Cellect Biotechnology Ltd. (APOP) stock soared 17.25% in the current-market trading session at the price of $22.23 following the strategic merger agreement with Quoin Pharmaceuticals. APOP has introduced a stem cell related technology that intends to improve a variety of cell-based therapies.
Agreement Approval
On 27th September 2021, APOP published that shareholder had approved the previously announced strategic merger agreement with Quoin Pharmaceuticals. Quoin is a pharmaceutical company that works on rare and orphan diseases. At the Special General Meeting, 99% of the votes cast on the strategic merger agreement with Quoin voted in favor of the proposal. The company has filed the voting results in a Current Report on Form 6-K with the U.S. Securities and Exchange Commission. The strategic merger is expected to close in October 2021 and is subject to the customary closing conditions.
ApoGraft Bone Marrow Transplantation of First Patient
On 2nd September 2021, APOP published the first ApoGraft transplantation in a Leukemia patient at Washington University in the U.S. ApoGraft prevents graft-versus-host disease (GVHD) and works on the company’s cell selection technology devised to optimize immune therapy. The trial enrolled 18 patients with hematological malignancies undergoing a haploidentical Bone Marrow Transplantation (BMT). EnCellX is collecting funds from leading healthcare institutional investors to facilitate and expand clinical development.
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 published updates on the proposed strategic merger with Quoin Pharmaceuticals. APOP reported finance expenses of $0.43 million for the second quarter of 2021. The finance expenses were $1.63 million in the second quarter of the prior year. For the second quarter ended 30th June 2021, the total comprehensive loss was $1.7 million or $0.004 per share. The total comprehensive loss was $2.7 million or $0.007 per share, for the second quarter ended on 30th June 2020.
APOP reported research and development expenses of $0.42 million for the second quarter ended 30th June 2021. R&D expenses were $0.42 million in the second quarter of the previous year. General and administrative expenses were $0.86 million for the second quarter ended 30th June 2021. Reported G&A expenses were $0.65 million for the second quarter ended 30th June 2020. The 2021’s general and administrative expenses included higher professional services fees related to the proposed strategic merger with Quoin.
