Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Cellect Biotechnology (NASDAQ: APOP) shares have jumped premarket after the company announced the first ApoGraft transplantation in a Leukemia patient in its clinical trial at Washington University in the US.
ApoGraft is a product based on Cellect's cell selection technology designed to optimise immune therapy.
In March, Cellect announced a strategic merger with Quoin Pharmaceuticals. It means that ApoGraft development will be pursued by EnCellX, a privately-held US-based company that is acquiring Cellect’s proprietary technology as part of the merger.
“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, CEO of Cellect Biotechnology.
“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,” Yarkoni added.
The news has seen the company's shares jump over 50.9% to $8.30.
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