-DECORATION: underline">to an aggregate</font> of
$34 million, $25 million of which will be due upon or following regulatory
approval or actual product sales, and are payable in cash or ordinary shares at
our election.&#160; In addition, the license agreement requires that we make
royalty payments in the range of 2% to 8%, depending on net product
sales.&#160;&#160;<font style="DISPLAY: inline; TEXT-DECORATION: line-through">The asset purchase
agreement and the license agreement with VivoQuest were was completed in
September 2005.</font>&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Commercialization of the DOS program
has been out-licensed to Presidio Pharmaceuticals, Inc. (see &#8220;Presidio
Pharmaceuticals, Inc.&#8221; below).</font></font></div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Presidio
Pharmaceuticals, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In March
2008, and as revised August 2008, we signed an agreement to out-license the DOS
program to Presidio Pharmaceuticals, Inc., or Presidio, a specialty
pharmaceutical company focused on the discovery, in-licensing, development and
commercialization of novel therapeutics for viral infections, including HIV and
HCV. Under the terms of the license agreement, as revised, Presidio <font style="DISPLAY: inline; TEXT-DECORATION: underline">was granted a license for
patent rights and technology relating to the DOS program, and</font> became
responsible for all further development and commercialization activities and
costs relating to our DOS program.&#160; In accordance with the terms of the
license agreement, we received a $5.94 million, non-refundable, upfront payment
in cash from Presidio and <font style="DISPLAY: inline; TEXT-DECORATION: line-through">will</font> are <font style="DISPLAY: inline; TEXT-DECORATION: underline">eligible to</font> receive
up to an additional <font style="DISPLAY: inline; TEXT-DECORATION: underline">aggregate amount of</font>
$59 million upon reaching certain development and commercialization
milestones.&#160;&#160;In addition, we will receive a royalty payment in the
<font style="DISPLAY: inline; TEXT-DECORATION: underline">range of 1% to
10%</font> on direct product sales by Presidio, and a percentage of Presidio&#8217;s
income if the DOS program is sublicensed by Presidio to a third
party.&#160;&#160;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Presidio is
res</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">ponsible for all
further development and commercialization activities relating to the DOS program
and, to our knowledge based upon the most current reports we have received from
Presidio, no commercial sales have begun.</font><font style="DISPLAY: inline; TEXT-DECORATION: underline"> The license remains in
effect until the expiration of all of Presidio&#8217;s payment obligations, including
milestone and royalty payments.&#160;&#160;Presidio&#8217;s royalty obligations
continue until a certain number of years from the first commercial sale in such
country or until the expiration date of the last to expire of the licensed
patents </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">(currently,
2023),</font><font style="DISPLAY: inline; TEXT-DECORATION: underline">
whichever is later.</font> <font style="DISPLAY: inline; TEXT-DECORATION: underline">Upon expiration of the
agreement, on a licensed product-by-product and country-by-country basis, the
license granted to Presidio shall convert to a non-exclusive, perpetual, fully
paid-up, non-royalty-bearing license.&#160;&#160;Presidio may terminate the
license agreement at any time upon ninety days written notice to us, after which
Presidio must return the licensed intellectual property to us and cease
development and commercialization for a period of ten years.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company believes that additional information on the milestone payments and
royalty rates contained in the VivoQuest License Agreement and the Presidio
License Agreement should not be disclosed in the Form 20-F or Exchange Act
filings to be filed in the near-future.&#160;&#160;Milestone payments and
royalty rates in biopharmaceutical licensing agreements are one of the most
highly negotiated terms and the Company believes it would be at a substantial
competitive disadvantage if it were required to disclose any additional
information about such payments and rates at this time.&#160;&#160;The Company&#8217;s
ability to negotiate future license agreements could be negatively impacted
because future potential licensors would have knowledge of the range of such
milestone payments and royalty rates contained in the Agreements.&#160;&#160;In
addition, disclosure of such payments and rates could cause current licensors to
attempt to renegotiate their agreement with the Company.&#160;&#160;The Company
has previously been granted confidential treatment on specific milestone
payments and royalty rates in the Agreements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
addition to the competitive issues involved in disclosing more information on
the milestone payments and royalty rates under the Agreements, the Company
believes that more information is not appropriate at this time because the
milestone payments and royalty rates do not constitute material
information.&#160;&#160;Presidio is responsible for all further development and
commercialization activities relating to the DOS program.&#160;&#160;The Company
only receives news of major developments and breakthroughs as they are
discovered by Presidio and, therefore, we are not made aware of applicable
milestone and royalty events until they occur.&#160;&#160;Accordingly, the
Company believes that the uncertainty of the time period before any payments
would be received or paid, and the risks inherent in any drug development
process, make the amount of any milestone payment or royalty rate presently
immaterial.&#160;&#160;The Company will continue to monitor the development of
the drugs under the Agreements, and the resulting status of milestone or royalty
payments, and when more information about the such payments become material, the
Company hereby confirms that it will include additional information disclosures
in its filings under the Exchange Act.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
Company has authorized us to acknowledge on its behalf that (i) the Company is
responsible for the adequacy and accuracy of the disclosure in the Form 20-F;
(ii) staff comments or changes to disclosure in response to staff comments do
not foreclose the Commission from taking any action with respect to the Form
20-F; and (iii) the Company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under the federal
securities laws of the United States.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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have any further questions, comments or informational requests relating to this
matter, please do not hesitate to contact me at the telephone number
above.</font></div>
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
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Grossman</font></div>
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Executive Officer</font></a></div>
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Ltd.</font></div>
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