Tel Aviv, Israel, June 16, 2021 (GLOBE NEWSWIRE) – Cellect Biotechnology Ltd. (NASDAQ: “APOP”), a developer of innovative technology enabling functional selection of stem cells, today announced that it has filed a registration statement, including a proxy statement / joint prospectus (“Statement of proxy” ), with the Securities and Exchange Commission (SEC) as part of its proposed strategic merger with the private company Quoin Pharmaceuticals. Quoin is a specialty pharmaceutical company focused on rare and orphan diseases. Quoin’s management team is made up of industry veterans, with extensive relevant leadership experience and a proven track record of recent success in the pharmaceutical industry. The transaction is currently expected to be finalized in the third quarter of 2021.
The Company believes that the progress of Quoin’s clinical programs and the guaranteed investments of $ 25.5 million will benefit and maximize Cellect’s shareholders. In addition, the Company believes that the payments to be distributed to Cellect shareholders before closing under the Contingent Value Right (CVR) could add a significant component to the overall value received by Cellect shareholders as a result of this transaction.
Shareholders are advised to read the definitive proxy statement, when the Company provides the proxy statement to shareholders in connection with the solicitation of proxies for the special meeting of shareholders. The definitive proxy statement will contain important information. The definitive proxy statement will be sent to shareholders on a registration date to be established for voting on the proposed merger.
About Cellect Biotechnology Ltd.
Cellect Biotechnology (APOP) has developed a revolutionary technology for the selection of stem cells from any tissue, which aims to improve a variety of cell therapies.
The Company’s products are expected to provide researchers, clinicians and pharmaceutical companies with the tools necessary to rapidly isolate specific cells in quantity and quality, enabling cellular treatments and procedures in a wide variety of regenerative medicine applications. The Company’s flagship product is currently undergoing an FDA-approved clinical trial and targets bone marrow transplants for the treatment of cancer.
This press release contains forward-looking statements about the expectations, beliefs and intentions of the Company. Forward-looking statements can be identified by the use of forward-looking words such as “believe”, “expect”, “intend”, “plan”, “might”, “should”, “might”, “could”, “search”, “target”, “will”, “plan”, “foresee”, “continue” or “anticipate” or their negatives or variations of these or other comparable words or by the fact that these statements do not relate strictly to historical questions. These forward-looking statements and their implications are based on the current expectations of the Company’s management only and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. . In addition, historical results or the conclusions of scientific research and clinical studies do not guarantee that future results will suggest similar conclusions or that the historical results referred to here would be interpreted in the same way in the light of research. additional or otherwise. The following factors, among others, could cause actual results to differ materially from those described in forward-looking statements: the Company’s loss history and its need for additional capital to fund its operations and its inability to raise capital additional on acceptable terms, or at all; the Company’s ability to continue to operate; or maintain its current operations; uncertainties regarding any strategic transaction that the Company may decide to enter as a result of its current efforts to explore new strategic alternatives; uncertainties in cash flow and inability to meet working capital requirements; the Company’s ability to obtain regulatory approvals; the Company’s ability to achieve favorable preclinical and clinical trial results; the Company’s technology may not be validated and its methods may not be accepted by the scientific community; difficulties in recruiting patients in the Company’s clinical trials; the ability to source in a timely manner for an adequate supply of FasL; risks resulting from unforeseen side effects; the Company’s ability to establish and maintain strategic partnerships and other corporate collaborations; the extent of protection that the Company is able to establish and maintain for intellectual property rights and its ability to conduct business without infringing the intellectual property rights of others; the Company’s competitive businesses, technologies and industry; unforeseen scientific difficulties may arise with the Company’s technology; and the Company’s ability to retain or attract key employees whose knowledge is essential to the development of its products. Any forward-looking statement in this press release speaks only as of the date of this press release. The Company assumes no obligation to update or publicly review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws. More detailed information on the risks and uncertainties affecting the Company is contained in the “Risk Factors” section of the annual report of Cellect Biotechnology Ltd. on Form 20-F for the fiscal year ended December 31, 2020 filed with the US Securities and Exchange. Commission, or SEC, which is available on the SEC’s website, www.sec.gov, and in the Company’s periodic documents with the SEC.
Cellect Biotechnology Ltd.
Eyal Leibovitz, Chief Financial Officer
EVC SARL Group