Cellect: Soars on merger deal with Quoin Pharmaceuticals

Tetralogic Pharmaceuticals

25/03/2021 10:53

** Shares of Cellect Biotechnology, an Israel-based stem
cell therapy co  APOP.O , surges ~80% to $6.29 premarket, among
top pct gainers on Nasdaq
    ** APOP to merge with Quoin Pharmaceuticals Inc  urn:newsml:reuters.com:*:nGNX4gKQS6
    ** Under terms of the deal, APOP shareholders will retain
about 25% of the combined shares before investment, Quoin
shareholders will get Cellect shares, representing about 75% of
the pre-investment number of shares
    ** Quoin has secured $25 mln in committed equity funding
from Altium Capital and has also negotiated an $18.5 mln venture
loan from a U.S. commercial bank
    ** Following merger, APOP will be renamed Quoin
Pharmaceuticals and will trade as 'QNRX' on Nasdaq 
    ** APOP has also agreed to sell its unit, Cellect
Biotherapeutics Ltd, to EnCellX Inc, a newly formed U.S. private
co
    ** Up to Wednesday's close, stock had risen 61.5% YTD

 (Reporting by Sahil Shaw in Bengaluru)
 ((sahil.shaw@thomsonreuters.com))