TEL-AVIV, Israel, Nov. 9, 2015 (GLOBE NEWSWIRE) -- Cellect Biomed Ltd. (TASE:CLBD) ("Cellect" or the "Company"), a developer of innovative technology which enables the functional selection of stem cells, announced additions to its management and professional teams in support of its preparations for the commencement of human clinical trials and its planned dual-listing on a U.S. stock exchange.
Ronen Twito, CPA has joined the company as its Deputy CEO and CFO. Mr. Twito possesses over 15 years of experience in financial management and executive roles with publicly traded companies, as well as extensive experience from life sciences companies and capital raises. Most recently, Mr. Twito served as VP Finance at BioBlast Pharma (NASDAQ:ORPN), an international biotechnology company in advanced clinical development stages, which raised over $35 million in its 2014 NASDAQ IPO. Previously, he served as Deputy CEO and CFO at XTL Biopharmaceuticals Ltd. (NASDAQ:XTLB), a clinical stage company listed on NASDAQ that raised approximately $30 million from institutional investors in Europe and Israel during his tenure there. Prior to that, Mr. Twito served as Corporate Finance Director at Leadcom and as Manager at Ernst & Young. Mr. Twito is an Israeli Certified Public Accountant, holds a B.A in Business Administration and Accounting and is a member of the Institute of Certified Public Accountants in Israel.
"I am thrilled to be joining Cellect at this exciting point in its clinical and commercial development," said Mr. Twito. "The Company's innovative technological platform in the stem cell selection field holds the promise of addressing a number of significant unmet medical needs. Moreover, Cellect's planned listing on a major U.S. stock exchange will provide exposure to a broader range of investors."
The Company also appointed Dr. Amotz Nechushtan as its VP Business Development. Dr. Nechushtan has 20 years of experience in senior business development positions in the drug and medical device sectors. His most recent position was CEO of Iluten. In his new role with Cellect, he will be responsible for the Company's flagship product platform and for expanding the collaboration with its American partner, Entegris. Dr. Nechushtan holds a doctorate in Biochemistry from the Hebrew University of Jerusalem and a post-doctorate from the National Institute of Health (NIS) in the United States.
Finally, Smadar Hartuv has joined Cellect as its Quality Assurance Manager. As both the development of the Company's products and its regulatory submissions progress, it is incumbent upon Cellect to comply with strict quality standards and prepare for global manufacturing and marketing. Mr. Hartuv is ideally suited to lead this effort as he has considerable quality management experience gained through similar roles with Teva, MacroCure, and others.
Shai Yarkoni, Cellect's CEO, commented, "We believe this is the right time to expand our leadership and establish a management team with international capabilities and experience. The appointment of Ronen Twito as Deputy CEO and CFO represents a significant step towards Cellect maturing into a global leader in its field. Furthermore, Amotz's and Smadar's experience will greatly contribute to the Company's planned development, in both its clinical and business aspects. I welcome their joining our Company and I am certain their varied experience will be of great value to Cellect moving forward."
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
About Cellect Biomed
Cellect is developing an innovative technology which enables the functional selection of stem cells based on their sensitivity to apoptosis. This functional-based selection is an important breakthrough in the ability to isolate stem cells from mature cells, thereby enabling a variety of stem cell therapeutic applications.
The Company's first product line will include unique containers for cell selection in apoptosis-inducing microenvironment. Cellect has proved in extensive lab studies that the use of apoptosis can largely increase the stem cell concentration in samples taken from bone marrow donors, as well as umbilical cord blood. The Company's first planned commercial product is a medical kit designed for the bone marrow transplantation market, as well as other markets which require stem cell selection. The Company estimates that in the future its technology will be integrated in many production procedures of stem cell-based product.