Cellect Biotechnology Ltd. (APOP) is experiencing an increase of 59.09% in the aftermarket after announcing bone marrow transplantation of the first patient in the U.S. However, the last trading session closed at $5.5 with an increase of 6.8%.
Bone Marrow Transplantation of First Patient in the U.S by APOP
APOP announced on 2nd September 2021 that the first ApoGraftTM transplantation in a Leukemia patient took place in the Company’s clinical trial at Washington University in St. Louis. ApoGraftTM is a product based on the company’s cell selection technology that is intended to improve immune treatment, specifically to avoid graft-versus-host disease (GVHD) after bone marrow transplantation.
ApoGraftTM development will be undertaken by EnCellX, a privately owned U.S. business that is purchasing APOP’s unique technology.
The experiment will include 18 patients with hematological malignancies who will get a haploidentical bone marrow transplant (BMT). EnCellX, led by Adi Mohanty, is gathering funding from top healthcare institutional investors to accelerate and extend clinical development.
APOP Announced Second Quarter 2021 Financial Results
The Financial and operating results were announced on 24th August 2021 for the second quarter which ended on June 30, 2021. The costs of research and development (R&D) were estimated to be $0.42 million while the total comprehensive loss was $1.7 million in the second quarter of 2021.
APOP also gave an update on the planned strategic merger with privately-owned Quoin Pharmaceuticals and recent clinical developments.
Top-Line Data from Phase 1/2 Clinical Trial
APOP reported good results from the ApoGraftTM technology’s open-label Phase 1/2 clinical study in Israel on 19th April 2021. The ApoGraft product was used to transplant all eleven patients in the experiment, and they were all engrafted quickly.
The major goal of the research, to determine the safety and tolerability of ApoGraft in patients with hemato-oncology diseases, was fulfilled, and no procedure-related adverse events (AEs) were recorded.
Following the expected completion of the merger with Quoin Pharmaceuticals, the development of the ApoGraft technology is likely to be pursued by San Diego-based EnCellX, directed by Adi Mohanty.
APOP and Quoin Pharmaceuticals Announce Strategic Merger
On March 24, 2021, the Boards of Directors have unanimously approved a formal Merger Agreement. APOP shareholders will retain about 25% of the combined shares prior to investment, while Quoin owners will receive shares of APOP common stock representing approximately 75% of the shares, according to the provisions of the Agreement.
Moreover, Quoin has received $25 million in committed equity investment from Altium Capital and has secured an $18.5 million venture loan from a major commercial bank in the United States.
