Cellect Biotechnology Ltd. (APOP) stock plummeted 7.20% in the pre-market trading session at the price of $17.00 despite no fundamental reason. APOP has produced a stem cell-related technology that will improve a variety of cell-based therapies. Currently, the company is working on a clinical trial of bone marrow transplantations for cancer treatment.
Shareholders Approved Strategic Merger with Quoin Pharmaceuticals
On 27th September 2021, APOP published shareholders’ approval for the previously announced strategic merger agreement with Quoin Pharmaceuticals. Quoin is a specialty pharmaceutical company centered on rare and orphan disorders. The Special General Meeting of shareholders has held on 26th September 2021. About 99% of the votes cast on the strategic merger agreement voted in favor of the proposal. APOP has filed the results of the Meeting in a Current Report on Form 6-K with the U.S. Securities and Exchange Commission. The strategic merger will close on October 2021 and is subject to satisfactory closing conditions.
ApoGraft Bone Marrow Transplantation of First Patient
On 2nd September 2021, APOP published ApoGraft transplantation of the first Leukemia patient in the clinical trial at Washington University. ApoGraft is based on cell selection technology and devised to optimize immune therapy to check graft-versus-host diseases.
CEO of APOP, Dr. Shai Yarkoni, remarked that this is a significant milestone for the company. It demonstrates the professionalism and dedication of the whole team to achieve this possibility. They will be working together with EnCellX as its U.S.-based team will work closely with Washington University to continue patient enrollment. This achievement is up-to-date as EnCellX is working to improve its balance sheet to fund continuing clinical advancements.
APOP Second Quarter 2021 Financial and Operating Results
On 24th August 2021, APOP reported financial and operating results for the second quarter ended 30th June 2021 and provided corporate updates. Research and development expenses were $0.42 million for the second quarter ended 30th June 2021. R&D expenses were $0.42 million in the second quarter ended 30th June 2020.
For the second quarter of 2021, APOP reported general and administrative expenses of $0.86 million. G&A expenses were $0.65 million in the second quarter of 2020. For the second quarter of 2021, finance expenses were $0.43 million compared to $1.63 million in the second quarter of 2020. The comprehensive loss for the second quarter was $1.7 million or $0.004 per share compared to $2.7 million or $0.007 per share in the second quarter of 2020.
