Cellect Biotechnology, Ltd. (NASDAQ: APOP) is an Israeli biotechnology company that is focused on the research and development of cell therapies using stem cells. Shares of the cell therapeutics company are rallying 38% through early trading on Friday, September 3, 2021. Over the past three months, Cellect Biotechnology has seen average daily volume of 2.08 million shares. However, volume of 40.39 million shares or dollar volume of $307.37 million, has already exchanged hands through early trading Friday.
Shares of Cellect Biotechnology are gaining after the company announced the first ApoGraft bone marrow transplant in a U.S. Leukemia patient. The transplant took place during the company’s clinical trial at Washington University.
ApoGraft is a clinical stage product that is uses cell selection technology to optimize immune therapy. In the case of the first procedure, the application was to prevent graft-versus-host disease (GVHD) following the bone marrow transplant.
In conjunction with the news, Cellect Biotechnology closed its strategic merger with Quoin Pharmaceuticals. ApoGraft development will be taken over by EnCellX, a U.S.-based private company that is acquiring Cellect’s proprietary technology.
EnCellX is currently raising capital from healthcare-focused institutional investors to expand clinical development of ApoGraft. The planned trial will enroll 18 patients with hematological malignancies who are facing a haploidentical Bone Marrow Transplant (BMT).
“This is an important milestone for Cellect and demonstrates the team’s professionalism and dedication for getting us to this occasion,” commented Dr. Shai Yarkoni, Chief Executive officer. “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.”
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