Cellect Biotechnology Ltd. (NASDAQ; APOP) rose in Friday trading after the company announced the ApoGraft bone marrow transplantation of the first patient in the U.S.
Following the closing of the previously announced strategic merger transaction between Cellect and Quoin Pharmaceuticals, ApoGraft TM development will be pursued by EnCellX, the privately held U.S. based company that is acquiring Cellect’s proprietary technology concurrently with such merger.
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," commented CEO Dr. Shai Yarkoni.
: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 ApoGraft TM trial, is timely as EnCellX is seeking to strengthen its balance sheet in the near term to fund continuing clinical development."
Cellect has developed a breakthrough technology, for the selection of stem cells from any given tissue, that aims to improve a variety of cell-based therapies.
The Company’s current clinical trial is aimed at bone marrow transplantations in cancer treatment.
APOP shares vaulted $2.78, or 50.6%, to $8.28.
