Cellect Biotechnology Ltd (APOP) stock went 54.73% up in the after-hours trading on Wednesday, March 24, 2021, after the merger announcement of two companies.
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On March 24, 2021, Quoin Pharmaceuticals and Cellect Biotechnology announced the merger agreement approved by both company’s boards.
According to the merger agreement, Quoin will receive 75% of shares of Cellect common stock, while Cellect shareholders will retain approximately 25% of the combined shares before investment.
Cellect will be renamed Quoin Pharmaceuticals and will begin trading on NASDAQ under the symbol QNRX subject to the completion of the merger.
Latest financial results of APOP
On Nov 20, 2020, Cellect Biotechnology announced its financial results for the third quarter ended September 30, 2020. The company hasn’t announced the 4th quarter results yet.
Third Quarter 2020 Financial Results:
- APOP suffered a net loss of $0.47 million or $0.001 per share in the reported quarter compared to $1.40 million, or $0.006 per share in the third quarter of 2019.
- APOP spent $0.37 million in Research and development (R&D) expenses for the third quarter of 2020 compared to $0.72 million in the third quarter of 2019.
- General and administrative (G&A) expenses for the third quarter of 2020 were $0.36 million compared to $0.80 million in the third quarter of 2019.
- Finance income was $0.26 million for the third quarter of 2020, compared to finance income of $0.12 million in the third quarter of 2019.
About the company:
Cellect Biotechnology Ltd. was founded in 2011 by Dr Shai Yarkoni and Kasbian Nuriel Chirich, with a vision of enabling regenerative medicine to become reality. Since then 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. Dr Yarkoni, the co-founder of the company has over 20 years of clinical and management experience in the biopharmaceutical industry. He is the author of over 60 scientific papers and inventor of approximately 20 patents and holds an M.D and Ph.D from the Hadassah Medical School, Jerusalem, Israel, and is a board-certified OB/GYN.
Conclusion: The stock of APOP can rise further as the company is going to merge into Quoin pharmaceutical.