Cellect Biotechnology Ltd (NASDAQ: APOP) was a top gainer in Tuesday’s trading session. The stock rallied to close the day with gains of 69.70%. This came after it announced that, it got a communication from the European Patent Office and the Israeli Intellectual Property Office with regards to its patent applications. The European Patent application is for patent No. 14851547 .1, while the Israeli one is for patent application No. 244982.
The patents are for the company’s cell-based product as well as a new method of stem and progenitor cell population manufacturing using a shorter incubation with an apoptotic ligand. Commenting on the developments, the CEO, Dr. Shai Yarkoni stated that, recognition at a global stage was a validation of the company’s technologies.
He further stated that, these acknowledgments are noteworthy and that, they underscore the company’s abilities to activate stem cells, and enhance stem cell products and the process of their manufacture. He also added that, the company’s efforts to work together with companies in Israel, Korea, and Japan have all shown similar results when using the company’s processes.
This, he said, has created more barriers to entry, which the company can leverage to grow its business, and make money off its innovations. Dr. Yarkoni concluded by stating that, the company believes that its intellectual property will help the company attract resources that will strengthen and grow its market opportunities. In the past, Cellect Biotechnology has provided 3rd party data that that shown improvement in stem cell development, which underscores the company’s edge in this market.
Looking at its price action, Cellect Biotechnology was in a breakout in yesterday’s trading session. The stock gapped up and traded between a low of $3.93, and a high of $4.09, before closing the day at $4.09. Volumes in the day stood at 14.42 million.
About Cellect Biotechnology Ltd
Cellect Biotechnology Ltd is a biotech company that focuses on stem cell therapy. It is based in Kfar Saba, Israel.