- The stock price of Cellect Biotechnology Ltd (NASDAQ: APOP) increased by over 70% pre-market. This is why it happened.
The stock price of Cellect Biotechnology Ltd (NASDAQ: APOP) increased by over 70% pre-market. Investors are responding positively to Cellect Biotechnology announcing the first ApoGraft transplantation in a leukemia patient in the company’s clinical trial at Washington University in the U.S. ApoGraft is a product based on the company’s cell selection technology designed to optimize immune therapy, in this application – prevent graft-versus-host disease (GVHD) following bone marrow transplantation.
After the closing of the previously announced strategic merger transaction between Cellect and Quoin Pharmaceuticals, ApoGraft development will be pursued by EnCellX, the privately held U.S.-based company that is acquiring Cellect’s proprietary technology concurrently with such merger. And the trial will enroll 18 patients with hematological malignancies who are undergoing a haploidentical Bone Marrow Transplantation (BMT). EnCellX – led by Founder and CEO Adi Mohanty – is raising funds from leading healthcare institutional investors to expedite and expand clinical development.
“This is an important milestone for Cellect and demonstrates the team’s professionalism and dedication for getting us to this occasion. We look forward to working closely with EnCellX as its U.S. based team will work closely with Washington University to continue patient enrollment. This achievement, following the release of positive topline data from the Israeli ApoGraftTM trial, is timely as EnCellX is seeking to strengthen its balance sheet in the near term to fund continuing clinical development.”
– Dr. Shai Yarkoni, CEO
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