Cellect Biotechnology Stock Rises After Approval of Strategic Merger with Quoin Pharmaceuticals
Sep 27, 2021 By MarketDepth
Cellect Biotechnology Ltd. (NASDAQ: APOP) is up more than 20% after the company announced shareholders voted to approve the previously announced strategic merger agreement with privately-held Quoin Pharmaceuticals, a specialty pharmaceutical company focused on rare and orphan diseases, and all other proposals presented at the Special General Meeting of shareholders held on September 26, 2021, including the sale of the Company’s subsidiary, Cellect Biotherapeutics Ltd, to EnCellX Inc. , a privately held company based in San Diego, CA.
Continuation of Phase 1/2
The sale of the intellectual property (IP) to EnCellX will be concurrent with the closing of the strategic merger with Quoin Pharmaceuticals, allowing for the seamless development of ApoGraft and continuation of the Phase 1/2 clinical trial being performed at Washington University for patients with hematological malignancies who are undergoing a haploidentical Bone Marrow Transplantation (BMT).
Cellect Biotechnology Ltd., a biotechnology company, engages in developing ApoGraft, a technology platform that functionally selects stem cells to enhance the safety of regenerative medicine and stem cell therapies in Israel. The company develops ApoTainer, a kit for hematopoietic stem cell transplantation procedures.
99% Approve Merger
Approximately 99% of the votes cast on the strategic merger agreement at the Special General Meeting voted in favor of approving the proposal. The Company has filed the results of the Special General Meeting, as tabulated by an independent inspector of election, in a Current Report on Form 6-K with the U.S. Securities and Exchange Commission (the “SEC”).